Allumia, formerly known as Providence Ventures, was formed in 2015 to incubate healthcare solutions to manage funds exclusively for the health system. The scope of its partnerships and work has expanded over the years after spinning out several products, including Xealth and DexCare.
Providence will continue to work with Allumia, and committed $150 million over the next 10 years for the firm’s third fund. The health system’s investment proceeds will contribute to Providence’s financial health in the future.
“Providence’s investments have been and will continue to be focused on fostering innovation, enhancing healthcare access and addressing critical issues facing the health sector,” Providence CFO Greg Hoffman said in a news release. “Allumia branching out will allow the fund to extend its reach, drive impactful investments that align with our mission and support leading-edge health solutions.”
Allumia plans to invite a small group of healthcare organizations as additional strategic partners to contribute to the third fund. Allumia manages a portfolio of 28 investments and previously had 10 successful exits.
Jeff Stolte, Dan Galles and Branden Fini are managing partners and will oversee the firm going forward.
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