Matter, a Chicago, IL-based not-for-profit entrepreneurship and innovation hub for next-generation health IT, medical device, diagnostics and biopharma companies, secured $4.4m in private funding.
This private investment complements the $2.5 million grant and $1.5 million loan provided by the State of Illinois, which allows Matter to launch with an initial capital commitment of more than $8m.
Developed by a team of entrepreneurs and industry leaders and supported by the state of Illinois and led by CEO Steven Collens, it will help connect partners with innovators and entrepreneurs, unite Chicago’s dispersed health technology community and accelerate the formation and growth of new businesses that can innovate healthcare.
Initial strategic partners include:
American Heart Association
Astellas Pharma US, Inc.
Crain’s Chicago Business
Ernst & Young LLP
Insight Product Development
OSF Healthcare/Jump Center
Marshall, Gerstein & Borun LLP
Medline Industries, Inc.
NorthShore University HealthSystem
Sidley Austin, LLP
Silicon Valley Bank
Matter is scheduled to open in early 2015 and is currently accepting applications for membership. Membership rates start at $150 per month and include access to Matter’s mentor network, workshops and events designed to help entrepreneurs and innovators accelerate the growth of their companies. It will also provide space to venture capital firms, research universities, healthcare providers and established companies.