Founded by MIT The Engine, to focus on tough tech innovations has announced its first-ever investments in seven startups in order to develop breakthrough scientific and technological innovations poised for transformative impact.
In addition, it has raised an updated total of $200 million for its first investment fund with which the firm will continue making new investments into tough tech startups.
On the investment, Katie Rae, CEO and Managing Partner of The Engine, said:
Tough tech companies have historically been underserved and underfunded, leaving many breakthrough inventions stuck in the lab. By building a first-of-its-kind organization with a mission to focus exclusively on founders working on tough tech, The Engine aims to transform the status quo venture ecosystem and to make Boston the heart of tough tech innovations.
The Engine is a combination of long-term investment, resources, and services that include The Engine Fund, The Engine Room, The Engine Program, and The Engine Network for founders working on tough tech.
It bridges the gap between discovery and commercialization by empowering startups developing tough tech and breakthrough ideas that require time to commercialize with the long-term capital, entrepreneurial knowledge, connections, specialized equipment and labs they need to thrive.
On the development, Rae said:
Within months of announcing The Engine’s first investment fund, we received more than 500 pitches from startups. What was surprising yet unsurprising was that nearly all 500 startups focused on tough tech, underscoring the real abundance of opportunities for tough tech innovations, as well as the real need for a tough tech ecosystem we knew was lacking.
Rae further added that:
Today’s group of startups have massive ambitions and are working on transformative innovations poised to solve some of the world’s most complex challenges.
The founding startups will be featured today at an event to celebrate the official opening of The Engine’s headquarters at 501 Massachusetts Ave. in Cambridge, Massachusetts, now renovated to include three floors of maker spaces, labs with cutting-edge equipment, office spaces, and other resources.