Accelerate LI Seeds First Batch Of Biotech, Cleantech Startups
6/6/2014 7:06:39 AM
After a few years of organizing and bringing together local VC firms, picking an investment philosophy, and sifting through pitches from hopeful startups, Accelerate Long Island has selected its first companies to seed. Accelerate LI, the broad, non-profit initiative to commercialize research out of Long Island’s research institutions, and its strategic funding partner, the Long Island Emerging Technologies Fund (LIETF), are investing a total of $500,000 into five local startups. Each of the five startups, which are either life sciences or cleantech companies, are getting $100,000 in seed money apiece—$50,000 in grant money from Accelerate LI, and $50,000 in financing from the LIETF—to develop their businesses.
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