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Shapiro Administration Investing $3 Million in Early-Stage Tech Companies to Spur Healthcare Innovations, Create Opportunities

Harrisburg, PA – Today, Department of Community and Economic Development (DCED) Secretary Rick Siger announced that $3 million was awarded through the Ben Franklin Technology Development Authority (BFTDA) to two venture capital firms that will make investments in Pennsylvania-based early-stage technology companies.

These awards through the BFTDA will help advance the competitiveness of Pennsylvania’s companies and universities in the global economy. Since January 2023, Governor Shapiro has announced more than $1.2 billion in new private sector investment in Pennsylvania as a direct result of his Administration’s work.

“Our investments in high-growth, innovative industries and firms are helping position Pennsylvania to be an economic powerhouse,” said Secretary Siger. “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 BFTDA approved the following:

  • $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 by underprivileged individuals. Sana is 100% Latinx-owned and is led by founder and Managing Partner Jason P. Torres. The fund has a location in Newtown, Bucks County. The award was made possible through the State Small Business Credit Initiative (SSBCI) 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 Fund will be led by Heath Naquin and Eli Velasquez. The award was made possible through BFTDA’s Venture Investment Program.

As one of the oldest and most emulated state technology development programs in the nation, the BFTDA was established to promote an entrepreneurial business environment, advance technology innovation, and create a technology-ready workforce.

For more information about the BFTDA or the Department of Community and Economic Development, and be sure to stay up-to-date with all of our agency news on Facebook, X, and LinkedIn.

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Kristen Fitch

Senior Director, Marketing