GE Healthcare, the medical technology subsidiary of conglomerate General Electric, yesterday took a 20% stake in venture management firm Pilot Lite Ventures (PLV) for an undisclosed sum.
PLV collaborates with corporations to validate, launch and commercialise startups, orphaned intellectual property, products and services.
GE Healthcare has the option to increase its stake at a later date. The deal gives the corporate access to a global market worth an estimated $28bn.
GE Healthcare is set to use the partnership to expand its offering beyond health and social care organisations to include the life sciences and wellness sectors.
John Deverill, managing partner at GE Healthcare Partners, said: “Big evolving markets like healthcare have big evolving problems. Pilot Lite has a proven, systemic approach to commercialising IP and innovation, including putting specialist teams on the ground to manage new or previously-retired commercial ventures for major corporates.
“Adding this unique solution set to our offering will enable us to better meet our clients’ needs and to differentiate GE Healthcare Partners from traditional consultancy models.”
Mike Anstey, chief executive of PLV said: “GE Healthcare will be a valuable partner for us as we further develop our strategic capabilities within Europe and globally, as well as accelerating and leveraging the growth of our ground-breaking venture management offer.
“Corporates increasingly want to know not what to do but how to deliver it. Our eight-stage venture management process de-risks the initial white-space origination of IP and then accelerates its journey to market as well as into new business models. Venture management delivers accelerated market penetration and first revenues, not more paperwork and strategy.”