Stories of Technology, Innovation, & Entrepreneurship in the Southeast

Altitude Labs Fund:

Altitude Lab, a Salt Lake City, UT-based organization, has announced the launch of a $2.5 million pre-seed venture fund to support early stage biotechnology start-ups impacted by recent federal funding policy shifts. Named the Altitude Lab Fund (ALF), this initiative aims to bridge critical funding gaps for start-ups that have undergone the Small Business Innovation Research (SBIR) review process but now face delays or uncertainties due to policy changes.

With approximately $4.5 billion in annual SBIR and Small Business Technology Transfer (STTR) obligations, federal grants have historically been a cornerstone of biotech innovation. However, recent policy changes have placed an estimated 1,500 health-related start-ups in limbo, threatening critical advancements in medicine, drug development, and diagnostics. ALF is designed to provide these high-potential startups with the financial support and infrastructure they need to continue their work and grow within Salt Lake City’s rapidly expanding life science ecosystem.

ALF is currently funded at $2.5 million and will provide qualified start-ups with:

• $100,000 to $250,000 in pre-seed investment capital;
• 12 months of lab and office space; and
• Admission to Altitude Lab’s competitive accelerator program which includes exclusive mentorship with leading industry executives and access to top-tier national funds.

Cherryrock Capital:

Cherryrock Capital, co-founded by Stacy Brown-Philpot, ex-TaskRabbit Chief Executive Officer, announced last week the closing of its $172 million Fund I with an all-star limited partner list that includes JPMorgan, Goldman Sachs, MassMutual, Melinda French Gates’ Pivotal Ventures, Reid Hoffman, Mellody Hobson, and Sheryl Sandberg. Her fellow Co-Founder is Saydeah Howard, who spent the past nine years at venture capital firm IVP.

The new fund invests in companies that have early product market fit and are on a path to achieving $100 million or more in revenue. Cherryrock Capital invests in high-growth industries with nascent markets across five areas: digital health, enterprise Software-as-a-Service, fintech, future of work, and Business-to-Business-to-Consumers.

 

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