Fueling The Biotech Revolution: Indie Bio Raises Funding For Biotech Startups To 250k Per Company

SAN FRANCISCO, May 13, 2015 /PRNewswire/ -- IndieBio, the world's biggest seed stage biotech accelerator today announced it is increasing the funding available to startups to $250k per company for each of the companies (30 per year) that participate in its accelerator batches. Each batch lasts a total of 130 days, longer than the typical length of accelerator programs to account for the greater development times for biology-based companies. IndieBio SF's second batch begins on September 15^th with applications opening today.

According to Ryan Bethencourt, program director for IndieBio, "We are seeing that a well-stocked physical lab for startups isn't enough to take them from prototype to commercial viability. It takes more money and time, particularly in the Bay Area to create a product." Continued Ron Shigeta, Chief Science Officer of IndieBio, "We are very excited to provide greater funding for entrepreneurs to help alleviate these pressures so they can focus on building world-changing companies."

Founded in 2014 by Arvind Gupta, IndieBio was created to enable an independent path for scientists to become entrepreneurs. IndieBio trains scientists to become entrepreneurs through seed funding and one-on-one product, community and business mentorship within the company's downtown San Francisco lab.

IndieBio is experimenting with higher levels of funding to find the sweet spot of seed funding for biotech startups. "This is an experiment to understand how long of a runway is just right. If it is too much money we will pare it back. We are learning and will evolve the model to find the optimal balance of funding and risk tolerance for radical ideas," said Arvind Gupta. The additional funding comes from a fund created specifically for IndieBio, (called IndieBio I) in San Francisco and includes capital from multiple LPs.

"Biology can create solutions for previously intractable problems that will have greater impact on our lives than even computers, smartphones and cloud computing," begins Arvind Gupta, "Biology is now accelerating at a pace faster than Moore's Law. We are seeing a new wave of young biologists that are attacking old problems with new tools and fresh ideas leading to new type of bio startup, and creating a much-needed engine to drive Silicon Valley into the next century."

The $250k injection of funding per startup marks a new era in biotech. It provides enough capital for students, PhD's and post-doctorate candidates to take the risk of building on their own idea rather than that of their employer. Now, just like the computer science graduate or electrical engineer, scientists have an independent path to develop world changing technologies. IndieBio's capital, facilities and deep mentoring by a network of biotech specific experts have the potential to spawn the Google, Facebook and Instagram's of Biology.

IndieBio is funded by SOSventures, the accelerator VC.

About IndieBio:

At Indie.bio, we are devoted to funding and building biotech startups dedicated toward solving humanity's most pressing problems with life itself

About SOSventures:

We accelerate startups with mentoring and finance. We run unique, high-value accelerator programs that we believe provide great value to entrepreneurs, serving and supporting them with breakthrough mentoring, world-class demo days, and distribution and sales assistance.

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SOURCE IndieBio