Johnson & Johnson Innovation – JJDC, is one of the world’s oldest corporate venture capital units, having passed the 50-year mark last year. Between 2014 and 2023, it invested more than $3.5bn in companies on behalf of pharmaceutical firm Johnson & Johnson (J&J).
Chris Picariello, president of JJDC, says the unit’s longevity is a testament to the team’s long-term commitment to innovation and partnership. Formed in 1973, JJDC focuses on strategic areas of medical technology, pharmaceuticals, integrated healthcare as well as diversity, equity and inclusion.
Picariello took the role of president in 2019 when he joined the unit after leading J&J’s North America consumer finance team for two years.
“The unit’s longevity is a testament to the team’s longterm commitment to innovation and partnership”
JJDC has more than 100 active portfolio companies. Last year, it made more than 30 initial and follow-on investments and had two portfolio company exits. The unit invests in companies at all stages, from seed to series B and beyond. In January, it participated in a $75m series C financing round for Accent Therapeutics, two months after participating in tissue-targetted genetic medicine developer Aro Biotherapeutics’ $41.5m series B.
In addition to its regular corporate venturing activities, JJDC created a team in 2021 to build new startups to meet critical unmet needs in the healthcare sector.
Founded in 1886, J&J is one of the largest healthcare companies, operating across the spectrum of healthcare. Last year, it spun off its consumer healthcare business as a publicly listed company called Kenvue. The group became a two-sector company, with Johnson & Johnson Innovative Medicines focusing on treatments for complex diseases and Johnson & Johnson MedTech working on surgery, orthopaedics, vision and interventional technologies.
Picariello was previously CFO and global head of procurement for the government grants office and project management office for Janssen Research & Development, a J&J subsidiary.
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