Money from impactful grants is going towards education, scientific research and digital equity in Philly this month.
The Pennsylvania Broadband Development Authority (PBDA) finalized its proposal to expand internet infrastructure in the state, allocating almost $800 million from the Broadband Equity Access and Deployment (BEAD) program. The money was split between roughly two dozen companies, including some Big Tech names.
Plus, a Wharton alum donated $60 million to launch a new master’s program and the Wistar Institute secured an award from the National Institutes of Health to progress its HIV cure research.
Get all the details on the latest money moves below the hiring trends chart.
PBDA approves nearly $800M in BEAD grants
PBDA provisionally approved $793.4 million in grants through the BEAD program, a federal funding program to expand high-speed internet infrastructure.
After a public comment period, PBDA submitted the proposal to the National Telecommunications and Information Administration (NTIA) for final approval. The NTIA expects to approve and distribute funds by the end of the year.
Pennsylvania was originally allocated $1.16 billion in BEAD funds in 2023 and created a five-year action plan for how the funds would be used. This was just one of the federal funding streams supporting digital equity that PBDA was preparing to implement.
Earlier this year, the NTIA changed the guidelines for BEAD, forcing states to update their proposals. The new rules favored projects with lower up-front costs, and includes big deals for large tech companies like Comcast, Verizon, SpaceX and Amazon.
“My administration is working to drive out this historic funding as quickly as possible so we can extend access to high-speed, affordable internet all across our commonwealth by the end of this decade,” said Gov. Josh Shapiro.
Wharton School launches new degree program with $60M donation
The University of Pennsylvania’s Wharton School received a $60 million donation from alumnus Bruce I. Jacobs to launch a new master’s of science in quantitative finance. The subject relies on math and datasets to analyze financial markets.
The degree will require one more year of coursework after completing a bachelor’s program and will teach machine learning, artificial intelligence, and financial markets.
“We’ve designed the curriculum to be nimble, bringing students up to date on the core skills with the required classes and letting them match their strengths and interests to current demand with the practicum and the sequence of electives they choose,” David Musto, faculty director of the program, told Technical.ly.
Wistar Institute receives $17M NIH grant for HIV research
The Wistar Institute received a five-year $17 million grant from the National Institutes of Health to launch the iCure Consortium, which will develop personalized therapies to cure HIV.
Researchers in the consortium plan to test a therapy process that treats HIV mutations for which the person hasn’t developed antibodies and administers therapy to prevent the virus from returning.
“By the end of this study, we hope to have a process by which to identify the virus that we need to go after in each person and have a basis to design clinical trials, choosing the best of these strategies to move forward,” said Luis J. Montaner, director of Wistar’s HIV Cure and Viral Diseases Center.
More money moves
- Gladwyne-based biotech company Xanadu Bio raised $11 million, according to an SEC filing. The company did not respond to Technical.ly’s request for comment.
- Global biopharmaceutical company GSK announced plans to invest $30 billion in research and development in the US, including building a new manufacturing facility in Montgomery County. The company already has a manufacturing site in Lancaster County.
- Bucks County-based Apozeal Pharmaceuticals received $1.1 million from the state government to expand operations in Pennsylvania.
- The William Penn Foundation granted $3.5 million to the local community development financial institution the Reinvestment Fund. The money will go toward the Fund for Quality, which supports early childhood education.
- Workforce development nonprofit OIC Philadelphia received a $1.13 million donation from the Pennsylvania Convention Center Authority, supporting its hospitality and tourism industry training program.
