$2.5 million raised in May gives New Haven-based CapeHaven early backing toward a $10 million target to launch and support new biotech companies.
The venture was formed after Merck's $1.3 billion acquisition of Modifi left lab space, equipment and startup-building expertise that the founders chose to redeploy.
CapeHaven says it will take equity rather than fees while helping researchers handle licensing, legal work, hiring, lab access and fundraising.
The founding group includes Modifi co-founder Ranjit Bindra, investor Kevin Rakin, executive Mike Dillon and Yale professor Seth Herzon, with Yale Ventures collaborating and Connecticut Innovations investing $200,000.
The model aims to turn academic discoveries—especially from the Yale ecosystem—into companies, extending Connecticut's push to grow a deeper biotech startup pipeline.