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An $80M investment will support ventures that develop new drugs and technologies.
Partners HealthCare announces the creation of 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 that will work with Partners institutions to develop digital solutions.
“These funds are a major step forward in accelerating the application of medical research,” says Anne Klibanski, MD, Partners HealthCare president and CEO. “These investments will enable patients to more 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 this region.”
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 and puts scientists and clinicians in charge of the decisions.
“Too often, what could be game-changing research is stranded due to lack of financing between initial funding and longer-term venture investment,” says Chris Coburn, Chief Innovation Officer, Partners HealthCare. “These funds will address these gaps and provide the resources to quickly advance technologies in some of the most promising areas of healthcare such as immune oncology, intelligent devices, and remote care.”
The Partners HealthCare Artificial Intelligence and Digital Translation Fund (AIDIF) has initial funding of $30M over five years, and the Translational Innovation Fund (TIF) has funding of $50M over six years.
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.
“The TIF and AIDIF funds provide additional growth channels for early stage ventures in the industry-changing segments of today’s healthcare market––digital, AI, and life sciences,” notes Roger Kitterman, VP of Venture at Partners HealthCare Innovation and Managing Partner of the Funds. “Advancing highly promising pre-clinical technologies toward commercialization means patients will have greater access to potentially life-saving and life-improving innovation.”