Accelerate Long Island and the Long Island Emerging Technologies Fund have approved the disbursement of $500,000 for five biotech and energy startups in what could be the start of a new source of cash for Long Island firms that could soon include millions more.

The Accelerate Long Island seed fund and its partners, venture capital firms Topspin Partners and Jove Equity Partners, approved $100,000 each for the five startup companies, which included Goddard Labs, Green Sulfcrete, PolyNova, SynchroPET and Traverse Biosciences.

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