Altitude Lab Launches Pre-seed Venture Fund, Anchored by Recursion CEO Chris Gibson, Enabling SBIR-awarded Biotechs Hit by Funding Gap to Build in Salt Lake City
Altitude Lab, a biotech accelerator founded by Recursion (NASDAQ: RXRX), has launched a pre-seed venture fund to support early-stage biotechnology startups affected by federal funding policy changes. The fund will provide $100,000–$250,000 in pre-seed investment capital, 12 months of lab space, and admission to Altitude Lab's accelerator program.
The initiative aims to bridge the gap created by recent policy shifts that have impacted approximately 1,500 health-related startups dependent on Small Business Innovation Research (SBIR) grants. The fund will be led by Recursion CEO Chris Gibson, alongside entrepreneur David Bearss and Altitude's executive director Chandana Haque.
Altitude Lab's startups have raised $154M from 2020 to 2024, representing over 50% of life science-focused early-stage capital in Utah. Eligible startups must have received an Impact Score of 20 or less in a recent SBIR submission.
Altitude Lab, un acceleratore biotech fondato da Recursion (NASDAQ: RXRX), ha lanciato un fondo di venture pre-seed per supportare le startup biotech in fase iniziale colpite dai cambiamenti nelle politiche di finanziamento federale. Il fondo fornirà capitale di investimento pre-seed da $100.000 a $250.000, 12 mesi di spazio in laboratorio e accesso al programma di accelerazione di Altitude Lab.
L'iniziativa mira a colmare il divario creato dai recenti cambiamenti politici che hanno impattato circa 1.500 startup nel settore della salute dipendenti dai finanziamenti del Small Business Innovation Research (SBIR). Il fondo sarà guidato dal CEO di Recursion, Chris Gibson, insieme all'imprenditore David Bearss e al direttore esecutivo di Altitude, Chandana Haque.
Le startup di Altitude Lab hanno raccolto $154 milioni dal 2020 al 2024, rappresentando oltre il 50% del capitale in fase iniziale focalizzato sulle scienze della vita nello Utah. Le startup ammissibili devono aver ricevuto un punteggio di impatto di 20 o meno in una recente presentazione SBIR.
Altitude Lab, un acelerador de biotecnología fundado por Recursion (NASDAQ: RXRX), ha lanzado un fondo de capital de riesgo pre-semilla para apoyar a las startups de biotecnología en etapa temprana afectadas por cambios en las políticas de financiamiento federal. El fondo proporcionará capital de inversión pre-semilla de entre $100,000 y $250,000, 12 meses de espacio en laboratorio y acceso al programa de aceleración de Altitude Lab.
La iniciativa tiene como objetivo cerrar la brecha creada por los recientes cambios de política que han impactado a aproximadamente 1,500 startups relacionadas con la salud que dependen de las subvenciones del Small Business Innovation Research (SBIR). El fondo estará dirigido por el CEO de Recursion, Chris Gibson, junto al emprendedor David Bearss y la directora ejecutiva de Altitude, Chandana Haque.
Las startups de Altitude Lab han recaudado $154 millones entre 2020 y 2024, lo que representa más del 50% del capital en etapa temprana enfocado en ciencias de la vida en Utah. Las startups elegibles deben haber recibido una puntuación de impacto de 20 o menos en una presentación reciente de SBIR.
Altitude Lab는 Recursion (NASDAQ: RXRX)에 의해 설립된 생명공학 가속기로, 연방 자금 정책 변경의 영향을 받은 초기 생명공학 스타트업을 지원하기 위해 프리 시드 벤처 펀드를 출범했습니다. 이 펀드는 $100,000에서 $250,000까지의 프리 시드 투자 자본, 12개월의 실험실 공간, 그리고 Altitude Lab의 가속기 프로그램에 대한 입회를 제공합니다.
이 이니셔티브는 최근 정책 변화로 인해 Small Business Innovation Research (SBIR) 보조금에 의존하는 약 1,500개의 건강 관련 스타트업에 영향을 미친 간극을 해소하는 것을 목표로 합니다. 이 펀드는 Recursion의 CEO인 Chris Gibson이 이끌고, 기업가 David Bearss와 Altitude의 전무 이사인 Chandana Haque가 함께합니다.
Altitude Lab의 스타트업은 2020년부터 2024년까지 $154M을 모금했으며, 이는 유타에서 생명과학 중심의 초기 자본의 50% 이상을 차지합니다. 자격이 있는 스타트업은 최근 SBIR 제출에서 20 이하의 임팩트 점수를 받아야 합니다.
