Sheba Medical Center, Tel HaShomer and venture capital firm Triventures have formed a partnership to fund young doctors’ innovative ideas to accelerate the pace of innovations and solve significant healthcare challenges.
Triventures ARC, the venture capital arm of the ARC Innovation Center, will be managed by Triventures, a global multi-stage venture capital fund.
The Press Release
Israel’s Largest Hospital Sheba Medical Center and Venture Capital Fund Triventures Partner to Accelerate Healthcare Innovations
Sheba Medical Center and Triventures are pleased to announce the launch of Triventures ARC to accelerate innovation and transform the healthcare experience. This is the first partnership of its kind between an Israeli healthcare system and a venture capital fund.
RAMAT GAN, ISRAEL (PRWEB) JANUARY 03, 2019
Sheba Medical Center, Tel HaShomer and venture capital fund Triventures have formed a historic partnership to fund young doctors’ breakthrough ideas to accelerate the pace of innovations and solve significant healthcare challenges.
Triventures ARC, is the venture capital arm of the ARC Innovation Center, and will be managed by Triventures, a global multi-stage venture capital fund.
The ARC Innovation Center is a one-of-a-kind platform fusing together startups with novel healthcare solutions, academia, patient data, industry players and investors at Sheba Medical Center.
Triventures ARC is targeting a $45M fund dedicated to seed investments in data-driven transformational health solutions in areas such as personalized healthcare, accessibility and the “virtual hospital”, big data and artificial intelligence, smart medical devices, lifestyle, operation management and cyber security for healthcare.
Triventures ARC is unique because of:
- Access to data
- Positioning in Silicon Valley and Israel
- Collaboration with strategic partners
About Triventures:
Triventures is a venture capital fund investing in medical devices and transformational health spanning from life sciences to lifestyle. Launched in 2010, the fund was the first to invest in digital health in Israel. The fund is strategically located in the top two geographical clusters of innovation in the world: Silicon Valley and Israel and reviews more than 500 venture deals per year. With $130M under management to date, the fund invests in data driven innovations in genomics, cyber security for healthcare, e-commerce health services, wellness, robotics, decision support, and disruptive medical devices and diagnostics.
Triventures is led by Michal Geva, Dr. Peter Fitzgerald and Netalie Nadiviand together with Co-Founder and Venture Partner, Dr. Marty Leon, is comprised of key opinion leaders in healthcare, entrepreneurship, venturing, FDA advisory and corporate business development with decades of accumulated industry experience and relationships. Collectively, they have transitioned nearly 30 companies to 17 buyers and in 4 IPOs. Triventures has worked with hundreds of healthcare technologies around the globe from ideation, clinical and regulatory set-up, commercialization and exit. The team holds C-level advisory roles with Samsung, Livongo, Edwards Life Science, Novartis, Cardinal Health and Verb (Google) and has over 25 years advisory experience with the FDA.
About Sheba Medical Center
Sheba Medical Center at Tel HaShomer is the largest and most comprehensive medical center in Israel and in fact, the entire Middle East. In incorporates six major facilities (Acute Care Hospital, Rehabilitation Hospital, Children’s Hospital, Maternity Center, Cancer Center and Heart Center); a vast medical research complex and a medical education and academic campus. It employs over 9,000 health professionals. Sheba is home to numerous national health institutions such as the Center for Newborn Screening, the Center for Medical Simulation and the Center for Health Policy and Epidemiology.
Sheba has been a critical hub for basic and applied medical research. Today, one-third of all clinical trials in Israel are conducted at Sheba, focusing on the development of novel drugs, new medical technologies and cutting edge health innovation. Sheba is led by Prof. Yitshak Kreiss, former Surgeon General of the Israel Defense Force, who has established innovation as one of Sheba’s primary objectives. Dr. Eyal Zimlichman, Deputy Director General, Chief Medical Officer and Chief Innovation Officer at Sheba Medical Center, is the driving force behind the ARC platform.
A New Frontier for Healthcare Innovation and Investment
The healthcare industry is ripe for disruption and data is shaping the future of healthcare. Data-driven solutions are developing to impact outcomes, healthcare economics and revolutionize the way in which we experience and receive care.
