Providence Health Care (PHC) has named Brian Simmers President of PHC Ventures, the for-profit commercialization, venture capital, and technology-enablement arm of PHC. Simmers, also CFO and Vice President of Health Informatics at PHC, will lead PHC Ventures in partnering with, incubating, and investing in companies to advance health care through technology.
“PHC Ventures is providing the missing ingredients to help companies and health innovators develop, de-risk, and scale ideas within a health care setting,” says Simmers. “It also provides PHC with a way to bring cutting-edge health technology into its care delivery.”
PHC Ventures’ focus
- Consulting, Engineering, and Commercialization Services: Offering them to both internal and external parties.
- Data Services and Access via the Integrated Health Informatics Datalab (IHID): Providing researchers and industry access to de-identified medical data to support innovative product development.
- DIGITAL, Canada’s Global Innovation Cluster for digital technologies: Leading PHC’s involvement and collaborations including the Postoperative Patient Management Platform (PPMP) and PressureSmart.
- Ventures Fund: Investing in ventures aligned with PHC’s values and mission.
- Incubation and Acceleration: Developing and accelerating ideas by providing access to data, expertise, capital, and intellectual property protection.
Simmers highlights the advantage of Ventures’ close ties to PHC, providing secure access to its de-identified data, clinicians, researchers, and clinical facilities. “When that’s boosted with Ventures’ entrepreneurial know-how and capital, great things can happen to improve health care, creating substantial value,” he adds.
Returns generated from fees, consulting services, capital gains from start-up sales, or royalty streams are reinvested into PHC to support future innovation, research and health care delivery.
Ventures’ Strategic Investments
Ventures primarily takes equity positions in early-stage BC companies, focusing on the artificial intelligence (AI), software, medical devices, biotech, and therapeutic sectors.
“Our tagline is, we are your ‘dream partner’,” explains Simmers. “Our approach and goals differ from strictly for-profit venture investors; we are there to support you and help your business develop.” [To date, Ventures has invested nearly $1 million in seven early-stage companies.
“Your dream partner”
Luke Harris (pictured left), a perfusionist at PHC, operates a heart-lung machine that keeps patients alive during heart and lung surgeries. He noticed that the cannulas—tubes connecting blood vessels to the machine and then back to the body—were sometimes impeding blood flow to patients’ legs, potentially causing severe complications. To address this issue, Harris and his partners co-founded Total Flow Medical to develop a cannula that prevents these blockages.
“Perfusionists are very intertwined and connected to the technology they use,” says Harris. Ventures’ support through an equity position was instrumental in the creation of Total Flow Medical.
“Providence Health Care Ventures has really followed the theme of support, community, and pride,” says Hillary Pierce, CEO of Total Flow Medical. “Wanting to build innovation in this part of Canada and for their patients, as well as for our future as a Canadian healthcare system—that has been incredibly supportive, inspiring, and invaluable to us as a small startup.”
Thrive Health, a Vancouver health technology company, also benefited from Ventures’ investment. “It is exciting to see an organization like Providence Health Care Ventures innovating to improve care. They are willing to work with the tools and technologies we have available to find solutions and change how care is provided,” says Mark Nazemi, an executive at Thrive Health.
Streamlining Health Tech Innovation
Simmers’ 25-year background with safe-driving mobile apps and use of AI in regulatory tech and multiple start-ups gives him perspective on the needs and challenges of these companies. Challenge number one is how to navigate the health-care system as a start-up and get your ideas in front of the right decision makers.
“Health care can be like a brick wall to try to penetrate as a start-up,” he says. “Working with Ventures can streamline the often heavily bureaucratic process, open doors and help get early traction and results.”
He plans to use AI to revolutionize health-care delivery. Ventures has already invested in AI firm SapienSecure, which uses de-identified data to improve health care and hospital workflow. Ventures also collaborates with major technology companies, including Amazon Web Services (AWS), Change Health Care, and Clarius. These partnerships enhance PHC’s capabilities in delivering cutting-edge health care solutions.
Fueling Future Innovation
PHC Ventures, initially funded by St. Paul’s Foundation, has grown into a multi-million-dollar fund, generating significant revenue to support its activities. Simmers emphasizes that funds are derived from donations and revenue, not public health care funds, and are reinvested to fuel further innovation.
As the new St. Paul’s Hospital prepares to open in 2027, PHC Ventures will play an essential role in integrating innovative products and technologies, attracting the brightest minds in health care.
“Providence Health Care Ventures has really followed the theme of support and community and pride — wanting to build innovation in this part of Canada, and wanting to build innovation for their patients, for our future as a Canadian healthcare system – and that has been incredibly supportive and inspiring and invaluable to us as a small startup.
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