UPMC Enterprises
UnclaimedAt a Glance
- Stage
- Seed, Series A, Series B+
- Sectors
- Digital Health, Biotech, AI
- Founded
- 2014
- HQ
- Pittsburgh, PA
About UPMC Enterprises
UPMC Enterprises is the commercialization, innovation and venture capital division of UPMC, the Pittsburgh health system and insurer that the unit describes as a $28 billion organization. UPMC formalized the unit under the Enterprises name in 2014. It is led by Jeanne Cunicelli, who is president of UPMC Enterprises and an executive vice president of UPMC. Because UPMC is a not-for-profit system, the unit frames its work as advancing patient care and the system's finances and operations together, not only as financial investing.
The unit works across two main areas. Translational Sciences forms and funds companies developing therapeutics, diagnostics and devices, often from University of Pittsburgh research, with spinouts such as BlueSphere Bio, Generian, Avista Therapeutics and Novasenta. Digital Solutions invests in and builds technology for care delivery, with portfolio companies including Abridge, BrainCheck, Infectious Disease Connect, eVisit and Arkos Health. It invests from early to growth stage with flexible sizing, and recent deals include a $150 million Series B for Latigo Biotherapeutics and a $20 million Series A for Percipio Health. The website lists more than 40 current companies.
Its distinctive asset is the parent itself. Portfolio companies can access more than 5,000 UPMC physicians and insights from UPMC Health Plan's 4 million plus members, which gives founders a clinical testbed and a potential first customer. UPMC Enterprises also builds products internally, such as the MyUPMC patient app, and partners with the University of Pittsburgh on commercialization programs that fund early therapeutics research. In 2020 it committed $1 billion to life sciences, including $200 million for the UPMC Immune Transplant and Therapy Center.
Investment Thesis
“UPMC Enterprises says it develops and invests in "technology that is helping to solve some of the hardest and most complex problems in health care," with the goal of creating innovations "that impact the lives of patients in meaningful, lasting ways." It describes three working principles: flexibility in deal structure and size, acceleration of research into clinical use, and integration with UPMC's providers and health plan. In life sciences its stated focus began with immunotherapies for cancer, transplantation and diseases of aging, later expanding to retinal and respiratory disease, autoimmune disease and neuroinflammation. In 2020 Cunicelli said the team was looking for investments globally "at all stages, from early stage to mature."”
Sector Focus
Investment Stage
Notable Portfolio Companies
Key Team (1)
Jeanne Cunicelli
President, UPMC Enterprises; Executive Vice President, UPMC
Fund History
UPMC Enterprises invests UPMC balance sheet capital rather than through a separately raised fund, and no Form D filings or SEC adviser registration under its name surfaced in EDGAR searches. In January 2020 it committed $1 billion to life sciences: $800 million to be deployed by 2024 on new drugs, diagnostics and devices, plus $200 million already dedicated to the UPMC Immune Transplant and Therapy Center. At that point it had formed five companies, funded more than 30 internal research projects and expected to invest in five to ten companies a year. Wikipedia describes the broader innovation arm as having invested over $700 million in about 80 ventures over twenty years.
Frequently Asked Questions
What stage does UPMC Enterprises invest at?
UPMC Enterprises primarily invests at the Seed, Series A, Series B+ stages. This means they focus on companies that are building their initial product and finding product-market fit.
Where is UPMC Enterprises located?
UPMC Enterprises is headquartered in Pittsburgh, PA. Many of their portfolio companies are also based in this region, though they invest across geographies.
What sectors does UPMC Enterprises focus on?
UPMC Enterprises focuses on investments in Digital Health, Biotech, AI. Their portfolio reflects deep expertise and networks within these sectors.
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