Seattle-based Providence St. Joseph Health's venture capital arm Providence Ventures has raised $150 million in its second funding round.
The fund plans to invest in early and growth-stage healthcare companies focused on IT, technology-enabled services and medical devices.
"In healthcare, it's easy to say you want to be innovative. But, innovation will fall to the backburner if you don't find the best opportunities and fund them," Providence St. Joseph Health President and CEO Rod Hochman said in a news release. "Through Providence Ventures, we have made a commitment to innovation by investing in and partnering with new companies that can help us find solutions to everyday challenges in healthcare."
Providence Ventures also recently expanded its leadership team, adding former River Cities Capital Funds' David Kereiakes as a partner and Rich Proscia, who has worked at CVS and athenahealth, as a senior associate. The team expects to add more hires in early 2019.