Cedars-Sinai Health System and MemorialCare Health System are joining forces to form a venture-capital fund aimed at developing healthcare technology.
The collaboration -- which will be called Summation Health Ventures -- will be based in Long Beach, Cedars-Sinai and MemorialCare said in a statement Wednesday.
Investments will target healthcare start-ups with potential for revenue growth and offering products that could succeed in the market.
The fund "provides a valuable gateway for entrepreneurs to develop, refine and advance product development," the statement said.
Brant Heise, Summation's managing director, said the fund will give innovators access to both Cedars-Sinai's and MemorialCare's medical and technological know-how.
Cedars-Sinai and MemorialCare will have equal stakes in the venture. No financial information was disclosed.