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Philips buys into $250M health technology fund

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The Dutch parent of Philips Healthcare joined a $250 million venture fund that will invest in innovative early and growth-stage healthcare technology companies in Europe and the United States.

Royal Philips Electronics Inc. (NYSE:PHG) made an undisclosed “minority share” investment in Gilde Healthcare III, which will invest in home healthcare solutions, sleep improvement techniques, image-guided interventions and therapies and clinical decision support with emphasis on cardiology, oncology and women’s health.

These so-called patient-centric healthcare solutions, medical technologies and therapeutics are beginning to focus on patient experience and improved clinical outcome, Philips said.

Philips, which employs 1,100 people at its global computed tomography and nuclear medicine businesses in Highland Heights, Ohio, is making the investment to “foster innovation in areas of strategic interest to its healthcare business,” the company said in a release. Two months ago, Philips said it would invest $33.4 million in the Philips Healthcare Global Advanced Imaging Innovation Center at University Hospitals Case Medical Center and Case Western Reserve University in Cleveland.

In March, the German parent of Ben Venue and Roxane drug-making facilities in Ohio — Boehringer Ingelheim — launched a $135 million venture fund to foster innovation in the life sciences. Both the Philips and Boehringer Ingelheim moves illustrate the concept of open innovation, that is, investing in external as well as internal ideas to move companies and industries forward.

Philips’ investment in Gilde Healthcare III “is in line with its policy of open innovation and its belief that the most effective way to deploy venture capital is via an independent fund that can leverage the expertise of a professional fund manager and the other investors,” the company said. The investment will complement Philips’ innovation efforts, which include the Philips Healthcare Incubator.

“Over the past years, the venturing community has been instrumental in bringing breakthrough healthcare innovations to the market,” said Steve Rusckowski, CEO of Philips Healthcare, in his company’s release.

“Through our participation in the Gilde Healthcare III venture capital fund, we are taking another step forward in driving innovation in areas of strategic interest to Philips in healthcare,” Rusckowski said. “At the same time, we will become even more connected to the venturing community, which is an important element of Philips’ open innovation approach.”

Gilde Healthcare Partners will manage the fund. The Dutch venture and growth capital firm manages about $400 million in investments.

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