Altitude Lab, un accélérateur de biotechnologie fondé par Recursion (NASDAQ: RXRX), a lancé un fonds de capital-risque pré-seed pour soutenir les startups de biotechnologie en phase initiale affectées par les changements de politique de financement fédéral. Le fonds fournira un capital d'investissement pré-seed allant de 100 000 à 250 000 dollars, 12 mois d'espace de laboratoire et l'accès au programme d'accélération d'Altitude Lab.
Cette initiative vise à combler le fossé créé par les récents changements de politique qui ont impacté environ 1 500 startups liées à la santé dépendant des subventions Small Business Innovation Research (SBIR). Le fonds sera dirigé par le PDG de Recursion, Chris Gibson, aux côtés de l'entrepreneur David Bearss et de la directrice exécutive d'Altitude, Chandana Haque.
Les startups d'Altitude Lab ont levé 154 millions de dollars entre 2020 et 2024, représentant plus de 50 % du capital en phase initiale axé sur les sciences de la vie dans l'Utah. Les startups éligibles doivent avoir reçu un score d'impact de 20 ou moins dans une soumission SBIR récente.
Altitude Lab, ein von Recursion (NASDAQ: RXRX) gegründeter Biotech-Accelerator, hat einen Pre-Seed-Venture-Fonds ins Leben gerufen, um frühphasige Biotechnologie-Startups zu unterstützen, die von Änderungen in der Bundesfinanzierungspolitik betroffen sind. Der Fonds wird zwischen 100.000 und 250.000 US-Dollar an Pre-Seed-Investitionskapital, 12 Monate Laborfläche und Zugang zum Accelerator-Programm von Altitude Lab bereitstellen.
Die Initiative zielt darauf ab, die Lücke zu schließen, die durch die jüngsten politischen Veränderungen entstanden ist, die etwa 1.500 gesundheitsbezogene Startups betreffen, die von den Small Business Innovation Research (SBIR)-Zuschüssen abhängen. Der Fonds wird von Chris Gibson, dem CEO von Recursion, zusammen mit dem Unternehmer David Bearss und der Geschäftsführerin von Altitude, Chandana Haque, geleitet.
Die Startups von Altitude Lab haben von 2020 bis 2024 154 Millionen US-Dollar gesammelt, was mehr als 50 % des auf Lebenswissenschaften fokussierten Frühphasen-Kapitals in Utah ausmacht. Berechtigte Startups müssen in einem aktuellen SBIR-Antrag eine Impact-Score von 20 oder weniger erhalten haben.
- Launch of new pre-seed venture fund providing $100,000-$250,000 investments
- Strong track record with portfolio companies raising $154M from 2020-2024
- Expansion of Recursion's ecosystem in Salt Lake City biotech hub
- None.
Insights
This strategic initiative represents a sophisticated approach to ecosystem building that extends beyond mere corporate philanthropy. The fund addresses a critical market inefficiency created by federal funding disruptions while simultaneously strengthening Recursion's competitive position in several key ways:
The fund's focus on SBIR-reviewed companies with Impact Scores of 20 or less is particularly shrewd - these scores typically indicate highly promising research that has already undergone rigorous federal review, effectively leveraging government due diligence to de-risk investments. By targeting this specific segment, Altitude Lab can efficiently identify high-potential startups while minimizing screening costs.
The combination of capital ($100,000-$250,000), lab space, and accelerator access creates a compelling value proposition that could attract top-tier talent to Salt Lake City. This helps build a concentrated biotech cluster effect, potentially creating valuable collaboration opportunities and talent pools for Recursion while generating deal flow for future strategic partnerships or acquisitions.
The track record of Altitude Lab's startups raising $154M from 2020 to 2024, representing over 50% of Utah's early-stage life science capital, demonstrates the accelerator's ability to identify and nurture successful ventures. This new fund could significantly amplify this impact while generating financial returns through carefully structured investments in pre-validated startups.
The initiative also positions Salt Lake City to capitalize on the ongoing decentralization of biotech hubs from traditional coastal centers, potentially accelerating the region's emergence as a major life sciences cluster. This geographic diversification strategy could prove particularly valuable as companies seek more cost-effective locations for research and development operations.
