The fund will invest in companies focused on technology-enabled innovation and disruption in digital health care
US-based CVS Health has launched a corporate venture fund, dubbed CVS Health Ventures, with a capital of $100m for investments in digital health startups.
CVS Health Ventures intends to invest in and collaborate with high-potential and early-stage companies that strive to make health care more accessible and affordable for consumers.
CVS Health president and CEO Karen Lynch said: “Consumers deserve a better health experience, one that puts them at the center of cutting-edge, digitally enabled solutions.
“Forming CVS Health Ventures will build on our successful track record of scaling innovation and driving change in health care.”
The funds will be initially used for investments as well as to support companies focusing on technology-enabled innovation and disruption in digital health care in line with CVS Health’s core strategy.
CVS Health Ventures will establish relationships with early-stage companies through investment and by providing expertise and insights from CVS Health’s unique perspective.
CVS Health enterprise strategy and business development executive vice president Josh Flum said: “We will build on this experience by providing capital to our start-up and venture partners and helping them scale more rapidly through commercial relationships with our business units.
“This is an exciting opportunity to accelerate innovation and effectively bring new solutions to the consumer health space.”
CVS Health stated that it already made over 20 direct investments via the CVS and Aetna businesses.
The company’s current investments consist of Unite Us and LumiraDx.
Unite Us is a technology platform that links health care and social services providers, while LumiraDx is a point-of-care diagnostic platform.
Recently, UK-based LumiraDx has announced a merger with special purpose acquisition company CA Healthcare Acquisition (CAHC) in a deal worth $5bn.
The deal is expected to help advance LumiraDx’s portfolio of over 30 assays across common health conditions including infectious disease, cardiovascular disease, diabetes, and coagulation disorders.