Establishes New Venture Fund to Invest in Promising Local Science-Driven Startups

Portal Innovations continues to rapidly scale Powered by Portal, its managed services platform, with the launch of a new 30,000-square-foot science incubator at Woodbine Labs in Salt Lake City, Utah. Set to open in the second quarter of 2027, this marks the fourth Powered by Portal lab announced under the platform in the past two years.

The expansion follows previously announced Powered by Portal locations including the UChicago Science Incubator, New Jersey Innovation Hub, and Ocean State Labs. Through its managed services platform, Portal partners with regional stakeholders to help emerging innovation markets translate academic research into venture backed companies by combining turn-key specialized wet and dry lab operations, founder support and early-stage investment.

“This project reflects exactly why we launched the Powered by Portal platform,” said John Flavin, Founder and CEO of Portal Innovations. “By combining thoughtful lab design and management with hands-on strategic founder support, we help our partners and the startups in these spaces focus on what matters most – commercializing great science. Utah has all the ingredients for continued life sciences and techbio growth especially at the interface between AI and biology, and we’re excited to be part of that momentum in Salt Lake City.”

Portal’s Crafted Capital approach deploys human, physical, and financial capital in a coordinated way to support startups within each ecosystem, and as part of this strategy, Portal is establishing a dedicated venture fund for Woodbine Labs, Powered by Portal that will invest in high-potential companies emerging from the space. Developed in partnership with Convexity Properties, a DRW Investments company, and High Boy Ventures, the Woodbine Labs incubator is designed to support early and growth-stage science-driven companies while strengthening Utah’s growing life sciences and biotech ecosystem. The incubator will also enjoy ecosystem support from BioUtah and is expected to serve as a commercialization pathway for startups spinning out of research institutions including the University of Utah and Brigham Young University.

“This partnership with Portal Innovations is about building durable innovation infrastructure,” said Jeremy Kerman, Managing Director at Convexity. “We’re helping create a hub that connects local scientific talent with national capital and industry relationships, ensuring startups in Utah are embedded in a broader network that supports growth at every stage.”

“This incubator is precisely the type of investment my administration's Tech Lake City initiative seeks to attract and it is a perfect fit for the Granary District,” said Salt Lake City Mayor Erin Mendenhall. “It’s a mutually beneficial relationship, especially with so many universities that call our City and region home. We are happy to welcome Portal Innovations to our city’s flourishing life sciences industry."

The new incubator will provide scientific infrastructure, venture support resources, potential seed investment, and access to Portal’s connected innovation community. Member companies will also gain access to the Stargaze Network Terminal – Portal’s proprietary private-network platform designed to accelerate the growth of science-driven companies. Developed in-house, the Terminal connects entrepreneurs, operators, investors, and strategic partners through a curated secure environment that allows faster access to expertise, capital pathways, and commercial partnerships. By linking companies across Portal’s national footprint, the platform helps early-stage teams overcome common barriers to scaling beyond their local markets. To date, the network has supported more than 150 companies and over 500 members.

Jared Bauer, CEO of Seek Labs and Board Chair at BioHive said, “For founders, access to the right lab space, capital, and experienced operators at the earliest stage can determine whether a breakthrough idea becomes a real company. Woodbine Labs, Powered by Portal will create an environment where scientific entrepreneurs can focus on building transformative science while tapping into a broader network of expertise and investment. That kind of support is essential to scaling innovation in Utah.”

Utah continues to gain national recognition as one of the most business-friendly and innovation-driven states in the country, supported by a strong talent pipeline, favorable regulatory environment, and a growing base of venture-backed life sciences companies. Research institutions such as the University of Utah and Brigham Young University have played a central role in commercializing breakthrough technologies and fostering startup creation across biotech, medtech, and digital health.

“By securing Portal Innovations as our anchor partner at Woodbine, we believe this is the first step in making Woodbine the life science innovation hub that we always envisioned,” said Maximilian Coreth, Managing Partner of High Boy Ventures, a local real estate development company. “We’re excited to take the first step in making the Granary District in Salt Lake City a locus for life science advancement in Utah.”

About Portal Innovations: Portal Innovations is a venture development platform that provides early-stage capital, specialized lab space, and strategic resources to science-driven startups. With headquarters in Chicago and an expanding international footprint, Portal’s Crafted Capital model bridges the gap between scientific discovery and commercialization, helping entrepreneurs transform cutting-edge research into successful businesses.

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