US-based healthcare provider Cigna launched a corporate venturing vehicle called Cigna Ventures yesterday with $250m of capital.
Cigna provides both healthcare and health insurance but formed Cigna Ventures in order to access innovative technology that can improve the effectiveness and efficiency of its services.
The fund will target companies focusing on health insights and analytics, digital health and retail technology, and healthcare delivery and management.
Tom Richards, Cigna’s senior vice-president and global lead for strategy and business development, said: “Cigna’s commitment to improving the health, well-being and sense of security of the people we serve is at the front and centre of everything we do.
“The venture fund will enable us to drive innovation beyond our existing core business operations, and incubate new ideas, opportunities and relationships that have the potential for long-term business growth and to help our customers.”
The company has been increasing its participation in corporate venturing of late, contributing to a $50m round for telehealth technology provider MDLive early last month and a $24m series A round for Cricket Health in the past week.
Earlier investments include behavioural medicine developer Omada Health, artificial intelligence-focused diagnostics technology provider Prognos and health management platform Audax Health.