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Not-For-Profit Hospital Starts $10M Health Care Venture Fund

EKG (Photos8.com)

(Photos8.com)

Rex Healthcare, a not-for-profit health care system in Raleigh, North Carolina, has unveiled Rex Strategic Innovations that offers funding for start-up companies and organizations, including venture capital financing. The program is also devising ways to help individuals and organizations develop ideas for improving health care into real-life goods and services.

The initiative includes Rex Health Ventures that Rex Healthcare says is one of the few venture-capital (VC) investment funds in the country started by a community, not-for-profit hospital. Rex Health Ventures has an initial $10 million investment from Rex Healthcare and plans to finance promising innovations in medical services, tools, and technologies.

Rex Health Ventures says it plans to finance new companies already with a beta- or prototype product, rather than offer seed capital for new start-ups. The fund anticipates making initial investments of $250,000 to $500,000 in health care information technology, health care services, medical devices, and biopharmaceutical technologies.

Rex Strategic Innovations plans to offer what it calls Rex Impact Grants for businesses and organizations seeking seed or early-stage funding for product or service development. Rex Impact Grants are expected to be available in the second half of 2012.

Another part of Rex Strategic Innovations still in development is the Rex Innovation Facilitator that the company says will be designed for Rex employees and members of the community with ideas or opportunities for new health care products or services. The Rex Innovation Facilitator, for which few details have been released, is anticipated to become operational in 2013. Rex Strategic Innovations plans as well to partner with other companies and organizations in what it calls Rex Joint Ventures.

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