Ascension Ventures (AV) today announced the closing of a $285 million strategic venture capital fund. This fifth fund brings the firm’s total assets under management to more than $1 billion. The new fund is backed by 13 leading health system partners directly involved in AV’s diligence and investment approval process.
AV was launched in 2001 by Ascension, the nation’s largest Catholic and nonprofit health system. The firm has since invested in nearly 80 software, services, and medical device / diagnostic companies that help health systems on their transformation journeys. AV is a stage-agnostic investor seeking companies that meet the high priority needs of its health system partners and their patients. AV brings the voice of the customer to its portfolio companies and advises their management teams on product, sales, marketing and financing strategies.
AV measures success by financial returns to its partners and strategic value delivered to partners and portfolio companies. Many of the companies backed by AV have had their offerings adopted by AV’s health system partners and ultimately progressed to successful exits. “In addition to bridging relationships with health systems that have become some of our most strategic customers, AV has helped us craft a product roadmap and delivery model that reflects both the priorities and constraints of the healthcare delivery system,” said Sean Lane, Founder and CEO of OliveAI, Inc., a portfolio company of AV’s fourth strategic venture capital fund. “The strategic value we gain from our relationship with AV cannot be measured in financial returns or valuations.”