Boston-based Partners HealthCare has created two investment funds targeting pre-clinical life sciences, artificial intelligence 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 Partners HealthCare Artificial Intelligence and Digital Translation Fund (AIDIF) has initial funding of $30 million over five years, and the Translational Innovation Fund (TIF) has funding of $50 million over six years. In 2008 the health system created the Partners Innovation Fund (PIF) to advance new science and technology based on Partners’ intellectual and financial capital. From an initial commitment of $35 million, the fund has grown to $171 million, including 37 portfolio companies and spin-offs.
Partners said AIDIF would invest in companies that are active vendors with Partners HealthCare, creating opportunities for a “real-time lab” approach. The health system said the expertise of its 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,” said Chris Coburn, Partners’ chief innovation officer, in a statement. “These funds will address these gaps and provide the resources to quickly advance technologies in some of the most promising areas of health care such as immune oncology, intelligent devices and remote care.”