Pharma, BioPharma

Accelerator Corp.’s fourth fund expands to $62.8M for life science investment

The New York and Seattle-based Accelerator Corp. just expanded its fourth fund to $62.8 million to fund life sciences startups. The money comes from AbbVie, WuXi PharmaTech and Watson Fund.

Accelerator Corp., a New York and Seattle-based life sciences investment firm, just added $11.7 million to its fourth fund – bringing it to an oversubscribed round of $62.8 million. It’s focused on investing in new therapeutics.

The new cash infusion includes strategic investments from AbbVie, WuXi PharmaTech and Watson Fund.

The company announced the fourth fund in July last year, and its expansion from Seattle to New York. Accelerator Corp. was established in 2003, and this latest fund is a huge leap from its third fund in 2008, where it raised some $3.8 million. In an interview last year, Accelerator Corp. CEO Thong Le said the life science startup investments can range from $50,000 to “multi-millions.”

It’s located in the Alexandria Center for Life Science, the city’s first and only science park. However, New York is positioning itself as a life sciences hub and it’ll undoubtedly be aided by having a local accelerator to invest in translational technology from the city’s many academic institutions.

Indeed, Accelerator has partnered out with Albert Einstein College of Medicine, Columbia University, Icahn School of Medicine at Mount Sinai, Memorial Sloan Kettering Cancer Center, New York University, The Rockefeller University and Weill Cornell Medical College.

The syndicate, which closed initially last year, include Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments and WRF Capital.

[Photo from Flickr user Pictures of Money]