Partners HealthCare announced the creation of two new investment funds aimed at addressing the lack of translational funding in pre-clinical life sciences, Artificial Intelligence (AI) and digital technology development. The funds will support ventures that develop new drugs and technologies based on inventions originating from Partners researchers and investigators as well as companies who will work with Partners institutions to develop digital solutions.
“As one of the nation’s largest research enterprises, Partners HealthCare is uniquely positioned to assess and understand the potential of the therapies and technologies we’ll invest in. These funds are a major step forward in accelerating the application of medical research,” Anne Klibanski, MD, Partners HealthCare President and CEO, said in a statement. “These investments will enable patients to more quickly benefit from the life-changing breakthroughs developed by our investigators and clinicians while also helping to fuel the life sciences and digital health industries throughout this region.”
The new funds are designed to advance therapeutics to late-stage pilots and accelerate adoption of digital solutions for patients and health systems. The expertise of Partners’ clinical ecosystem distinguishes the funds from traditional venture capital investors and puts scientists and clinicians in charge of the decisions.
The Partners HealthCare Artificial Intelligence and Digital Translation Fund (AIDIF) has initial funding of $30M over five years, and the Translational Innovation Fund (TIF) has funding of $50M over six years. The new funds join the Partners Innovation Fund (PIF), formed in 2008 to advance new science and technology based on Partners’ intellectual and financial capital. From an initial commitment of $35M, the fund has grown to $171M including 37 portfolio companies and spin-offs.
“The TIF and AIDIF funds provide additional growth channels for early stage ventures in the industry-changing segments of today’s health care market – digital, AI and life sciences,” added Roger Kitterman, VP of Venture at Partners HealthCare Innovation and Managing Partner of the Funds. “Advancing highly promising pre-clinical technologies toward commercialization means patients will have greater access to potentially life-saving and life-improving innovation.”
AIDIF will invest in companies that are active vendors with Partner HealthCare, creating opportunities for this “real-time lab” approach. On the other hand, TIF will provide the resources to advance promising therapeutics through preclinical translation, focusing on discoveries from the Partners hospitals including Massachusetts General Hospital and Brigham and Women’s Hospital.