Sheba Medical Center is Israel’s largest healthcare system, and houses one of the most comprehensive data records in the world- covering 25 years of data for millions of lives. The partnership will allow start-ups to access Sheba’s extensive data infrastructure, a beta-site for product development and investments from Triventures.
Traditionally, start-ups seeking access to data face many barriers including finding centralized data sources, time and financial resources. Triventures ARC start-ups will have extensive access to data infrastructure and the largest medical data collection in Israel. They will gain access to 25 years of longitudinal, patient data for millions of lives through Sheba’s unique enterprise data warehouse. Streamlined, simplified access to quality data will help our start-ups expedite development processes and reach minimally viable products in record time. If in the traditional oil economy, an oil rig was needed to generate value, in today’s data economy, one needs a data rig to derive and drive value – Sheba offers healthcare the much-needed data rig to transform healthcare.
With Triventures ARC start-ups gain a one-stop “beta site” to accelerate development. In addition to data, they gain access to resources and stakeholders such as clinicians, researchers, patients, and clinical support. Triventures ARC is designed to allow for significant acceleration of proof of concept by linking product development to medical and clinical needs in a real-time care environment.
Positioning in Silicon Valley and Israel
Joining Silicon Valley, Israel is emerging as the new global hub for healthcare innovation.
Israel is home to over 6,000 start-ups with approximately 600 added annually, has one start-up per every 1,400 people, compared to one per every 20,000 in Europe. Over 300 multinational companies operate R&D centers. In a country that lacks natural resources, Israel built its economy on innovation, its biggest export that accounted for $45 billion in 2017. Israel’s has a unique advantage in healthcare stemming from several factors including:
Data in a Centralized Healthcare System: Israel holds one of the most advanced and extensive medical data reservoirs in the world being the first to completely transition to electronic medical records over 25 years ago. Israel’s 8 million citizens receive care via one of four HMOs so rather than highly siloed data across numerous providers, Israel’s retains concentrated, longitudinal, digital data from cradle to grave in one system.
Cross-Sector Experience: Israeli healthcare start-ups benefit from cross-sector expertise and technologies. Increasingly, founders with non-medical backgrounds bring exceptional skill-sets in AI, machine learning, deep learning, optics, sensing and more into the healthcare vertical.
Government Support: Israel has a long history of governmental support to accelerate innovation and create a business-friendly environment. The Israeli government actively encourages R&D activities through numerous incentive programs for companies and entrepreneurs in the ecosystem.
Investment Outlook: Israel holds over 1,400 life science companies and experienced an 81% growth over the past decade with more than 130 companies being founded every year.The data-driven transformational healthcare sector in Israel continues to expand with 500 active companies as of year-end 2017 (source: Startup Nation Central).
Collaboration with Strategic Partners
A fundamental pillar of Triventures’ strategy to date rests on close interaction with the industry. Triventures ARC combines the respective networks of Triventures and Sheba Medical Center, offering an unmatched network of industry leaders, healthcare systems and technology companies.
Triventures strongly believes in the value of strategic partnerships and is proud to name among its Limited Partners industry leaders such as Medtronic, Abbott, Cardinal Health, Philips, St. Jude Medical, Johnson & Johnson, Boston Scientific, Intermountain Healthcare, Edmond De Rothschild, Samsung and Nikon.
A fundamental pillar of Triventures’ strategy to date rests on close interaction with the industry. Triventures ARC combines the respective networks of Triventures and Sheba Medical Center, offering an unmatched network of industry leaders, healthcare systems and technology companies.
Sheba has developed strategic partnerships with global stakeholders such as Google, Novartis, Janssen, Philips and Deloitte. Sheba’s Network of relationships with leading healthcare systems in the U.S. includes Mount Sinai, Mayo Clinic Health System, Sunnybrook Health Science Center, Stanford Health Care, Jefferson, Intermountain Healthcare, McGill University Health Center, Henry Ford Health System and Massachusetts General Hospital.