Partners HealthCare Creates New Investment Funds to Accelerate Innovation in Medicine
Partners HealthCare today announced 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 who will work with Partners institutions to develop digital solutions.
“As one of the nation’s largest research enterprises, Partners HealthCare is uniquely positioned to assess and understand the potential of the therapies and technologies we’ll invest in. These funds are a major step forward in accelerating the application of medical research,” said Anne Klibanski, MD, Partners HealthCare President and Chief Executive Officer. “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,” said 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 health care 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 health care market – digital, AI and life sciences,” noted 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.”
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About the Artificial Intelligence and Digital Translation Fund (AIDIF)
Digital solutions from more than 4,000 new company entrants into the digital marketplace require active testing, adaptation and roll-out across actual clinical environments prior to widespread use. Such specialized co-development relies on health systems such as Partners HealthCare, who can help perfect these products and define how to integrate applications into clinical workflows and create reference models for other health systems. AIDIF will invest in companies that are active vendors with Partner HealthCare, creating opportunities for this “real-time lab” approach.
About the Translational Innovation Fund (TIF)
Life sciences face a persistent gap between basic research or drug discovery and clinical proof-of-concept. It’s estimated that for every 5,000-10,000 compounds that enter the drug discovery pipeline, only 250 will progress to pre-clinical development. TIF 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.
To learn more, visit the Partners Innovation Fund.
About Partners HealthCare
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.
About Partners HealthCare Innovation
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. The Partners Innovation Fund (PIF) was created in 2008 to advance new science and technology based on Partners intellectual and financial capital. From the initial commitment of $35M, the fund has grown to $171 million through internal and external investment. PIF invests exclusively in health care companies based on intellectual property created within our own research community. It seeks strong co-investor syndicates to build companies focused on drugs, devices, diagnostics and digital health.