LifeX receives $5M state grant to support early-stage financing for businesses

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The state’s Angel Investment Venture Capital Program recently awarded LifeX, a University of Pittsburgh life science incubator, a $1 million grant to attract and encourage early-stage financing for businesses in the state.

The program targets businesses with high potential for growth that could encourage job creation in Pennsylvania. It also makes investments in research and development, technology transfers, or the application of new technologies.

“This funding, which instantly strengthens LifeX’s capacity to seed new companies and innovations, advances the state’s efforts to become a leading life sciences hub,” Pitt Chancellor Patrick Gallagher said. “To Gov. (Tom) Wolf, Sen. Pat Browne, and all the leaders in Harrisburg who are working to put the right pieces in place to transform Pennsylvania into a powerful life sciences engine: Thank you. We are grateful for this funding and excited for the opportunities ahead.”

LifeX’s grant will support two University of Pittsburgh entities.

LifeX Ventures has nine life science companies in its portfolio. It helps companies in Western Pennsylvania through the startup process by offering guidance on business operations, investment planning, governance, legal support, product development, and strategic marketing.

LifeX Holdings mitigates the risks involved with commercializing and growing early-stage companies by providing resources and guidance.