MedCity News January 15, 2025
Providence spun off its venture capital arm and renamed it Allumia Ventures. The newly independent venture capital firm also recently closed its third fund, in which Providence invested $150 million. Allumia is looking to grow the fund by inviting 3-5 other health systems to be limited partner investors.
Providence has proven over the last decade or so to be one of the most tech-forward health systems in the country. The Renton, Washington-based health system has conducted hundreds of tech pilots, spun out several digital health startups and funneled millions into companies creating innovative healthcare tools.
Over the past eight years, Providence’s venture capital arm was a key part of the health system’s tech and innovation strategy. This month, the...
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