Biotech Incubator InCube Labs Approaches $30 Million Mark in Investor Funding
3/18/2013 8:22:33 AM
Roughly three years after announcing that he was expanding his California bioscience incubator to San Antonio, InCube Labs founder Mir Imran may wish he had made the move even sooner. InCube has found willing investors, as well as corporate and community support, in the nation’s seventh largest city. That has allowed the organization to adjust its expectations and strategies in a way that could prove to be hugely beneficial for the life sciences entity and for San Antonio long-term. Imran told the Business Journal in June 2010 that for InCube to be successful in San Antonio, to have the financial legs needed to launch new bioscience technology and companies, it would have to secure local investor support. InCube has found open arms. Imran now says InCube has secured roughly $30 million to date in local funding, which includes both public and private investments. “A number of folks in San Antonio have invested in our venture fund (InCube Ventures II),” Imran explains. “In addition, some have co-invested with us along side our venture fund in a number of our portfolio companies. It’s gone really quite well.” InCube has found other pleasant surprises in San Antonio. Imran says the incubator has had little trouble luring talent to the Alamo City, in part because the cost of living here is much more reasonable than in places such as the Silicon Valley, where InCube is based. InCube has also realized that the cost of doing business is less in San Antonio than in California. That combination has caused InCube officials to consider launching more companies in the Alamo City.