Slater Technology Fund, the most active early-stage venture capital firm in Rhode Island, and life sciences industry group RI Bio have received nearly $600,000 in grants from the U.S. Economic Development Administration (EDA) to boost health tech and life sciences startups in Rhode Island.
With the help of $300,000, Slater will partner with Brown University on a new initiative called Translational Ventures. Per a statement released by Slater, Translational Ventures will invest in seed-stage tech companies conducting research focused on improving health outcomes. The initiative will eventually be expanded to other universities in New England.
“Entrepreneurs drive translational research out of the labs and into the world," Thorne Sparkman, managing director of Slater Technology Fund, said in the statement. “The EDA grant will accelerate our capital formation activities which support the most compelling founders attacking the most important problems."
Meanwhile, RI Bio's $297,500 grant will be used to launch a program aimed at further developing Rhode Island's burgeoning life sciences startup scene.
The new RI Bio Network Program is designed to commercialize and expand biotech developments through RI Bio's existing suite of business and technical assistance offerings.
“Rhode Island’s emerging startup and growing life science sectors are already creating jobs and generating economic growth around the state,” Congressman David Cicilline (D-R.I.), who announced the EDA grants with Sens. Jack Reed (D-R.I.) and Sheldon Whitehouse (D-R.I.), said in the statement. “These new federal funding awards will remove barriers between research and risk capital and contribute to our developing innovation ecosystem. I am delighted we are bringing these resources home to the Ocean State to support Slater Technology Fund, Brown University, and RI Bio Network to continue to expand life-science and health startup activity.”
