Charleston, S.C.-based The Medical University of South Carolina has launched two new venture funds totaling $30 million aimed at accelerating healthcare innovation and stimulating economic development across the state.
Here are five things to know:
- The two funds — 1824 Health Ventures Fund I and the South Carolina Health Innovation Fund — will provide early-stage capital for emerging health-focused startups, particularly those with ties to MUSC or plans to grow operations in South Carolina.
- Both funds will be managed by Bob Crutchfield, a senior executive with more than three decades of experience in corporate leadership, entrepreneurship and venture capital, according to an August 7 news release MUSC shared with Becker’s.
- The 1824 Health Ventures Fund I, backed by limited partners supporting MUSC’s broader mission, will focus on startups originating within the university. The $20 million fund aims to address what’s often called the “Valley of Death,” a critical funding gap that prevents many research-based innovations from reaching the commercial market.
- The second fund, the South Carolina Health Innovation Fund, is a $10 million initiative created through a partnership between MUSC Health and InvestSC, the state’s small business credit initiative administrator. It is designed to support high-impact health innovation companies committed to operating in South Carolina.
- According to MUSC, the South Carolina Health Innovation Fund will prioritize companies that align with the university’s mission to improve health through innovation, while also fostering job creation and strengthening the state’s life sciences sector. The fund draws on federal SSBCI dollars and is intended to help spur sustainable, long-term economic growth.
