Magnify zooms in on more startups

The California NanoSystems Institute at University of California, Los Angeles (UCLA) is seeking more local startups for its Magnify incubator for emerging technologies in the life science, medtech, IT and advanced materials sectors.

Magnify is situated within UCLA’s Court of Sciences and offers flexible laboratory, office and co-working space, as well as access to more than $36m worth of scientific equipment and instruments.

The incubator was established to give deep technology startups the necessary resources for hands-on research and development as they look to bring their ideas onto the market.

Magnify currently supports 21 businesses, 80% of which operate in the life science sector.

To be eligible, startups must have enough working capital to fulfil certain technical and business milestones while also covering at least six months’ worth of fees. Applications will be scrutinised in a competitive review, with four to six companies accepted per quarter.

Participants must have been incorporated for less than five years and make their primary residence address one associated with Magnify. The deadline for the next round of applications is on June 15.

Companies supported by Magnify include UCLA spinout Scarless Laboratories, a wound healing peptide developer which has secured $8m in grant funding from government-owned research agency National Institutes of Health.

Scarless was founded by Chia Soo, professor and vice-chairperson for research in the division of plastic and reconstructive surgery at UCLA’s David Geffen School of Medicine.

Brian Benson, director of entrepreneurship and commercialisation at California NanoSystems Institute, said: “Our goal is to help companies reduce the time and capital needed to transform their ideas into a scalable, fundable business.

“Magnify provides critical resources including mentorship, business development and funding advice that can lead to a company’s success.”