Biotech venture capital firm Accelerator Corporation has announced a $51.1m first closing of its fourth fund.
Strategic investors also included the Partnership Fund for New York City, and Pfizer Venture Investments.
Accelerator invests in disciplined and efficient investment in emerging biotechnology research and plans to use the fund to inject strategic venture capital, entrepreneurial leadership, and critical product development capabilities.
The firm has recently expanded its operations in Seattle to New York City and said it will dedicate capital commitments to projects in both cities.
Accelerator chief executive officer Thong Le said, “There is a funding gap for innovators looking to build new companies, as more and more venture investors are turning their attention to de-risked, later-stage developmental therapies instead of early research.”
During the last 10 years Accelerator has developed 12 early-stage biotechnology companies in Seattle.
Among investments is $5.3m worth of Series A funding in immunotherapy research company Oncofactor which Accelerator made in 2011.
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