LRVHealth launches $200M fund with health system backers, advisers

Venture capital firm LRVHealth launched a new $200 million fund focused on healthcare startups that provide "care anywhere."

The firm said it will concentrate investments on companies that deliver care where, when and how patients want it, using technologies such as artificial intelligence, machine learning, sensors, optics and robotics. Health systems such as Arlington-based Texas Health Resources are backing the fund.

"Our partnership with LRVHealth goes beyond making a sound investment decision for superior financial returns," Texas Health Resources CEO Barclay Berdan said in a May 17 news release. "It's a much deeper and strategic relationship with a team that truly understands the complexity of our business, and at the same time, is deeply entrenched in the innovation ecosystem working side-by-side with the entrepreneurs driving it."

The fund's first investments include value-based care company Greater Good Health and KeyCare, a virtual care platform built with Epic.

The firm also created an executive advisory board including current and former health system leaders:

— Lawrence Cho, chief strategy and growth officer of Minneapolis-based Allina Health.

— Winjie Tang Miao, senior executive vice president and COO of Texas Health Resources.

— Dave Mazurkiewicz, executive vice president and CFO of Grand Blanc, Mich.-based McLaren Health Care.

— Rich Statuto, former president and CEO of Cincinnati-based Bon Secours Mercy Health.

— Glenn Steele, MD, former CEO of Danville, Pa.-based Geisinger.

— Lisa Stump, CIO of Yale New Haven (Conn.) Health.

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