Having raised more than $150m, the new incubator will now focus on selecting startups.
Massachusetts Institute of Technology (MIT) has raised more than $150m for its startup incubator the Engine, the university announced on Thursday.
The university has put $25m of its own money into the fund, with the rest raised by an undisclosed “small group of investors aligned with the fund’s mission”.
Launched in October 2016, the Engine’s stated mission is to drive commercialisation efforts of research-intensive innovations that have to date been unable to secure the necessary support and resources. To that end, the Engine provides equipment, 200,000 square feet of open workspace and a fund for startups developing breakthrough technologies that require time to commercialise.
The incubator will now focus on selecting startups in its targeted sectors, which include robotics, manufacturing, health technology, biotechnology and energy.
L Rafael Reif, president of MIT, said: “From the beginning, our vision for the Engine has been to foster the success of ‘tough-tech’ startups with great potential for positive impact for humanity.
“By enabling crucial investments in the Engine’s first portfolio of companies, the funds announced today will also strengthen the local innovation ecosystem and the regional economy.”
Katie Rae, president and chief executive of the Engine, said: “Now that we have the funding in place and our space is opening, we can begin to select our first startups. I can’t wait to get started working with the entrepreneurs.
“Helping entrepreneurs achieve their visions is what I’m most passionate about, and we’re going to create a community where founders help each other succeed.”
