OSF Innovation, which is part of Peoria, Illinois-based OSF HealthCare, has partnered with MassChallenge, an accelerator in Boston.
More specifically, OSF signed a yearlong agreement to be a sponsor of PULSE@MassChallenge, which assists digital health entrepreneurs. The program is geared toward startups that have raised less than $5 million and generate under $5 million in revenue.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
PULSE is relatively new. It launched last September, and three months later, it revealed the first cohort of companies. Thirty-one startups were selected out of a pool of 439 applicants. The participants run the gamut, focusing on everything from cancer diagnostics to virtual reality.
By teaming up with the accelerator, OSF gets the chance to vet startups that applied to be part of the second PULSE class. OSF can then select up to two companies to mentor by initiating pilots, introducing them to leaders and helping them find investment opportunities.
“We are looking for companies working on technology, products and services that will solve an OSF need,” Stan Lynall, OSF Ventures’ vice president of venture investments, said in a statement. “These include solutions for removing barriers to care for disadvantaged individuals, transforming how care is delivered to seniors and expanding access to care in ways we haven’t tried before.”
This isn’t OSF HealthCare’s first step into the startup world. In April 2016, it launched its own investment arm, OSF Ventures, which recently invested in PatientWisdom. The startup has a digital platform that zeroes in on what truly matters to patients.
“Both PULSE and OSF Innovation share in the belief that startups can dramatically improve healthcare and enhance the lives of patients around the world,” Nick Dougherty, PULSE’s program director, noted in a statement. “We’re excited to be partnering with their team in 2018 to help startups create widespread impact.”
According to a news release, this year’s PULSE@MassChallenge program will be focused on cybersecurity, genomics, the opioid epidemic and nutrition, among others topics.
The 2018 PULSE cohort will be unveiled on December 13, and the six-month program will start on January 9.
Photo: Olivier Le Moal, Getty Images
