Partners HealthCare https://www.partners.org has created two new investment funds to address the lack of translational funding in pre-clinical life sciences, AI, and digital technology in terms of development. The two new funds include the “Partners HealthCare Artificial Intelligence and Digital Translation Fund” (AIDIF) with initial funding for $30 million over five years, and the “Translational Innovation Fund” (TIF) with $50 million in funding over six years.
The new funds are designed to advance therapeutics to late-stage pilots and accelerate adoption of digital solutions for patients and health systems. The expertise of partners’ clinical ecosystem distinguishes the funds from traditional venture capital investors as scientists and clinicians are in charge of the decisions.
The funds will support the development of new drugs and technologies based on inventions originating from Partners researchers and investigators as well as companies that will want to work with Partners institutions to develop digital solutions.
AIDIF and TIF have joined the “Partners Innovation Fund” (PIF) formed in 2008 to advance new science and technology based on Partners’ intellectual financial capital with an initial commitment of $35 million. The fund has grown to $171 million and now includes 37 portfolio companies and spin-offs.
“Anne Klibanski MD, Partners HealthCare President and CEO said, “These investments will enable patients to quickly benefit from the life-changing breakthroughs developed by our investigators and clinicians while also helping to fuel the life sciences and digital health industries throughout the region.”
“Too often what could be game-changing research is stranded due to lack of financing between initial funding and longer term venture investment” said, Chris Coburn, Chief Innovation Officer, Partners HealthCare.
Notes Roger Kitterman VP of Venture at Partners HealthCare Innovation and Managing Partner of the Funds, “The TIF and AIDIF funds will provide additional growth channels for early stage ventures in the industry that are changing segments of today’s healthcare market which includes digital, AI, and life sciences.”
Go https://innovation.partners.org/partners-innovation-fund-and-company-creation for more details on the two new investment funds.