MIT’s Engine Accelerator Closes $150 Million Dollar Fund Just Six Months After Launch
Back in October MIT announced that they were diving head first into the incubation and accelerator space, and why shouldn’t they. MIT, ranks amongst the top schools in the nation for producing the top startups and entrepreneurs. They keep great company with the likes of Wharton, Harvard and Stanford.
MIT’s new Engine Accelerator and work space incorporates labs, instruction areas, co-working space and work space for startups in their acceleration program. As far as acceleration is concerned, they are taking the long haul approach, similar to the RealCo Accelerator in San Antonio. Rather than hold cohorts and bootcamp style entrepreneurship camps, they rather deep dive with their portfolio companies through 6, 9 and 12 month sessions.
To support this endeavor they’ve created an online ecosystem to manage room availability, equipment, labs, laser sintering machines and gene sequencers. They’ve dubbed the system “Engine Room”.
To fuel the Engine, MIT immediately began raising a $150 million dollar immediately after making the announcement. MIT kicked in the initial $25 million dollars. Just six months later they’ve raised an additional $125 million dollars and they’re set to go.
In February MIT’s Engine announced that Katie Rae would serve as the President and CEO of the accelerator and the Engine Fund, officially called The Engine Accelerator Fund I, LP. If Rae sounds familiar to you, the veteran entrepreneur and investor was previously the managing director of nearby Techstars Boston.
“Now that we have the funding in place and our space is opening, we can begin to select our first startups. I can’t wait to get started working with the entrepreneurs,” says Rae. “Helping entrepreneurs achieve their visions is what I’m most passionate about, and we’re going to create a community where founders help each other succeed.”
Raising the money in such a quick time is a signal that the MIT community as well as the local community is thirsty for another resource for startups, entrepreneurship and innovation in the region. Boston recently ranked 5th in the TechNet Tech Hubs index.
With the funding in place, applications are now open at engine.xyz