AHN, Innovation Works AlphaLab Health Joint Venture Receives $10 Million Grant to Create Revolving Investment Fund
BELLEVUE, Pa., May 7, 2024 /PRNewswire-PRWeb/ -- AlphaLab Health, an accelerator program developed by Innovation Works and Allegheny Health Network for life-sciences startups in the Pittsburgh region, has received a $10 million grant from an anonymous donor to create an evergreen fund.
- The grant establishes the AlphaLab Health Revolving Investment Fund, which will support startups in the accelerator program.
- The investment returns generated by the fund will create a permanent, self-sustaining source of revenue that will be reinvested into future AlphaLab startups.
- AlphaLab Health is based at Allegheny Health Network (AHN) Suburban, the former Bellevue acute-care hospital that has been reinvented as a community innovation hub.
- "This significant grant will propel AlphaLab Health into the next decade of health care innovation and beyond," said Mitch Beckman, Chief Development Officer at Highmark Health, parent company of AHN.