The Medical University of South Carolina (MUSC) has launched two new venture funds totaling $30 million to drive health innovation and stimulate economic development across the state. The funds, named 1824 Health Ventures Fund I and the South Carolina Health Innovation Fund (SCHIF), will support entrepreneurs and accelerate the commercialization of promising healthcare technologies. Bob Crutchfield, a senior executive with extensive leadership experience, will manage both funds.
The 1824 Health Ventures Fund I, backed by $20 million from limited partners, will provide seed capital for MUSC-originated startups and emerging companies. This fund aims to bridge the “Valley of Death” funding gap between academic research and commercial viability.
Boosting health innovation in South Carolina
The $10 million SCHIF is a complementary fund made possible through a partnership between MUSC Health and the state’s Small Business Credit Initiative administrator, InvestSC. SCHIF will focus on high-impact health innovation companies, both from within and outside MUSC, that are committed to growing and operating in South Carolina. Will Cruz, Chief Investment Officer of InvestSC, stated, “By building an evergreen investment model, we’re laying the foundation for a durable and consequential innovation ecosystem across South Carolina.”
The funds align with MUSC’s OneMUSC strategic goal and are expected to support the creation and expansion of businesses and higher-wage STEM jobs in the state.
South Carolina currently ranks 45th in the nation in venture capital activity but experienced the 10th highest growth rate in venture capital relative to GDP from 2012 to 2022. David J. Cole, M.D., FACS, President of MUSC, expressed his excitement about the funds, saying, “These funds represent a transformational step in turning South Carolina into a national destination for health innovation and entrepreneurship.”
The launch of these venture funds marks a significant milestone for MUSC and South Carolina, as they work together to drive economic growth, create jobs, and advance healthcare innovation.
