Home Economy Venture capital firm selected to manage life science startup incubator

Venture capital firm selected to manage life science startup incubator

By

Christopher Allen

-

03/31/2025

ArC79B19-pvd-labs — THE SEVEN STORY building at 150 Richmond St. is under construction in the I-195 Redevelopment District in Providence. It will include a 30,000-square-foot lab incubator on the fourth floor. / ANCORA L&G RENDERING

PROVIDENCE – Chicago-based Portal Innovations LLC has been selected to manage Ocean State Labs, the state’s first life science startup incubator being built in the I-195 Redevelopment District, the R.I. Life Science Hub and Brown University announced Monday. Expected to be completed by the end of 2025, the 30,000-square-foot lab at 150 Richmond St. will

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PROVIDENCE – Chicago-based Portal Innovations LLC has been selected to manage Ocean State Labs, the state's first life science startup incubator being built in the I-195 Redevelopment District, the R.I. Life Science Hub and Brown University announced Monday. Expected to be completed by the end of 2025, the 30,000-square-foot lab at 150 Richmond St. will house a mix of private and open lab spaces and co-working areas to support up to 30 life science and tech companies in Rhode Island. Details of the agreement were not immediately available. Chaired by Neil D. Steinberg, the R.I. Life Science Hub was created in 2023 and budgeted $45 million, $10 million of which is earmarked for lab construction and start-up costs. The I-195 Redevelopment District Commission has also committed $1 million and Brown has committed $13 million more than 10 years as part of an existing agreement with the developer, Ancora L&G, to fund the lab’s annual operating expenses. Dr. Mark A. Turco, R.I. Life Science Hub CEO and president called Portal Innovations, which also has a presence in Houston, Atlanta and Boston, “a partner with a proven track record of supporting the breakthroughs of early-stage life science ventures.” “Portal has experience operating labs across the country, bringing with them support to scale up companies, including their ability to leverage venture capital funding, being expert partners, and providing dynamic programming,” he said. "Rhode Island has continued momentum in creating the ecosystem needed to be a hub for medical and scientific research and entrepreneurship that should benefit not only the healthcare companies but patients." Portal CEO and founder John Flavin in a statement called the agreement “a major milestone" which he said will help “foster the vibrant and growing life science sector in Rhode Island." Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.