Partners HealthCare said yesterday that it launched two new investment funds with $80 million geared toward advancing therapeutics and digital solutions.
The Boston-based company said the funds address the lack of funding in pre-clinical life sciences, artificial intelligence and digital technology development. Partners added that the funds can support the development of new drugs and technologies based on inventions originating within Partners research.
The Partners HealthCare Artificial Intelligence & Digital Translation Fund (AIDIF) starts with funding of $30 million over five years, while the Translational Innovation Fund (TIF) opens with $50 million over six years.
Partners’ new funds join the Partners Innovation Fund, which was formed in 2008 to advance new science and technologies. After beginning with $35 million in funding, it has gone up to $171 million with 37 portfolios and spin-offs, according to a news release.
“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,” president & CEO Dr. Anne Klibanski said in prepared remarks. “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.”
“Too often, what could be game-changing research is stranded due to lack of financing between initial funding and longer-term venture investment,” added chief innovation officer Chris Coburn. “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 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,” said VP of venture & managing partner of the funds Roger Kitterman. “Advancing highly promising pre-clinical technologies toward commercialization means patients will have greater access to potentially life-saving and life-improving innovation.”