Altitude Lab Launches Pre-seed Venture Fund, Anchored by Recursion CEO Chris Gibson, Enabling SBIR-awarded Biotechs Hit by Funding Gap to Build in Salt Lake City

Core Insights - The Altitude Lab Fund is launched to support early-stage biotechnology startups in Salt Lake City, aiming to provide capital, lab space, and mentorship amidst federal funding disruptions [1][2][3] Industry Overview - Federal grants, amounting to approximately $4.5 billion annually through SBIR and STTR, have been crucial for biotech innovation, but recent policy changes have left around 1,500 health-related startups in a precarious position [2] - Salt Lake City has emerged as a biotechnology hub, with Altitude Lab's startups raising over 50$154 million from 2020 to 2024 [3] Company Initiatives - The fund will provide pre-seed investments ranging from $100,000 to$250,000, along with 12 months of lab and office space, and access to a competitive accelerator program [8] - Altitude Lab aims to foster a diverse generation of founders, particularly supporting female and underrepresented entrepreneurs who currently receive only 15% of SBIR funding and 3% of venture capital [3][5] Leadership and Management - The fund will be led by Chris Gibson, CEO of Recursion, along with David Bearss and Chandana Haque, focusing on supporting biotech innovation and entrepreneurship [4]