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In June, we marked the end of the annual FinTech Innovation Lab (FIL) cycle with Demo Day. We launched the FIL with Accenture to ensure that NYC became a leader in fintech at a time when much of the fintech activity was happening elsewhere. By connecting innovators with the city’s major banks, insurance and asset management firms, the FIL helps entrepreneurs refine their solutions and accelerate the testing and adoption of new technology. Fifteen years later, 130 companies have gone through the program, raising over $3 billion and creating more than 3,000 jobs. Thanks to the terrific support from all of our partners, the FIL has made a major contribution to the building of NYC’s fintech sector. For example, in 2024 NYC-based fintechs raised $6.9 billion in VC funding, 30% more than the $5.3 billion raised by Bay Area fintechs.

That proven test-and-iterate model inspired us to expand into the public sector with the Transit Tech Lab, Environmental Tech Lab, and Buildings Tech Lab, launched in 2018, 2023, and 2024 respectively. By working directly with public agencies to identify their biggest challenges and source solutions from entrepreneurs around the world, we’re helping startups navigate complex government agencies while giving government a low-risk, low-cost way to test and adopt new technology. Seven years in, these Labs have introduced over 80 early- and growth-stage companies to our partners, leading to 122 proofs of concept and 15 commercial procurements. Thank you to the Commissioners, executives, and all of the evaluators at our agency partners for the time spent reviewing and testing these innovations.

The results speak for themselves. Just to name a few:

• NaviLens and Convo Communications are transforming transit for riders with disabilities,

• Knaq and Runwise are helping agencies operate more sustainably—saving time, energy, and taxpayer dollars, and

• Remix’s route planning software played an instrumental role in the Queens bus network redesign that went live just two weeks ago, with Urban Solar providing real time passenger information screens.

Whether at a major corporation or large municipal government agency, these programs are designed to help innovation scale in NYC in ways that benefit all New Yorkers.

- Maria Gotsch, President & CEO, Partnership Fund for New York City

Recent investments

Bionic Sight

Bionic Sight is developing a combination gene therapy and prosthetic device for treating blindness due to retinal degenerative diseases. Bionic Sight’s lead scientist was an awardee of the Partnership Fund’s BioAccelerate NYC Prize in 2011. The Fund provided additional funding in April.

Summer

Summer provides a B2B2C software that enables employers to help their employees manage student debt. Summer is a 2020 FinTech Innovation Lab graduate. The Fund provided additional funding in April.

Our portfolio in the news

• LeapXpert announced its acquisition of StartADAM to strengthen its intelligent communications solution and expand their product integrations.

• Runwise, a Transit Tech Lab alumnus, raised $55M to accelerate its transformation of building infrastructure and help building owners—including government agencies like the MTA and Port Authority of New York & New Jersey—reduce their energy use and costs.

• Circular Services hosted New Yorkers at its Sunset Park Materials Recovery Facility as part of the annual “520 Miles of Waterfront” series of events celebrating sustainability and our city’s shoreline. These New Yorkers were able to get a firsthand look at what happens to their recyclables and learn about the science and technology that drives the facility's cutting-edge sorting methods.

• Greenpoint Manufacturing and Design Center was honored by Citizens Housing & Planning Council with its Impact Award for Community Investment, recognizing the innovative Bridge Rockaway development in Brownsville. The Bridge is the first project in NYC to co-locate supportive and affordable housing with light manufacturing. Watch the award feature video here.

• BforeAI and Reality Defender, both FinTech Innovation Lab alumni, were selected by the World Economic Forum as Technology Pioneers, becoming part of a global community of start-up and growth-stage companies with the potential to significantly impact business and society through the design, development, and deployment of new technologies.  

The latest from our Innovation Labs

Our three public sector innovation labs—the Transit Tech Lab, Environmental Tech Lab, and Buildings Tech Lab—offer entrepreneurs worldwide an expedited path to testing their technologies with some of the largest, most complex public sector agencies in the New York region.

Environmental Tech Lab applications are open for the 2025 challenges

The ETL recently opened applications for its third year, inviting global entrepreneurs to collaborate with the NYC Department of Environmental Protection (DEP)—the nation’s largest water and wastewater network—to address their 2025 challenges:

• Operations Optimization & Analytics: How might we improve DEP’s infrastructure performance, capital planning, and day-to-day operations by using AI, integrated data, and advanced sensing technologies?

• Emergency Response & Security: How might we enhance DEP’s response to storms, site emergencies, and infrastructure security risks?

If you are—or know of—an early- to growth-stage company that has technology that could help DEP across any of these areas, learn more and apply here by August 8.

Revisit the proof of concept results from the most recent cycle to see the impact these companies are having across NYC.

Transit Tech Lab proofs of concept are underway

The Transit Tech Lab’s largest cohort to date is currently putting their technology to the test in partnership with the MTA, Port Authority of New York & New Jersey, and the Department of Transportation.

These 14 companies applied to address our transit agency partners’ inspection & maintenance and ridership improvement challenges. Proof of concept results will be reported in the coming weeks.

Buildings Tech Lab

Eight innovative tech companies have been selected to collaborate with the New York City Department of Buildings (DOB) on proof of concept projects. These companies were selected from a over 90 applicants after a review process driven by 28 senior DOB staff.

Current challenges:

• Process Management: How can we digitize manual inspections and optimize maintenance processes?

• Data Utilization: How can NYC Department of Buildings better utilize existing data to automate operations and increase staff capacity?

Stay tuned for the results.

FinTech Innovation Lab

Demo Day was on June 18, hosted at BNY’s headquarters, marking the culmination of the 12-week program and a chance for the 11 companies in this year's cohort to showcase the progress they've made in front of all of the participating financial institutions and NYC’s venture community.

"Almost all of this year's class, selected by our financial services partners, are using AI to improve internal operations, technology deployment, data usage, compliance and security," said Maria Gotsch, president of the Partnership Fund for New York City. "They represent the next frontier in New York's fintech sector, which is becoming the epicenter for the application of AI within financial services." Read more.