Boston, MA-based health system Partners HealthCare has launched two new investment funds aimed at addressing the lack of translational funding in pre-clinical life sciences, Artificial Intelligence (AI) and digital technology development.
The funds will support ventures that develop new drugs and technologies based on inventions originating from Partners researchers and investigators as well as companies who will work with Partners institutions to develop digital solutions.
The Artificial Intelligence and Digital Translation Fund (AIDIF) which has initial funding of $30M over five years, will invest in companies that are active vendors with Partner HealthCare, creating opportunities for the “real-time lab” approach.
The Translational Innovation Fund (TIF), which has funding of $50M over six years, will provide the resources to advance promising therapeutics through preclinical translation, focusing on discoveries from the Partners hospitals including Massachusetts General Hospital and Brigham and Women’s Hospital.
The new funds join the Partners Innovation Fund (PIF), formed in 2008 to advance new science and technology based on Partners’ intellectual and financial capital. From an initial commitment of $35M, the fund has grown to $171M including 37 portfolio companies and spin-offs.
Roger Kitterman, VP of Venture at Partners HealthCare Innovation, is the Managing Partner of the funds.
Partners HealthCare System is an integrated health system founded by Brigham and Women’s Hospital and Massachusetts General Hospital. In addition to its two academic medical centers, the Partners system includes community and specialty hospitals, a health insurance provider, community health centers, a physician network, home health and long-term care services, and other health-related entities.
Partners is one of the nation’s leading biomedical research organizations and a principal teaching affiliate of Harvard Medical School.
Partners HealthCare Innovation is the 125-person business development group responsible for the worldwide application of the capabilities and discoveries of Partners 75,000 employees. Its goal is to support medical inventions and innovations discovered by Partners HealthCare researchers and provide the appropriate guidance and infrastructure to allow technology development, commercialization and, ultimately, the development of products to benefit patients.