The Hevolution Foundation, a Saudi investment firm focused on aging science, said Wednesday that it is launching an incubator that will bring together experts from the scientific community, pharma, and multiple biotech VCs.
The incubator, called the Breakthrough Innovation Alliance, will give up to $1 million apiece to 10 different research initiatives over the next three years, allowing scientists and entrepreneurs to run preclinical research to determine whether the ideas hold any promise. The projects will be evaluated by a committee made up of representatives from Hevolution, Novo Nordisk, 5AM Ventures, RA Capital, and drug company EvoTec. The best projects will become the basis of new startups, co-funded by Hevolution.
It’s all part of Hevolution’s plan to funnel up to $1 billion each year into academic research and biotech startups that are focused on aging-related diseases and longevity. As part of that effort, the firm also announced at a conference in the Saudi capital of Riyadh this week that it will give around $80 million to a handful of research initiatives, including $21 million to establish a partnership with the Buck Institute for Research on Aging.