GE Healthcare‘s (NYSE:GE) Venture arm said today it signed a strategic alliance with Boston-based innovation development group Allied Minds to develop and commercialize “next-generation technologies.”
Through the deal, GE and Allied Minds will invest in both new and existing tech sourced from both company’s pipelines, both existing and new. Allied Minds will recive exclusive right of first refusal to license tech, chosen by GE, which are “of strategic interest” to the companies. GE will also gain the opportunity to invest in Allied Minds innovations.
“What drives Allied Minds is disruption of the status quo in cooperation with our research partners. Our new partnership with GE, a globally-renowned leader in innovation, allows us to begin tapping into the vast potential of IP being developed within the laboratories of leading commercial companies. Allied Minds is delighted to work with GE and to gain direct access to its technologies while providing GE with exposure to Allied Minds’ portfolio and pipeline of innovations sourced from its network of partners,” Allied Minds CEO Chris Silva said in a press release.
Allied Minds reviews intellectual opportunities from universities and federal labs, seeking to identify potentially commercially impactful innovations, and funding, managing and building subsidiary companies to support tech that passes due diligence.
“GE is excited to have Allied Minds as a channel partner for venture creation. Allied Minds’ capabilities and experience in early stage technology development complement GE’s diverse IP portfolio. We look forward to building opportunities with our combined expertise,” GE Ventures licensing prez Pat Patnode said in prepared remarks.