Activation Capital Expands the Bio+Tech Center, Doubling Laboratory Capacity to Strengthen Virginia's Life Sciences Entrepreneurship and Innovation Ecosystem

RICHMOND, Va., July 23, 2026 /PRNewswire/ -- Activation Capital, the operating name of the Virginia Biotechnology Research Partnership Authority, today announced an expansion of its Bio+Tech Center to support the continued growth of life sciences entrepreneurship across the region.

Activation Capital's Bio+Tech Center is a life sciences incubator located within the Virginia Bio+Technology Research Park. Serving as both a physical and programmatic hub for transforming research into scalable and life-enhancing market solutions, the Bio+Tech Center provides flexible laboratory space, shared resources, and proximity to mentors, operators, and research partners.

Through a lease agreement for space made available by Virginia Commonwealth University (VCU) in Bio+Tech One, Activation Capital is increasing its lab capacity with the construction of new labs. The upgrades will cover approximately 10,535 square feet and feature 13 new wet laboratories, including a clean room. These new labs will be added to the 10 laboratories currently operating within the Bio+Tech Center, more than doubling Activation Capital's laboratory capacity and significantly expanding its ability to support applied research, product development, and early-stage manufacturing.

This expansion will support Activation Capital's growing continuum of life sciences entrepreneurship programs, including Basecamp, Pathfinder, Frontier BioHealth, and Pioneer Connect. Together, these programs help entrepreneurs progress from early concept and company formation through investor readiness and commercialization, creating a natural pipeline of demand for the laboratory and incubator space offered by the Bio+Tech Center.

Activation Capital will cover the cost of upfit and lease payments with funding from multiple sources, including the Commonwealth of Virginia, grant funding from the U.S. Economic Development Administration, grant funding from National Institute of Standards and Technology (NIST), and rental income. The expansion represents a right-sized, fiscally responsible approach to scaling innovation infrastructure in Virginia and builds on Activation Capital's existing headquarters and programming hub. This approach delivers on the original intent of previously announced innovation infrastructure investments while adapting to current market conditions. By expanding alongside its existing space, Activation Capital is accelerating delivery, minimizing risk, and deploying public and philanthropic funds efficiently to support founders and early-stage companies today.

In parallel with the laboratory expansion, Activation Capital is also investing in upgrades to its existing Bio+Tech Center space on the first floor, where the organization is headquartered. These enhancements include redesigned coworking space, seven dedicated office pods for incubator companies, upgraded conference room technology, improved event and meeting infrastructure, and modernized furnishings throughout shared work areas.

"This strategic expansion reflects our responsibility to be thoughtful stewards of public investment while continuing to meet the evolving needs of Virginia's innovation community," said Michael Steele, president and chief executive officer of Activation Capital. "By renovating existing infrastructure and pairing expanded laboratory capacity with modernized workspace, we are creating a highly functional environment that supports company formation, applied research, and commercialization without overextending resources."

"By building on existing assets and deepening collaboration, Activation Capital and VCU are creating an environment where research, entrepreneurship and commercialization can continue to thrive together," said P. Srirama Rao, Ph.D., vice president for research and innovation at VCU. "Laboratory incubators serve as an essential bridge between research breakthroughs and commercialized products, transforming scientific discovery into tangible societal impact. It's partnerships like these that will further propel VCU's research growth and continue to position the university as a leader in the commonwealth for tech transfer."

Life sciences innovators, entrepreneurs, and ecosystem partners interested in learning more about the expanded Bio+Tech Center, touring the space, or exploring availability options are encouraged to contact Activation Capital.

About Virginia Biotechnology Research Partnership Authority

The Virginia Biotechnology Research Partnership Authority ("Authority") is a political subdivision of the Commonwealth of Virginia created by Chapter 946 of the 1993 Virginia Acts of Assembly (the "Act"). The Authority disseminates knowledge pertaining to scientific and technological research and development among public and private entities, including but not limited to biotechnology, and promotes industrial and economic development.

SOURCE Activation Capital