NEW YORK (GenomeWeb News) - Accelerator, a Seattle-based biotech investment and development organization affiliated with the Institute for Systems Biology, has landed over $22.5 million in financing commitments from several sources.
Accelerator, which formed in 2003 and has helped to raise a total of $130 million for itself and for start-ups, said it will look to use the funds to "identify, evaluate, finance and manage emerging biotechnology opportunities."
Backing for this funding round came from previous investors, including Amgen Ventures, Arch Venture Partners, and OVP Venture Partners. The company said WRF Capital also has committed to chip in financing for Accelerator's projects.
ISB will continue to serve as the “key scientific institutional anchor” for Accelerator.
"ISB has made significant contributions to Accelerator, with half of the first six investments based upon either ISB-based technologies or opportunities identified for Accelerator by ISB faculty," said the Institute's President, Leroy Hood, in a statement.