Healthcare Analytics, Population Health Management, Healthcare Big Data

Precision Medicine News

LG Health, Aspire Launch $300M AI, IoT, Precision Medicine Fund

Lancaster General Health and Aspire Ventures are launching a $300 million fund to invest in AI and IoT solutions to speed the development of precision medicine.

Penn Med and Aspire launch a $300m AI, IoT, precision medicine fund

Source: Thinkstock

By Jessica Kent

- Aspire Universal has partnered with Penn Medicine Lancaster General Health (LG Health) to introduce the Aspire Ventures Precision Medicine Fund (AVP), a $300 million initiative that will accelerate personalized device and medical practice innovation by leveraging artificial intelligence (AI) and Internet of Things (IoT) therapies and devices.

AVP will aim to accelerate the delivery of affordable solutions that will improve population health and incorporate each individual’s DNA, microbiome, biochemistry, and lifestyle into treatment plans.

The Fund will also speed the time-to-market for innovative personalized healthcare solutions while maximizing the potential market success rate of those solutions.

The AVP Fund combines Aspire’s Adaptive Artificial Intelligence platform with research and expertise from strategic partners and aims to accelerate the concept-to-market process to 18 months.

By leveraging strategic resources provided by Aspire and LG Health, AVP will aim to reduce the costs of the traditional investment process.

These strategic resources, including proprietary AI, health data, and clinical expertise, will be available to the AVP portfolio through formalized IP pools and accelerator programs for research and development, clinical trials, insurance reimbursement, and health system adoption.

AVP-funded ventures will benefit from having the subject matter expertise of nearly 1000 healthcare providers, anonymized data for research and development, and the facilitation of clinical trials and oversight.

As part of the AVP, Aspire innovators will work with LG Health clinicians to produce complex AI and fast-track ventures through clinical trials and FDA approval.

The two organizations, in a joint endeavor with Capital Blue Cross, have already founded the Smart Health Innovation Lab, in which eight startups per year will go through a 12-week certification process designed to accelerate insurance reimbursement and pilot deployments.

Ultimately, the AVP Fund will work to make healthcare investments in precision medicine to improve care quality and reduce costs.

“Integrating better technology into the U.S. healthcare system is one of the most viable solutions for curbing skyrocketing costs. The overwhelming majority of healthcare investments fail because they are designed in isolation from the health systems that use them,” said Essam Abadir, AVP Fund Manager and Managing Partner of Aspire Universal.

“As a result, they are extremely capital intensive and take a very long time to go through research and development, the FDA, and gain market traction. By establishing the new AVP fund, we are pursuing the promise of precision medicine as one of the main drivers for healthcare transformation.”

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