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The American Hospital Association announced Nov. 13 the final closing of the AHA Innovation Development Fund, which provides financial and technical support to innovative healthcare startups.

The $50 million fund is sponsored and managed by Concord Health Partners. Beyond just financial return, the AHA Fund’s goals include advancing promising healthcare technologies and solutions, creating venture opportunities for AHA members and allied hospital associations, bringing more hospitals and health systems into the venture funding sector and sharing best practices and solutions with the entire healthcare field.

“All across the country, hospitals and health systems are innovating and transforming to meet the changing needs of their patients and their communities,” AHA President and CEO Rick Pollack said in a news release. “The AHA Fund will allow them to invest in the solutions that hospitals and health systems truly need. By finding the right business partners, the AHA Fund can help fund, guide and scale solutions offering the greatest transformational value for hospitals and health systems.”

The fund has already invested in several early-stage companies developing products and solutions to address healthcare’s biggest challenges. Most recently, in September, it led a $10 million Series A funding round for machine learning startup Mednition.

Source: AHA closes on $50M strategic venture fund