New York City-based venture capital firm AlleyCorp on Sept. 30 spun out the AlleyCorp Healthcare Fund, an incubator dedicated to healthcare innovation.
The AlleyCorp Healthcare Fund will provide digital health startups with $100 million over the next few years, with a focus on startups based in New York City. AlleyCorp said it will also partner with companies across the country in healthcare subsectors such as biotech and diagnostics.
The fund is physician-led, with Brenton Fargnoli, MD, serving as managing partner and Jeff De Flavio, MD, serving as partner and entrepreneur-in-residence.
"Since my time at Flatiron Health, it has repeatedly stood out to me how melding the clinical perspective together with tech is both the great challenge and opportunity for healthcare technology startups," Dr. Fargnoli said in a news release. "We are taking this core issue head-on with AlleyCorp's longstanding tech expertise and the dedicated healthcare team we've assembled. Ultimately, we tie everything we do back to the patient and practitioner experience."