Breakout Labs raises its maximum available grant for deep-technology startups to $500,000.
Breakout Labs supports early-stage companies at the forefront of scientific innovation. Since 2012, Breakout Labs has invested almost $15M in 40 companies across the country, who share the goal of commercializing scientific advances to solve pressing problems and create unimagined opportunity.
Today, Breakout Labs announces an increase of the maximum funding available per company to $500,000. “We provide capital for startups to achieve R&D milestones that significantly reduce their technical risk, while also helping them to develop their business model and understand their market fit,” said Lindy Fishburne, Breakout Labs’ Executive Director. “It’s still critical for our companies to raise additional capital from a variety of sources, but we believe the time is right to boost to our own level of investment.”
So far, 25% of the Breakout Labs portfolio has secured substantive equity investment, including Modern Meadow, a biofabrication company in Nutley, New Jersey; 3Scan, a digital pathology company in San Francisco, CA; and Immusoft, a cell therapy company in Seattle, Washington. In total, Breakout Labs companies have raised close to $200M in additional capital.
The Breakout Labs program and network of corporate partners and follow-on investors support CEO and company growth and access to additional capital. Breakout Labs companies highly value the mentorship, networking and access to resources critical to their progress. The current portfolio is concentrated at the intersection of biology and technology (AI, microfluidics, photonics, etc),and also includes a advances in new materials and energy storage.
“The Breakout Labs’ grant was not only important for establishing early proofs-of-concept for our technology, but as a signal to other investors that we were a company to be taken seriously,” said Todd Huffman, CEO of 3Scan.
Companies apply to Breakout Labs on a rolling basis (www.breakoutlabs.org/apply). Proposals undergo rigorous scientific review and business diligence. Selection criteria include: 1) a fundamental scientific advance at the heart of the company that forms the basis of a platform technology; 2) a founding team that includes a lead scientist-entrepreneur; and 3) a commercialization milestone that can be significantly de-risked with Breakout Labs’ funding.
Breakout Labs is a revolving fund within the Thiel Foundation and the grant includes a return provision allowing it to be exchanged for equity at a qualified financing. Returns generated by the Breakout Labs portfolio support the next generation of scientific advance.
Interested in learning more? Join us on Wednesday, April 18th at 1pm PDT for a Facebook Live Q&A. Tune in here: https://www.facebook.com/breakoutlabs/
Scientist-entrepreneurs can apply here: http://www.breakoutlabs.org/apply/