Wednesday, October 27, 2010

BioAccel Backs New Joint Venture To Spur Startups

Phoenix-based BioAccel, a nonprofit focused on helping to accelerate scientific research into commercial products and viable businesses, said today that it is part of a joint venture to accelerate the growth of U.S. technology startups. BioAccel said it is part of the creation of a new firm, Henislie Corp., which has the backing of Imprimatur Capital. The new joint venture is looking to raise approximately $50 million to fund seed investments in promising companies in the areas of life science, information technology, telecommunications and clean energy production with short-term proof-of-concept financing, and invest in startup firms. Henislie is targeting funding companies in Arizona, Southern California, and Texas.