20 Aug IN THE NEWS: 401 Tech Bridge completes $6 million funding round
401 Tech Bridge (Bristol, RI, U.S.), an economic development organization that connects manufacturers, small businesses, research and development entities, trade organizations and state and defense agencies to collaborate in the development of new advanced materials and technologies, announced on August 18 the completion of a $6 million funding round. A recently secured $2.3 million implementation grant from the U.S. Economic Development Administration (EDA, Washington, D.C., U.S.) is said to round out the capital raise to support the launch of 401 Tech Bridge, which includes the addition of a new 17,000-square-foot Advanced Materials and Technology Center in Portsmouth, RI.
According to 401 Tech Bridge, the EDA grant will cover construction costs for the new center, which is expected to open in the first half of 2021. Additional funding to create the 401 Tech Bridge organization was provided by the National Institute of Standards and Technology’s Manufacturing Extension Partnership (NIST MEP); the Office of Naval Research; the Rhode Island Innovation Campus; the Rhode Island Commerce Corporation; The Rhode Island Foundation; and the van Beuren Charitable Foundation.