Courtesy of Ben Franklin Technology Partners
BETHLEHEM, Pa.- A hub for startup businesses in Bethlehem is getting a major cash infusion.
On Tuesday, Ben Franklin Technology Partners of Northeastern Pennsylvania (Ben Franklin Northeast) announced that $4.8 million in federal funding has been approved to support the TechVentures Lab Initiative.
Ben Franklin TechVentures is the company’s 129,000-square-foot innovation center at 116 Research Drive, on Lehigh University’s campus in Bethlehem.
The expansion project will convert more than 10,000 square feet of existing space into additional wet labs and electronics labs, the company said in a news release.
The money was part of more than $270 million in federal funding secured by Sen. Dave McCormick (R-PA) for projects across Pennsylvania.
“We are deeply grateful for the support we’ve received from Senator McCormick and our local and regional partners in securing this funding,” said Angelo Valletta, President and CEO of Ben Franklin Northeast, in the release.
“It helps us refresh and modernize the infrastructure entrepreneurs rely on, retain high-potential companies as they scale here in Pennsylvania, and reimagine how we support founders working at the intersection of life sciences and microelectronics.”
Ben Franklin Northeast is an economic development organization that provides investment capital and support to startups, manufacturers and business incubators across Northeastern Pennsylvania.
The statewide Ben Franklin Technology Partners network is made up of nonprofit organizations in Bethlehem, Philadelphia, Pittsburgh, and State College. They’re part of a state-funded economic development initiative that was launched in 1983.
Some notable alumni of the Bethlehem lab (or its predecessor, the Ben Franklin Business Incubator) include OraSure Technologies, EcoTech Marine, and U.S. Specialty Formulations, which all operate in the Lehigh Valley today.