The startups in the University City Science Center’s Launch Lane accelerator represent the next phase of Greater Philadelphia’s digital health ambitions.
PHL Inno recently sat down with the latest Launch Lane cohort to have them give us their three-minute pitches — laying out what they do, why they do it and what they’re looking to do next in 2022.
Launch Lane is focused on helping digital health startups reach milestones like piloting a prototype, generating initial revenue, hiring and raising capital.
This year’s cohort, the fifth since Launch Lane started, was selected in March. It comprises home-grown Philadelphia companies, University of Pennsylvania spinouts, out-of-state life sciences startups, and international enterprises looking to plant a flag in the region.
The Science Center provided the eight companies with $200,000 collectively, with another $200,000 made available as each of the startups reaches development milestones. They’ve also been given access to the Science Center’s ic@3401 incubator for a year.
Launch Lane has worked with 35 startups since the program started, receiving a total of $1.4 million from the Science Center. Participating startups have gone on to raise more than $100 million in funding, generate $50 million in revenue and create more than 300 jobs, according to the Science Center.
Launch Lane has helped spawn alumni including Lia Diagnostics, which brought to market its flushable pregnancy test in March, and Biomeme, which developed a rapid Covid-19 test during the pandemic.