Matter secures $4.4 million in private investment


Not-for-profit organization Matter has secured private-sector commitments of $4.4 million to support Chicago’s new entrepreneurship and innovation hub for next-generation health IT, medical device, diagnostics and biopharma companies. The new money complements the $2.5 million grant and $1.5 million loan provided by the State of Illinois, and means that Matter will launch with an initial capital commitment of more than $8 million.

The organization’s initial strategic partners include many of the biggest names in the region’s healthcare ecosystem. Matter will help connect partners with innovators and entrepreneurs, unite Chicago’s dispersed health technology community, and accelerate the formation and growth of new businesses that can revolutionize healthcare. Additionally, it will give startups the rare opportunity to collaborate with and learn from industry leaders that can help them develop and launch their innovations.

Membership includes access to Matter’s mentor network, workshops and events designed to help entrepreneurs accelerate the growth of their companies.Matter is scheduled to open in early 2015 and is currently accepting applications for membership. Interested entrepreneurs should visit Membership rates start at $150 per month and includes access to Matter’s mentor network, workshops and events designed to help entrepreneurs and innovators accelerate the growth of their companies. Matter will also provide space to venture capital firms, research universities, healthcare providers and established companies.

“These private sector partnerships will help Matter to continue driving entrepreneurship in the rapidly expanding healthcare and biotechnology fields,” said Governor Pat Quinn. “We are proud to partner with Matter to take our healthcare technology industry to the next level and keep Illinois as a national leader in life sciences and health innovation.”

Matter was formed by a team of entrepreneurs and industry leaders and supported by the state of Illinois. Its initial strategic partners include AbbVie, Allscripts, American Heart Association, Astellas Pharma US, AVIA, CDW, Comcast, Crain’s Chicago Business, EdgeOne Medical, Ernst & Young, Healthios, Horizon Pharma, Insight Product Development, Jones Day, JPMorgan Chase, OSF Healthcare/Jump Center, Marathon Pharmaceuticals, Marshall, Gerstein & Borun, Medline Industries, NorthShore University HealthSystem, Sidley Austin, Silicon Valley Bank, State Farm, Takeda Pharmaceuticals, and William Blair.