US-based venture capital firm 7wire Ventures has closed a $100m fund called the 7wire Connected Consumer Health Fund with contributions from several corporate limited partners.
Care providers Allina Health, Bon Secours Health System, Cigna, Memorial Hermann Health System, Rush University Medical Center and Spectrum Health joined health insurers Arkansas BlueCross BlueShield and Horizon Blue Cross Blue Shield of New Jersey to provide the capital.
Founded in 2011, 7wire Ventures has built a 14-strong portfolio that includes health management app developer Livongo Health, which was valued at $800m as of last month, paediatric care platform CareDox and patient engagement app MediSafe.
The firm focuses on healthcare and education technology developers, and 7wire Connected Consumer Health Fund will in particular concentrate on technologies that help users maintain their health through personalised, consumer-based offerings.
Chuck Stokes, president and chief executive of Memorial Hermann Health System, said: “Memorial Hermann’s relationship with 7wire Ventures is an important strategic relationship as we work to take our organisation to a new level of innovation.
“Through our partnership, we aim to continuously improve the quality, safety and efficiency of our care and at the same time launch new and ground-breaking technologies that will revolutionise the overall experience for our consumers.”