Life sciences investment and management company Accelerator Corporation, will be expanding its coast to coast operation from Seattle to New York City, using the $51 million it recently raised from its fourth round of funding, Accelerator IV.
Accelerator is dedicated to biotech investing in companies doing biotech research. Having previously developed 12 biotech startup companies in Seattle, Accelerator plans to expand its efforts on the East Coast that includes securing commitments from various big name investors including Alexandria Venture Investments, ARCH Venture Partners, and WRF Capital. Located at the Alexandria Center for Life Science, one of New York City’s busiest hubs in life science research and technology, Accelerator plans to “infuse strategic venture capital, entrepreneurial leadership, and critical product development capabilities into the New York City life science cluster.”
While Accelerator provides biotech startups with the monetary means to develop their companies, it also provides them with leadership and product development resources that are also indispensable to a startup’s success. Accelerator is currently working in partnership with various New York-based academic institutions such as the Albert Einstein College of Medicine of Yeshiva University, Columbia University, NYU, The Rockefeller University, and Weill Cornell Medical School.
Accelerator CEO Thong Q. Le expressed his excitement over Accelerator’s potential to influence the progress of medical and technological advancement with the company’s arrival in New York. “There is a funding gap for innovators looking to build new companies, as more and more venture investors are turning their attention to de-risked, later-stage developmental therapies instead of early research. We have had tremendous success in bridging this gap in Seattle, with more than half of our companies graduating to successful venture rounds and achieving development successes. We recognize a similar gap in New York City where funding is available for developed companies but in short supply for early-stage research, and we look forward to this strategic expansion with our new round of committed capital.”
