NEW YORK, Jan. 7, 2020 /PRNewswire/ -- SOSV, the world's most active investor in both life sciences and hardware, announced that the inaugural cohort of IndieBio New York will start in Manhattan in April 2020, with applications being accepted beginning today.
"We're doubling down on life sciences," said Sean O'Sullivan, Managing General Partner of SOSV. "We are looking to bring what IndieBio has created for the California life science industry to the East Coast. New York is a great hub for life sciences research and financing, and will be a natural center for life science startups."
Up to $2 million per therapeutics startup
SOSV's IndieBio already has the most competitive terms in the industry, funding up to 30 life science startups each year with $250,000 in exchange for a small equity position in the teams that go through the program. With IndieBio New York, SOSV will double the number of startups funded and will also trial a therapeutics track that will fund up to $2,000,000 per accepted startup. This will be the first time any accelerator anywhere has offered such a cash-rich package of benefits.
SOSV will be building out a 24,000 square foot lab and co-working space for their NY-based startups, doubling their space in New York City as part of this expansion.
Call for Applications Solving for Human and Planetary Health
Startups can apply for IndieBio New York's first cohort until March 1st, 2020 at http://indiebio.co/apply. The program kicks off in April 2020.
About the IndieBio New York program
IndieBio New York has been created with the support of New York State's Life Science Initiative, administered by Empire State Development. New York State will invest up to $25 million over 5.5 years to support IndieBio's work connecting life science entrepreneurs with the tools and resources needed to move their discoveries out of the lab and into the marketplace. The Partnership Fund for New York City will invest $10 million into the startups coming through the program. SOSV plans to invest an additional $60 million or more into IndieBio New York startups.
The program will work alongside New York's leading academic institutions to commercialize both local and global inventions. Startups funded by IndieBio New York must relocate to New York City for the duration of the program, leveraging the extensive resources of the east coast life sciences industry.
SOSV manages over $700 million with a portfolio of over 900 startups. SOSV created the world's first life sciences accelerator in 2014, and in the past five years has backed 200 life science startups, raising more than $700 million, employing over 2,000 people, with a combined valuation of over $3 billion.
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