Altitude Lab Startups Raise Over $120M in Capital
January 24 2024 - 9:00AM
Altitude Lab today announced that its incubating startups raised
over $120M in early-stage funding since commencing operations in
2020. Altitude Lab was founded by Recursion to support burgeoning
startups and underrepresented entrepreneurs in Utah with fully
equipped laboratories, a network of investors, business operations
education, and a community of founders. To further advance this
mission, the incubator also announced today the launch of the Chris
and Summer Gibson Founder Fellowship, a funding opportunity to
enable early-career scientists to launch their own startups.
“Despite an extremely challenging funding climate, our 18
startups have continued to be creative and build impressive
companies and technologies. Investors are increasingly watching
Utah as a growing biotechnology hub. In 2021 we announced our
investor coalition, which targeted $50M in funding for our
startups. It's a really proud moment to more than double that goal
today,” said Chandana Haque, executive director of Altitude
Lab.
While this funding milestone speaks to the strong growth of
Utah’s biotech ecosystem, enabling young and underrepresented
entrepreneurs continues to be a challenge. Many promising
technologies are developed in academic research labs where students
are inventing medical breakthroughs but are unaware of how to bring
their innovations to patients. Universities have improved the
racial and gender diversity in their programs but these students
still lack the resources and mentorship to inspire company
building. In partnership with Chris and Summer Gibson, Altitude Lab
has launched the Chris and Summer Gibson Founder Fellowship to
bridge these gaps.
“Unlike other STEM fields, life science has an extremely diverse
funnel of talent. If we want this talent to stay in Utah, take the
entrepreneurial leap, and build the next era of medicine, we need
to arm them with the resources, mentors, and funding to do it.
That’s why my wife, Summer Gibson, MD, and I are thrilled to
support this fellowship,” said Chris Gibson, PhD, Co-Founder and
CEO of Recursion. “Recursion founded Altitude Lab to provide the
infrastructure Utah needed to excel in biotechnology. This
fellowship allows us to support entrepreneurs in a much more
personal way. Summer and I both did our graduate training in Utah
and we are very proud to help more ambitious students translate
their work to patients and shape Utah’s biotech industry.”
The Founder Fellowship offers up to $100,000 in funding,
scientific tools and laboratories, and monthly mentoring with Chris
Gibson to two fellows each year. Fellows must be within 12 months
of finishing their training to qualify for the fellowship.
Applications are open now and close April 12, 2024. Learn
more about Altitude Lab and apply for residency and the Founder
Fellowship at altitudelab.org.
About Altitude LabAltitude Lab is building a
new, representative generation of founders to seed the next cycle
of health care innovation in Utah's BioHive. Currently located in
Gateway’s BioHive Hub in Salt Lake City, Altitude Lab is an
incubator focused on early stage life science and health care
companies. The initiative is part of a larger city plan and
collaborative vision from Recursion to foster socially-responsible
entrepreneurship, job creation, and economic productivity. The
Recursion Foundation, under which Altitude Lab operates, is a
501(c)(3) nonprofit organization.Learn more at altitudelab.org or
connect on X.About RecursionRecursion is a
clinical stage TechBio company leading the space by decoding
biology to industrialize drug discovery. Enabling its mission is
the Recursion OS, a platform built across diverse technologies that
continuously expands one of the world’s largest proprietary
biological and chemical datasets. Recursion leverages sophisticated
machine-learning algorithms to distill from its dataset a
collection of trillions of searchable relationships across biology
and chemistry unconstrained by human bias. By commanding massive
experimental scale — up to millions of wet lab experiments weekly —
and massive computational scale — owning and operating one of the
most powerful supercomputers in the world, Recursion is uniting
technology, biology and chemistry to advance the future of
medicine.
Recursion is headquartered in Salt Lake City, where it is a
founding member of BioHive, the Utah life sciences industry
collective. Recursion also has offices in Toronto, Montréal and the
San Francisco Bay Area. Learn more at www.Recursion.com, or connect
on Twitter and LinkedIn.
Media Contact
Media@Recursion.com
Investor Contact
Investor@Recursion.com
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