“We increased our commitment to AV because of the incredible engagement and market insights we get collaborating with the AV team and from being part of this trusted community of like-minded nonprofit health systems,” said Michael Krouse, Senior Vice President and Chief Strategy & Transformation Officer, OhioHealth, and an AV Board member. New limited partners in the fund include Luminis Health, Sentara Healthcare, Texas Health Resources and one other undisclosed health system. Joining Ascension as limited partners in the new fund are continuing health system partners AdventHealth, Carle Foundation, CentraCare, Children’s Medical Center of Dallas, Intermountain Healthcare, Novant Health, OhioHealth and OSF HealthCare. We look forward to leveraging our unique position to identify new ways to help our health system partners and our portfolio companies be successful in serving their patients, communities and customers.” “Several factors-the pace of health system transformation, technology advances enabling new care modalities and business models, an influx of seasoned entrepreneurs tackling root cause industry issues-have created a unique time when health system and entrepreneurial markets are aligned. “This is an important time to be a strategic healthcare investor,” said Matt Hermann, Senior Managing Director at AV. AV has been leading the way in health system innovation investing for close to 20 years and making a positive difference in the way healthcare is delivered in our country,” said Joseph Impicciche, JD, MHA, President and Chief Executive Officer, Ascension. “Ascension Ventures embodies the innovative leadership spirit of our ministry. “The strategic value we gain from our relationship with AV cannot be measured in financial returns or valuations.” “In addition to bridging relationships with health systems that have become some of our most strategic customers, AV has helped us craft a product roadmap and delivery model that reflects both the priorities and constraints of the healthcare delivery system,” said Sean Lane, Founder and CEO of OliveAI, Inc., a portfolio company of AV’s fourth strategic venture capital fund. Many of the companies backed by AV have had their offerings adopted by AV’s health system partners and ultimately progressed to successful exits. AV brings the voice of the customer to its portfolio companies and advises their management teams on product, sales, marketing and financing strategies.ĪV measures success by financial returns to its partners and strategic value delivered to partners and portfolio companies. AV is a stage-agnostic investor seeking companies that meet the high priority needs of its health system partners and their patients. The firm has since invested in nearly 80 software, services, and medical device / diagnostic companies that help health systems on their transformation journeys.
The new fund is backed by 13 leading health system partners directly involved in AV’s diligence and investment approval process.ĪV was launched in 2001 by Ascension, the nation’s largest Catholic and nonprofit health system. This fifth fund brings the firm’s total assets under management to more than $1 billion. LOUIS-( BUSINESS WIRE)-Ascension Ventures (AV) today announced the closing of a $285 million strategic venture capital fund.
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