Upward Labs, a Hartford, CT-area program focused on developing and nurturing early-stage companies developing pilot programs in the smart building and aged care market segments, is to receive a $3.9m investment.
Connecticut Innovations (CI) will invest the sum in over two years.
The company will use the funds to invest in portfolio companies accepted into the program, as well as provide support to those companies in the form of recruitment, infrastructure and other operating expenses during their time in Hartford.
Shana Schlossberg, founder and CEO, Upward is global incubator with a vision to re-invigorate second-tier cities through a generation of innovators with ideas that are fostered through connection, learning and experience. In the last year, Upward has facilitated pilots and deals between startups from all over the world and major Fortune 500 Companies headquartered in Hartford CT.
The Upward Labs project is establishing two physical labs in downtown Hartford, where companies in the smart building and aged care industries accepted into the program will live and work for six consecutive months. During this time, portfolio companies will have the opportunity to pilot their product with commercial, residential and senior care program partners and to work closely with established corporations to test their pilot programs and prove efficacy.
In all, Upward Labs intends to invest in a total of 40 companies and execute four different six-month cohorts with 10 companies in each.