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Providence spins out venture capital arm, invests $150M in 3rd fund
Becker's Healthcare January 7, 2025
Providence’s venture capital arm has spun off from the health system and rebranded as Allumina Ventures.
Allumina, formerly known as Providence Ventures, was formed in 2015 to incubate healthcare solutions to manage funds exclusively for the health system. The scope of its partnerships and work has expanded over the years after spinning out several products, including Xealth and DexCare.
Providence will continue to work with Allumina, and committed $150 million over the next 10 years for the firm’s third fund. The health system’s investment proceeds will contribute to Providence’s financial health in the future.
“Providence’s investments have been and will continue...
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