Chicago's Merchandise Mart will be the home of a new collaborative workspace and hub for startup healthcare technology companies, beginning this fall.
Illinois Gov. Pat Quinn announced the new center, known as Matter, at an event Thursday, along with other local civic and business leaders. Matter is designed to bring entrepreneurs, academics and investors together to work on companies and projects related to healthcare IT, medical devices, medical diagnostics and biopharmaceuticals.
“We are committed to taking our medical technology industry to the next level,” Quinn said in a news release.”Matter will serve as a central location to empower entrepreneurs and spur economic growth, while advancing Illinois' role as a national leader in life sciences and health innovation.”
The not-for-profit organization is part of a larger initiative by the Quinn administration and the Illinois Innovation Council to grow the state's technology sector. The state already invested $2.3 million to launch 1871, a digital startup hub and Matter's future neighbor, as well as $1.7 million to build the HTI, a healthcare R&D facility in the Illinois Medical District.
Matter is being funded through a $2.5 million state investment and a loan of $1.5 million, administered through the Illinois Department of Commerce and Economic Opportunity. Additional funding from corporate sources is expected to be raised by the group's board.
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