MIT‘s new startup accelerator The Engine closed its first investment fund, at over $150m.
Of the total capital raised for The Engine Accelerator Fund I, L.P., MIT invested $25m with the remainder coming from a small group of investors aligned with its mission.
Led by veteran tech entrepreneur and investor Katie Rae, president, CEO and managing partner, and MIT Executive Vice President and Treasurer Israel Ruiz, chair of The Engine’s Board of Directors, the fund will support startups developing “tough” technologies — breakthrough ideas that require time to commercialize — in a range of sectors including robotics, manufacturing, health tech, biotechnology, and energy.
The initiative is now focusing on selecting its first group of investments this year.
FinSMEs
09/04/2017