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Shapiro Administration investing in tech companies to spur Pa. economy, workforce
Department of Community and Economic Development Secretary Rick Siger announced on Thursday “Bringing the World to Pennsylvania”. PHOTO/FILE
Shapiro Administration investing in tech companies to spur Pa. economy, workforce
Two venture capital firms have been awarded a combined total of $3 million to make investments in Pennsylvania-based early-stage technology companies.
The announcement was made by Department of Community and Economic Development Secretary Rick Siger. Funding was awarded through the Ben Franklin Technology Development Authority (BFTDA) and is aimed at advancing the competitiveness of Pennsylvania’s companies and universities.
“Our investments in high-growth, innovative industries and firms are helping position Pennsylvania to be an economic powerhouse,” Siger said in a statement on Friday. “Today’s awards will help support many worthy projects, including one that will expand healthcare access in underserved communities. The Shapiro Administration is committed to investing in these cutting-edge companies to help strengthen our communities and drive our economy forward.”
The following funding was approved by the BFTDA:
- $2 million on behalf of Sana Capital Fund I, LP. The fund is being established by Sana Capital Partners, LLC to invest in early-stage healthcare access and quality of care for underprivileged individuals. Sana is 100% Latinx-owned. The award was made possible through the State Small Business Credit Initiative Diverse Leaders Venture Program.
- $1 million on behalf of Science Center Health Fund, LLC. The fund is being established to invest in early-stage healthcare and med-tech companies and will source deals via programs sponsored by the University City Science Center. The award was made possible through BFTDA’s Venture Investment Program.
The BFTDA was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.
