MIT today welcomed seven startups developing ‘tough’ technologies to a new platform that supports innovations that will take time to commercialise.
The first group joining The Engine initiative are pioneering new products and services relating to a range of sectors, including aerospace, renewable energy, and synthetic biology. They were welcomed at the official opening of The Engine’s new HQ in Cambridge, Massachusetts. The companies will receive financial support and access to world-leading facilities.
Katie Rae, president and CEO of The Engine, said: “As we look at the first seven companies we have invested in, it is wonderful to see the breadth of tough-tech areas founders have leaned into. We have been so gratified by the quality and passion of the founders that have come to us. These entrepreneurs are on a mission, and with our help they are going to change the world for the better.”
The initiative wants to advance innovation that can tackle major societal challenges and has, to date, raised around $200 million to support the startups.
“We announced The Engine nearly a year ago with the vision of supporting innovative ventures working to address society’s most important challenges. I am thrilled that the first cohort of startups has the potential to do exactly that. I have watched The Engine’s evolution with great enthusiasm and admiration, and I look forward to this exciting next step in making The Engine’s bold vision a reality,” added MIT President L. Rafael Reif.
Click here to read more about the first seven.