MIT-affiliated 'The Engine' raises $150 million
The Engine, an MIT-affiliated startup accelerator focused on "tough tech," today is closing its debut fund with just over $150 million in capital commitments, according to CEO Katie Rae.
What will it do? The fund will back startups in areas like artificial intelligence, robotics and non-pharma biotech, with all of those companies being admitted into the accelerator on MIT's campus. As we previously reported upon Rae's hiring, the plan is to make it more cost-effective for harder-tech startups to get off the ground, similar to what AWS and Azure have done for software startups.
Backers: MIT is a cornerstone limited partner in the fund, with Rae saying the remaining capital came from a traditional sort of VC fund mix (i.e., pensions, endowments, high-net-worth individuals, etc.).