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Venture capital fund invests in health startup
A local health system’s venture capital fund has invested $1 million in an out-of-state startup.
Spectrum Health Ventures contributed toward the $10.3 million Series B funding round for Palo Alto, California-based Vynca, according to Vynca yesterday.
Vynca is developing advance care planning technology to help deliver personalized end-of-life care.
The funding will help fuel the company's expansion into new geographies and drive new product development.
"Spectrum Health Ventures supports innovations that can reduce cost, improve quality and increase patient engagement and satisfaction," said Dr. Scott Lancaster, clinical director, Spectrum Health Ventures.
Lancaster will join Vynca as a “board observer.”
Vynca is partnering with over 80 hospitals, as well as health plans, accountable care organizations and five state registries.
"Our continued growth will ensure that more individuals have their voices heard and that health care providers have immediate access to care preferences, so that every person's end-of-life wishes are known and honored,” said Dr. Ryan Van Wert, co-founder and CEO, Vynca.
Vynca’s technology supports education and engagement in advance care planning conversations, shared decision making, digital completion of documents and ensures universal document accessibility for individuals, their caregivers and health care providers across the care continuum.
The other Series B investors are First Trust Capital Partners and OCA Ventures, along with “key strategic individual investors.”
Current Vynca investors, including Generator Ventures and the Ziegler LinkAge Longevity Fund, also participated.