A new startup that aims to help scientists turn ideas into businesses is coming to Hyde Park Labs, a $225 million Harper Hall expansion.
Portal Updates, a national venture capital firm, will partner with the University of Chicago’s Polsky Center for Entrepreneurship to design and manage an incubator for early life science, quantum, AI and technology companies. heat and power, the university announced Thursday. Portal will also oversee the day-to-day operations of the lab to “provide unlimited growth opportunities” for the startup, which will be closely monitored by U. of C. faculty and researchers. .
“By working together, we are better equipped to support our researchers and scientists in developing their scientific research and innovation towards commercial value,” said Juan de Pablo, vice president of science , innovation, national laboratories and global initiatives in the U. . of C., in a sentence.
Called the UChicago Science Incubator, this collaborative project will include the approximately 22,000-square-feet Hyde Park Labs, a 14-story development at Harper Court and 52nd Street. Years in the making, Hyde Park Labs is expected to open in the spring of 2025.
“Continuing to expand our offerings and capabilities is key to our mission to translate new ideas and technologies from the University of Chicago ecosystem to the world,” said Samir Maykar, director of the Polsky Institute, in a statement. . “This announcement is the latest to support that.”
The news comes a little more than a year after that The university announced its first partner In this project, CIC, a Massachusetts-based provider of shared workspaces and labs. Maykar he told the Tribune this week that Portal Innovations was a “better fit” for the business.
With a prominent location in the Fulton market, Portal Innovations has built 80,000 square feet of space and office space between Chicago, Atlanta, Boston and Houston. The Fulton Labs campus is also a Trammell Crow Co. project. and Beacon Capital Partners, the development group behind Hyde Park Labs.
The Hyde Park Labs development comes amid Chicago’s rapidly growing science industry, particularly in the life and math sciences. Although employment in the life sciences sector in the city has remained stable over the past 20 years, according to the 2023 report is the real estate services firm CBRE, local research centers in recent years have received an influx of funds in the field.
Last week, Governor JB Pritzker and Mayor Brandon Johnson made the announcement that the California quantum computing company PsiQuantum will spend $1.1 billion to build a quantum computer on the southeast side. Backed by more than $200 million in federal funding, the facility aims to build the first utility-scale quantum computer in the United States at the long-vacant South Works site, a former of US Steel.
And last March, the Chan Zuckerberg Initiative allocated $250 million to start a biomedical research center in partnership with the U. of C., Northwestern University and the University of Illinois Urbana-Champaign.
“With rapidly developing technologies, it is necessary to connect academic researchers with private industry including entrepreneurs, entrepreneurs, entrepreneurs, and business partners to commercialize innovation while attracting and keeping talent local,” said John Flavin, founder and CEO of Portal Innovations, in a statement.
The partnership with CIC is the latest in a series of U. of C science incubators. Three years agoThe university has established incubators and “deep-tech” accelerators for quantum technology, biomedical science, data science and artificial intelligence.
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