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AlphaLab Health, Innovation Works and Allegheny Health Network joint venture, receives $10 million grant

May 09, 2024
By: Michele Hujber

AlphaLab Health, an accelerator program developed by Innovation Works (IW) and Allegheny Health Network (AHN) for life-sciences startups in the Pittsburgh region, has received a $10 million grant from an anonymous donor. The grant establishes the AlphaLab Health Revolving Investment Fund, which will support startups in the accelerator program. According to a press release from AlphaLab Health, the investment returns generated by the fund will create a “permanent, self-sustaining source of revenue that will be reinvested into future AlphaLab startups.” 

“AlphaLab Health is central to our ongoing commitment to supporting life sciences companies in Southwestern Pennsylvania,” said Innovation Works’ Chief Executive Officer Ven Raju. “The unique partnership between AHN and IW brings to bear the resources and know-how of a large integrated health system with that of a leading venture development organization to help early-stage life sciences companies in the region. The grant will help to bolster the life sciences cluster, from spawning innovative technologies and therapies that have the potential to save lives to catalyzing significant economic impact for the region.”

Since its creation in 2020, AlphaLab Health has provided early-stage funding, mentorship opportunities from industry experts, clinical resources, and office and lab space to 25 startup companies based in southwestern Pennsylvania. The programming is designed to shepherd startups through the early stages of the business life cycle and provide companies with access to key networks, according to the AlphaLab Health press release.

 AlphaLab Health will invest in over 60 startup companies over the next 10 years using the $10 million grant and additional funds contributed by AHN, Innovation Works, and the Suburban General Healthcare Foundation, according to the press release. Also, according to the press release, the larger investment fund will allow larger follow-on investments in select high-potential companies, and more than 120 early-stage companies will ultimately benefit from the fund over the next 20 years.

life science, startups