A Long Island-based venture capital fund has invested $100,000 in a technology startup focused on treating breast cancer.
The Accelerate New York Seed Fund recently joined a group of undisclosed individuals in putting more than $1 million in Concarlo Holdings LLC, which operates from a business incubator at SUNY Downstate Medical Center in Brooklyn. The deal closed on March 16.
Concarlo is the third startup to be backed by Accelerate NY, which has $2.4 million from the state to invest in startups on Long Island, in New York City and the lower Hudson Valley. The funding comes from Empire State Development, the state’s primary business-aid agency.
Accelerate NY managing director Peter Donnelly said the fund made its first investments last year: $100,000 each in PainQx, which is developing pain-management software, and Bioharmony Therapeutics Inc., which is working on an antidote to infections caused by multidrug-resistant bacteria. Both startups are in Manhattan.
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