The Engine closes its first fund for over $150 million
MIT’s new accelerator will now focus on selecting startups.
Just months after its launch, MIT’s new startup accelerator The Engine yesterday closed its first investment fund for over $150 million, which will support startups developing breakthrough scientific and technological innovations with potential for societal impact.
With funding secured and leadership in place, The Engine is now focusing on selecting its first group of investments this year.
Announced at a launch event last October, The Engine combines an accelerator, an open network of technical facilities, and a fund, which together will provide stable financial support and access to costly resources for startups. Focus will be given to startups developing “tough” technologies — breakthrough ideas that require time to commercialize — in a range of sectors including robotics, manufacturing, health tech, biotechnology, and energy.
