Providence launches $150M IT-focused venture capital fund

Providence Health & Services, based in Seattle, has launched a new venture capital fund that will invest in early- and mid-stage health IT companies.

The goal of Providence Ventures is to find companies with innovative products and help those products get to market more quickly.

"Consumers will demand more value, quality and convenience from the healthcare provider they choose just as they do with any other aspect of their lives," said Aaron Martin, senior vice president of strategy and innovation at Providence and leader of Providence Ventures. "At Providence, we're looking both inside and outside of healthcare for innovations that can be applied to create a better healthcare system and healthier communities. We are excited to be leading this change in our region."

To support the companies in Providence Ventures' portfolio and to foster greater collaboration with the technology companies, Providence is creating the Digital Innovation Group.

"Traditionally, collaborating with healthcare providers around digital technology has been difficult," said Mr. Martin. "We aim to change that by building a technical infrastructure and team that will make it easier for early-stage technology companies to collaborate with us so that we can improve healthcare delivery faster."

Providence Ventures plans to invest $150 million over the next five to seven years.

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