NGT HealthCare II Impact Fund has raised a $92m fund with T3 and Hadassit joining as strategic partners.
NGT HealthCare II Impact Fund, an Israel-based venture capital firm focused on healthtech developers, has raised a $92m vehicle to invest in university spinouts and corporate spinoffs, with the tech transfer offices of Technion and Hadassah Medical Center both joining as strategic partners, according to Calcalist.
The fund will in particular focus on Arab entrepreneurs. It follows the firm winning a tender from government agency Israel Innovation Authority to run an incubator, for which it has been awarded approximately $30m in grants.
The fund will invest in 25 early-stage companies and 16 pre-incubation projects (dubbed “year zero companies”) in the biotech, bio-convergence and medical devices sectors. It will also provide follow-on funding.
Zohar Gendler, managing partner and chief executive of NGT HealthCare II, said: “We will continue to build innovative life science companies, commercialise technologies from universities and hospitals, and encourage entrepreneurs from the Arab society.
“The Innovation Authority’s new program, which enables investment in ‘year zero companies’ provides for the first time the possibility of young projects with groundbreaking technology, to carry out preliminary proof of concept.
“Our exceptional partners, and the extensive collaborations we have built with academic and health institutes in Israel and abroad, provide us with high accessibility to new projects that are now gaining high leverage from the Innovation Authority together with the fund’s funds. NGT HealthCare II and its partners will also support these companies later, after the initial investment period.”
T3 and Hadassit, the respective tech transfer offices of Technion and Hadassah, have thrown their weight behind the fund, which will also offer in-kind support such as office space, access to labs, advice on pre-clinical and clinical trials and inking strategic partnership agreements.
Rona Samler, general manager at T3, said: “Technion is a world leader in innovation and entrepreneurship, and the partnership with NGT HealthCare II serves as a natural platform for an applied realisation of the Technion scientific excellence.
“Our collaboration will enable the advancement of groundbreaking solutions, the creation of economic value and social impact.”
Tamar Raz, CEO of Hadassit, added: “We joined NGT HealthCare II out of a deep and long familiarity with the leading team that brings with it a high commitment to developing and commercialising innovative technologies.
“The NGT HealthCare II team understands our biggest challenge in developing early-stage technologies into companies, bridging the gap from academia to the industry. The NGT team closely accompanies the companies throughout the development, regulatory and clinical stages, raising capital and connecting to strategic partners.”
