UNC Health announced a rebranding and expansion of its strategic investment arm on Tuesday, broadening its goal of supporting emerging health technology companies.
The statewide healthcare system announced its Rex Health Ventures platform is now named UNC Health Ventures and will further its venture capital work of identifying and fostering businesses that are advancing treatment, medical operations and research. Rex Health Ventures, which was founded in 2012, initially centered on UNC Health Rex in Raleigh and companies in the Triangle — but had since grown to include many other UNC Health locations and create partnerships across the state. The launch of this new identity, according to a release from system leaders, helps reflect that scope.
“Novel technologies are essential to advancing the care we provide to our patients and communities,” said CEO of UNC Health Dr. Cristy Page in Tuesday’s release. “UNC Health Ventures gives us the opportunity to engage with promising healthcare advancements earlier, helping our clinicians evaluate new approaches to care while shaping solutions that address real-world challenges across our health system.”
Rex Health Ventures started with a $10 million fund and went on to support more than two dozen early-stage companies, many of which have since been acquired or had their assets transferred. A spokesperson for UNC Health told Chapelboro UNC Health Ventures is working with $125 million for investments, drawing from reallocated capital reserves. The strategic investment platform will still operate under the broader portfolio of UNC Health, which says it reinvests its returns back into the health system to “support patient care, operations, research and future innovation.”
While returns are important, the success of the companies and breakthroughs in health tech are equally so to the effort. Tuesday’s announcement said UNC Health Ventures will aim to collaborate with businesses whose research and products “align with UNC Health’s mission to improve the health and well-being of North Carolinians.” Connecting with different entrepreneurs, co-investors and leaders in the healthcare industry helps emerging technology receive the financial backing to fully develop or scale up — with the goal of being used to help UNC Health patients.
According to the public portfolio shared by UNC Health Ventures, some of those companies still include those headquartered in North Carolina. One of its active investment partnerships is with Arrivo Bioventures in Morrisville, which develops drugs and biologic therapies for people suffering from serious diseases. Another is Phononic, a Durham-based company focused on thermoelectric cooling hardware that helps anything from data centers to temperature-sensitive healthcare applications. But its portfolio also expands beyond North Carolina, like with Minnesota’s Vergent Bioscience that develops cancer imaging and San Francisco’s Fathom medical coding platform.
“Over the past decade, our team has worked to build a disciplined and collaborative investment approach that is closely aligned with the needs of our clinicians and operational leaders,” said Anita Watkins, the managing director of UNC Health Ventures. “This next phase reflects both the progress we’ve made and the opportunity ahead to deepen partnerships and support innovation that can deliver meaningful impact across the healthcare system.”
“UNC Health Ventures represents an important extension of our commitment to responsible stewardship and long-term value creation,” added UNC Health Chief Financial Officer Will Bryant. “By engaging strategically with emerging companies and technologies, we are able to support innovation that aligns with our mission while positioning the organization for future growth and sustainability.”
The UNC Health Ventures headquarters will remain at UNC Health Rex in Raleigh and, despite the rebranding, the initiative will continue “working with physicians, clinical leaders and system stakeholders to identify investment and partnership opportunities with meaningful impact across UNC Health and the communities it serves.”
Featured photo by Brighton McConnell/Chapel Hill Media Group.
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