Altitude Lab Launches Investor Coalition to Fund and Mentor Healthcare Startups in Utah

Lux Capital, Mubadala Capital, Obvious Ventures, and DCVC among founding group supporting
underrepresented founders building next-generation healthcare companies

Salt Lake City (June 8th, 2021) — Altitude Lab announced the launch of its Investor Coalition, a
partnered network of leading healthcare venture capitalists to fund, mentor, and provide
resources for Altitude-incubated startups. Together, the investor coalition will support a diverse
community of founders who are shaping Utah’s rapidly growing health care innovation economy
and aims to collectively invest $50 million in Altitude’s startups over the next three years.

Founding investors in the coalition include:

● Alaa Halawa, Mubadala Capital
● Andrea Jackson, Northpond Ventures
● Austin Walters, SpringTide Capital
● Greg Yap, Menlo Ventures
● Jack Boren, Epic Ventures
● Katelin Roberts and Branden Rosenhan MD, MedMountain Ventures
● Keith Marmer, University of Utah Innovation Fund
● Michael Schmanske, AngelMD
● Nan Li, Obvious Ventures
● Nathaniel Horwitz, RA Capital
● Nickolas Mark, Intermountain Ventures
● Zachary Bogue, JD, DCVC
● Zavain Dar, Lux Capital

Altitude Lab, a healthcare and life sciences incubator founded in 2020 by Recursion and The
University of Utah’s PIVOT Center, fills the critical role of attracting and supporting
underrepresented entrepreneurs. The incubator focuses on developing diverse and inclusive
businesses to innovate lower cost, higher quality, and more accessible healthcare solutions.
Altitude Lab’s first cohort includes nine minority and women founders, who are tackling
everything from personalized chemotherapy strategies and cancer therapeutics to developing
novel platforms to diagnose and triage liver disease.

“Lack of access to top-tier investors is a crippling gap for founders in nontraditional geographies
or of underrepresented backgrounds,” explained Chandana Haque, executive director of
Altitude Lab, “Support from experienced investors can completely change the trajectory of a
startup. It’s our mission to connect founders from all backgrounds to the capital and resources
that will propel them to not only compete but excel in a rapidly changing healthcare landscape.”

To help founders navigate the unique challenges they face when scaling healthcare companies,
each participating investor will provide ongoing mentoring and advisory to Altitude Lab founders
and participate in quarterly demo and pitch events. Members of the Investor Coalition are varied
in specialization to help entrepreneurs building companies across the healthcare spectrum,
including therapeutic, diagnostic, research tools, and health tech verticals.

“We have backed transformative companies around the world that are reimagining healthcare
and drug discovery. From our long standing work with Recursion, it’s clear that something
special is happening in Utah.” shared Nan Li, Managing Director at Obvious Ventures, “We are
excited to deepen our involvement in the region and are looking forward to working with
visionary companies coming out of Altitude Lab.”

“Working with Altitude Lab allows us to build meaningful and consistent relationships with
entrepreneurs in Utah. After seeing our investments excel in this geography, we’re thrilled to be
connected to Altitude Lab, where we can continue to connect with and support diverse founders
and companies,” said Zavain Dar, partner at Lux Capital.

In addition to connecting founders to critical professional networks, Altitude Lab provides a
14,500-square-foot facility equipped with the latest molecular and cell biology technologies.
Resident startups also participate in healthcare-specific workshops, mentoring programs, and
professional networking opportunities to help teams navigate the complex and highly regulated
industry. Lastly, Altitude Lab offers grants to one-third of its companies, which covers the cost of
residency, further lowering the barriers for nontraditional founders to succeed.

“As patient demographics evolve, so should healthcare solutions. By enabling diverse
entrepreneurs with the resources, community, and capital they need to succeed, Altitude Lab is
helping secure a healthier future for all. I am incredibly humbled and proud to be a founding
member of the Coalition, and look forward to supporting the next generation of breakthrough
companies,” said Alaa Halawa, co-head of Mubadala Capital’s US Ventures business.

Learn more about Altitude Lab and apply for residency at altitudelab.org

About Altitude Lab
Altitude Lab is building a new, representative generation of founders to seed the next cycle of
healthcare innovation in Utah’s BioHive. Located in University of Utah Research Park, Altitude
Lab is an incubator focused on early stage life science and healthcare companies. The initiative
is part of a larger city plan and collaborative vision from Recursion and the University of Utah to
foster socially-responsible entrepreneurship, job creation, and economic productivity. The
Recursion Charitable Foundation, under which Altitude Lab operates, is a 501(c)(3) nonprofit
organization. Learn more at altitudelab.org or connect on Twitter.

About Recursion
Recursion is a clinical-stage biotechnology company decoding biology by integrating
technological innovations across biology, chemistry, automation, machine learning, and
engineering. Our goal is to radically improve the lives of patients and industrialize drug
discovery. Central to our mission is the Recursion Operating System, which combines an
advanced infrastructure layer to generate what we believe is one of the world’s largest and
fastest-growing proprietary biological and chemical datasets. We combine that with the
Recursion Map, a suite of custom software, algorithms, and machine learning tools that we use
to explore foundational biology unconstrained by human bias and navigate to new biological
insights. We are a biotechnology company scaling more like a technology company and a proud
founding member of BioHive, the fastest growing life sciences community in the nation