With Latest Round of Funding, Health Tech Hub MATTER Now Has $8M in the Bank
MATTER has secured another $4.4 million in funding, this time from some big names in the private sector.
Chicago’s healthcare tech hub MATTER, which is set to open in early 2015, now has an initial capital commitment of more than $8 million. The latest round, which includes all private sector investments, involved industry leaders like AbbVie, Marathon Pharmaceuticals and Astellas Pharma.
MATTER previously secured a $2.5 million grant and $1.5 million loan, both provided by the state.
The shared space will house health IT, medical device, diagnostics and biopharma companies in the newly expanded space in 1871. MATTER is designed to help startups connect and collaborate with industry leaders that can help them develop and launch their innovations.
“MATTER’s partners will accelerate their access to new healthcare technologies and expand their presence among the region’s innovators and entrepreneurs,” MATTER CEO Steven Collens said in a statement. “Together with our strategic partners, MATTER is building a community that will accelerate the formation and growth of next-generation healthcare technology businesses.”
“By bringing together industry leaders, researchers and early-stage entrepreneurs, MATTER will act as a facilitator to drive collaboration that’s been difficult to effectively accomplish through other channels at scale,” added Jim Robinson, president of Astellas Pharma.
MATTER is still accepting applications, and membership starts at $150 a month. ChicagoNEXT, Mayor Rahm Emanuel’s council on tech and innovation, helped get MATTER off the ground.
“MATTER is already helping to drive Chicago’s healthcare economy forward by bringing together corporate partners from across the healthcare industry to drive innovation and create jobs in Chicago,” said Mayor Rahm Emanuel. “This investment by the private sector means that new companies will have the opportunity to grow and provide an economic engine for our city into the future.”