OSF Ventures, the venture arm of Peoria-based health system OSF HealthCare, is raising a new fund to back medical startups.
OSF Ventures announced Thursday that it launched a $75 million fund to invest in tech startups, medical devices and other businesses that aim to improve the healthcare industry. OSF launched its first $75 million venture fund in 2016.
OSF has invested in 15 companies to date, including Chicago startups like Regroup, a telemedicine company, and Level Ex, a startup that's bringing video game-like training to doctors.
With Regroup, OSF launched a pilot program at OSF HealthCare Saint Elizabeth Medical Center that used the startup's mental health telemedicine platform. The startup's solution is designed to help reduce mental healthcare shortages across the country.
"Our venture program is strategically focused," Stan Lynall, vice president of Venture Investments for OSF Ventures, said in a statement. "We are only investing in technologies that improve patient care and outcomes, or reduce costs to our health care system."
OSF is the latest local venture firm to announce a new fund this year. Chicago Ventures is raising $75 million for its third fund, and Hyde Park Venture Partners is raising $85 million for its third fund. MATH Ventures closed a $46 million second fund this year.