The Altitude Lab Fund aims to deliver strong returns to Limited Partners, accelerate the growth of Salt Lake City’s Life Science hub, and enable high potential startups support while federal funding is stalled
SALT LAKE CITY, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Altitude Lab, a biotech accelerator started by Recursion in Salt Lake City, today announced the launch of its pre-seed venture fund aimed at supporting early-stage biotechnology startups impacted by recent federal funding policy shifts. Together with Altitude Lab, Altitude Lab Fund intends to provide crucial capital, lab space, and mentorship to promising Small Business Innovation Research (SBIR) reviewed companies, further strengthening Salt Lake City’s position as a national biotech hub.
With approximately
Altitude Lab Fund intends to provide:
-
$100,000 –$250,000 in pre-seed investment capital - 12 months of lab and office space
- Admission to Altitude Lab’s competitive accelerator program which includes exclusive mentorship with leading industry executives and access to top tier national funds
“Earning our early SBIRs was a pivotal moment for Recursion. The few million dollars that came in via the SBIR mechanism in our early years allowed us to build the fundamentals of our platform upon which we have now raised over
“Federal funding disruptions are stalling groundbreaking biotech research,” said Chandana Haque, executive director of Altitude Lab. “With this fund, we are doing our small part to help secure the future of biotech innovation in America, to build the ecosystem of life science companies around Recursion in Salt Lake City, and also ensuring that the best female and underrepresented founders—who receive only
Over the past decade, Salt Lake City has established itself as an emerging biotechnology market, fueled by academic institutions, industry leaders, and a growing investment ecosystem. Altitude Lab’s startups raise more than
The fund will be led by Chris Gibson, Co-founder and CEO of Recursion, alongside reputed serial entrepreneur, David Bearss, and Altitude’s executive director, Chandana Haque. Fees and carry from the fund will support Altitude Lab’s growth and mission.
“Throughout my career—both as a faculty member and as a co-founder of eight biotech startups—I’ve seen firsthand how federal funding plays a critical role in advancing science and translating discoveries into life-saving medicines. Without early-stage support, many promising innovations would never reach patients. This fund is stepping in at a pivotal moment to ensure that the next medical breakthroughs don’t slip through the cracks,” said David Bearss Ph.D., CEO and cofounder of Halia Therapeutics.
Startups interested are eligible for funding from Altitude Lab Fund if they have received an Impact Score of 20 or less in a recent SBIR submission. To learn more about Altitude Lab and apply for funding visit altitudelab.org/altitude-lab-fund.
About Altitude Lab
Altitude Lab is building a new, representative generation of founders to seed the next cycle of health care innovation in Utah's BioHive. Currently located in Gateway’s BioHive Hub in Salt Lake City, Altitude Lab is an accelerator program focused on early stage life science and health care companies. The initiative is part of a larger city plan and collaborative vision from Recursion to foster socially-responsible entrepreneurship, job creation, and economic productivity. The Recursion Foundation, under which Altitude Lab operates, is a 501(c)(3) nonprofit organization. Altitude Lab Fund is a Limited Partnership partnered with Altitude Lab to provide pre-seed funding for SBIR-reviewed startups.
Learn more at altitudelab.org or connect on X (formerly Twitter).
About Recursion
Recursion (NASDAQ: RXRX) is a clinical stage TechBio company leading the space by decoding biology to radically improve lives. Enabling its mission is the Recursion OS, a platform built across diverse technologies that continuously generate one of the world’s largest proprietary biological and chemical datasets. Recursion leverages sophisticated machine-learning algorithms to distill from its dataset a collection of trillions of searchable relationships across biology and chemistry unconstrained by human bias. By commanding massive experimental scale — up to millions of wet lab experiments weekly — and massive computational scale — owning and operating one of the most powerful supercomputers in the world, Recursion is uniting technology, biology and chemistry to advance the future of medicine.
Recursion is headquartered in Salt Lake City, where it is a founding member of BioHive, the Utah life sciences industry collective. Recursion also has offices in Toronto, Montréal, New York, London, Oxford area, and the San Francisco Bay area. Learn more at recursion.com, or connect on X (formerly Twitter) and LinkedIn.
FAQ
How much funding will Altitude Lab's new venture fund provide to SBIR-reviewed startups?
What are the eligibility criteria for startups to receive funding from Altitude Lab Fund?
How much capital have Altitude Lab startups raised between 2020-2024?
Who are the key leaders managing the Altitude Lab Fund?
How many health-related startups are affected by the SBIR funding gap that Altitude Lab aims to address?
