12 things to know about Providence's venture capital arm

Renton, Wash.-based Providence has a venture capital arm that targets early- to late-stage investments in health IT/digital health/tech-enabled services, medical devices and diagnostics.

Here are 12 things to know about Providence Ventures:

1. It started in 2014.

2. It manages $300 million in venture capital across two funds for the 51-hospital system.

3. It is led by managing partner Jeff Stolte. He was previously an investment manager at Ascension Ventures, the St. Louis-based health system's venture arm.

4. It works closely with the Providence Digital Innovation Group.

5. It gives active portfolio companies access to Providence expertise and decision-makers.

6. It participated in a $26 million funding round in March for Wildflower Health, a virtual and value-based care platform for women.

7. It took part in a $50 million series B funding round in January 2022 for DexCare, a capacity management platform that spun off from Providence.

8. It has joined several other health system venture capital arms in backing Providence spinoff Xealth, which integrates digital health tools into EHRs.

9. It co-led a $15 million funding round in July 2021 for data interoperability platform Kno2.

10. It invested in clinical decision support company RxRevu (now known as Arrive Health) in June 2021.

11. It participated in a $21 million series D round in June 2021 for healthcare data compliance firm Protenus.

12. It led a $20 million funding round in June 2021 for TailorMed, which helps patients find financial assistance.

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