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| Paul Allen |
The Paul G. Allen Frontiers Group has officially launched today as the life sciences funding arm of the Allen Institute. The Group, headquartered in Seattle, WA, has been set up by multi-millionaire Microsoft ($MSFT) co-founder Paul Allen with an initial $100M funding pot. The Group will work with scientists, visionaries and innovators around the world through external listening tours, workshops, symposia and major events. The first round of funded projects begins with four new "Allen Distinguished Investigators" and two inaugural "Allen Discovery Centers" (ADC). These ADCs are a new type of center for research in partnership with major research organizations and universities, including Tufts University and Stanford University. The Frontiers Group will typically provide $20 million over eight years with $10 million in partner leverage, for a total scope of $30 million each. More from The Seattle Times