Flagship Ventures has formed strategic innovation partnerships with AstraZeneca, Nestle Health Science and Bayer CropScience in an effort to scale up its unique innovation foundry, VentureLabs, and expand its early stage venture funding activities while leveraging the partners’ strengths as market leaders.

Working with Flagship, each partner will gain access to the firm’s model of entrepreneurial innovation, venture creation and development. On the other hand, Flagship will benefit from each partner’s deep knowledge of market needs and research frontiers, as well as expertise in product development and commercialization.

Also as part of the deal, AstraZeneca, Nestle Health Science and Bayer CropScience each invested in Flagship Ventures’ Fund V, a $537 million, oversubscribed venture capital fund that closed in March 2015. Financial terms were not disclosed.

“The strategic innovation partnerships we have formed with these leading companies will enable us to accelerate our efforts, translate more scientific discoveries into game-changing companies that disrupt existing markets, and make our own breakthrough innovations to tackle some of the world’s most pressing challenges,” said Dr. Noubar Afeyan, senior managing partner and chief executive officer of Flagship.

The parties will work together to create the next generation of cutting-edge innovations leading to a portfolio of pioneering digital health ventures. The corporate partners will collaborate with the resulting companies, and may also deploy traditional business development approaches such as direct investments, licensing, joint ventures or acquisitions.