From 2020 to 2024, startups associated with Altitude Lab raised an impressive $154 million, which accounted for over half of the early-stage life science capital in Utah.

Chris Gibson highlighted the critical role of early-stage funding in enabling biotech companies to scale, referencing Recursion's own journey with SBIR grants that significantly contributed to its $4 billion valuation.

The fund will offer investments ranging from $100,000 to $250,000, in addition to providing 12 months of lab space and access to Altitude Lab's accelerator program.

Startups eligible for funding must have received an Impact Score of 20 or less in their most recent SBIR submission, which indicates that their research has shown promise and has been reviewed by federal authorities.

Altitude Lab has launched a pre-seed venture fund aimed at supporting early-stage biotech startups that have been impacted by recent changes in federal funding policies, particularly those affecting Small Business Innovation Research (SBIR) grants.

The fund will be managed by a team of experienced leaders, including Recursion CEO Chris Gibson, entrepreneur David Bearss, and Altitude's executive director Chandana Haque.

This initiative is designed to bolster Salt Lake City's status as a biotech hub, fostering a concentrated biotech cluster by attracting top-tier talent and innovative startups to the region.

The Altitude Lab Fund aims to deliver strong returns to its investors while also securing the future of biotech innovation in the United States amidst ongoing federal funding disruptions.

Recent policy changes have adversely affected approximately 1,500 health-related startups, disrupting their access to vital SBIR funding.