US-based non-profit healthcare provider Inova Health System has launched a strategic investment fund, Inova Strategic Investments (ISI), and an accelerator to nurture personalised health startups.
Both ISI and the company’s accelerator program, Inova Personalised Health Accelerator (IPHA), will be housed at Inova’s headquarters in Falls Church, Virginia.
ISI will target early-to-mid-stage companies operating in areas such as analytics, information technology, clinical innovations, and hospital safety and quality, and will also invest in select healthcare venture funds.
IPHA is a strategic investment and education initiative for personalised health and precision medicine startups which is focused on validating prototypes and creating partnerships to develop promising products.
Qualifying startups receive an initial $75,000 investment, and in exchange IHPA takes a 10% equity stake. Participants are eligible for a second investment of up to $250,000 once they have graduated from the scheme.
In conjunction with the two launches, Hooks Johnston, co-founder of venture capital firm Valhalla Partners, and Pete Jobse, formerly CEO of non-profit corporation Centre for Innovative Technology, have been appointed managing directors of ISI and IPHA.
Knox Singleton, CEO of Inova Health System, said: “The healthcare industry is undergoing dramatic transformation, including advances and disruption in clinical practice and precision medicine, the increased availability of health data online and growing consumer engagement.
“These changes provide new opportunities and a real imperative for Inova to facilitate development and adoption of the next generation of innovations that will improve the way we deliver care.”