MIT Venture Fund Backs Startups in Biotech, Renewable Energy
- The Engine raised $200 million, finances 7 companies
- More than 500 startups submitted proposals for funding
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A venture fund started by the Massachusetts Institute of Technology called The Engine has financed its first seven companies after raising $200 million from investors.
The selected companies are working in fields such as aerospace, advanced materials, genetic engineering and renewable energy, The Engine said Tuesday in a statement. The firms are: Analytical Space; Baseload Renewables; C2Sense; iSee; Kytopen; Suono Bio; and Via Separations. The goal is to fund and support 60 startups, providing them with space, equipment, and technical support in addition to capital.