Providence Health & Services, a US-based non-profit healthcare provider, launched a $150m corporate venturing fund on Tuesday that will invest in innovative healthcare start-ups.
The cash will be invested over a five-to-seven year period in six core areas: online primary care access, care coordination and patient engagement, chronic disease management, clinician experience, data analytics and consumer health and wellness services.
Founded in 1856, Providence claims to be the third largest non-profit healthcare provider in the US, managing hospitals, specialty care clinics, hospice and home care.
Providence Ventures will grant its portfolio companies access to its parent company’s clinicians and a route for their technology into established care situations. It currently operates in the states of Alaska, California, Montana, Oregon and Washington.
Aaron Martin, Providence’s senior vice president of strategy and innovation, will lead the fund.
Martin said: “At Providence, we’re looking both inside and outside of healthcare for innovations that can be applied to create a better healthcare system and healthier communities. We are excited to be leading this change in our region.”