Virginia Gov. Glenn Youngkin on Tuesday announced $66.7 million in grant funding for life sciences projects in the state, including a $15 million tranche for Activation Capital.
The Richmond organization, which bills itself as an innovation ecosystem development organization, operates the 34-acre VA Bio+Tech Park in downtown. It said it will use $10 million of the new funding, which comes from Virginia’s 2023 budget, to help create a 102,000-square-foot Innovation Center in the park to alleviate a strain on space there.
As Richmond Inno reported in January, the Innovation Center project will contain office and lab space and house startups. Activation Capital says it plans to break ground on the project later this year.
The other $5 million from the state will support the capacity to produce basic ingredients for medicine in the Richmond-Petersburg region, part of an effort to build itself as a hub for manufacturing essential medicines under the Alliance for Building Better Medicine.…
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