California Invests $23.9M in Life Sciences to Boost Job Creation and Innovation in Los Angeles County

California has awarded $23.9 million in grants to four Los Angeles County life sciences projects, aiming to create 10,000 regional jobs by 2030 and position the area as a global leader in biotechnology innovation. The funding, announced by the Los Angeles County Department of Economic Opportunity, is part of a broader strategy to advance inclusive growth in the life sciences sector.

Multimillion-Dollar Grants to Address Key Industry Challenges

The largest grant, totaling $19 million, has been allocated to the Los Angeles County Department of Economic Opportunity (DEO) to tackle the shortage of affordable lab and manufacturing space for post-incubation stage companies. This funding will be used to develop specialized, multitenant facilities for graduation-stage businesses, addressing a critical growth constraint in the region.

Larta Institute, a nonprofit organization, received $3.3 million to expand its Heal.LA platform, which supports innovative bioscience and healthcare startups. The grant will allow Larta to extend its services to more emerging companies, providing crucial funding and technical assistance to foster continued growth and job creation in the Los Angeles area.

Enhancing Industry Visibility and Attracting Major Employers

BioScienceLA, a not-for-profit organization, was awarded $920,000 for its asset map platform and activation campaign. These tools combine real-time data with community-driven storytelling to increase visibility and alignment within the industry, aiming to accelerate inclusive job creation and establish Los Angeles as a globally competitive, equity-driven bioscience hub.

The Los Angeles County Economic Development Corporation received $700,000 to support efforts in attracting two to four large life sciences companies from outside California to Los Angeles County. This initiative is expected to secure commitments for up to 1,000 new jobs and catalyze inclusive economic growth across the bioscience sector.

Strategic Focus on High-Growth Sectors

The funding aligns with a strategy and action plan announced in July, which focuses on sectors where Los Angeles County is well-positioned for growth. These include biopharmaceutical research and development, medical devices, the convergence of life sciences with artificial intelligence, and the expansion of advanced life sciences manufacturing.

Supervisor Holly Mitchell, representing the county's 2nd District, emphasized the significance of this investment, stating, "Life science is one of the fastest growing sectors in LA County, and this investment by California Jobs First will help build on the exciting momentum underway."

The initiative aims to strengthen the local economy, attract and retain major employers, and build a foundation for long-term growth in Los Angeles County's life sciences industry. With these strategic investments, California is positioning itself at the forefront of life sciences innovation and job creation, setting the stage for significant advancements in the coming years.