In order to accelerate Philadelphia’s innovative digital health ecosystem, Ben Franklin Technology Partners of Southeastern Pennsylvania, Independence Health Group, the parent company of Independence Blue Cross and Safeguard Scientifics (NYSE: SFE) have launched a $6m funding initiative to grow technology-driven healthcare startups.
Ben Franklin, IHG through a subsidiary, and Safeguard intend to pledge $2m each over a four year period to launch the funding initiative and identify and allocate funds to augment the Philadelphia region’s continued growth and development in digital health.
In addition, each will source new opportunities, extend guidance and support to seed-stage companies as they grow, and maximize the impact of the capital committed to the companies and their communities.
Startup companies will receive funds based upon the quality of their business model, the technology’s viability, and the vision from the management team.
Ben Franklin will lead the due diligence process and day-to-day fund management on potential opportunities.