Venture capital firm General Catalyst announced it closed $8 billion in new capital, including $6 billion for its latest fund, Fund XII, and $2 billion in separately managed accounts.
The $8 billion will be used to boost the firm’s investments across various sectors, including defense and intelligence, climate and energy, AI, industrials, and healthcare and fintech.
The company will distribute $4.5 billion to its core VC funds focusing on seed and growth equity across its Ignition, Endurance and Health Assurance strategies, $1.5 billion for its Creation strategy and $2 billion for separately managed accounts.
A priority for Fund XII is the company’s Health Assurance Ecosystem, which the VC firm says makes up 15% of the U.S. Healthcare operations across hospital system partnerships and consists of a network of 23 global healthcare systems working to implement meaningful digital health transformation.
A representative from the firm told MobiHealthNews in an email that $750 million in capital from Fund XII is allocated to the Health Assurance Fund.
“We are ready to be the company that drives transformations, global resilience and applied AI for the world. We are powered by early-stage venture capital at our core and excited to dream bigger and co-create with our GC Famiglia of founders, business leaders, and policymakers to expand what’s possible,” Hemant Taneja, CEO and managing director at General Catalyst, said in a statement.
THE LARGER TREND
General Catalyst’s portfolio includes healthcare software company Commure, founded by General Catalyst’s CEO Taneja in 2017 and launched in 2020.
Yesterday, Commure announced a partnership with healthcare facilities operator HCA Healthcare to implement new technology. The partners spent the past two years co-developing an ambient AI platform, Scribe, which provides AI-enabled automatic clinic documentation. Scribe will now be deployed across HCA’s 188 hospitals and 2,400 ambulatory care sites.
Initially announced in 2021, the HCA partnership was the first in General Catalyst’s Health Assurance Ecosystem.
Last month, the VC firm announced the formation of the General Catalyst Institute, an organization that will work with governments and public policy leaders globally to facilitate the adoption of new technologies to create global resilience.
In January, General Catalyst announced its formed business venture, Health Assurance Transformation Corporation (HATCo), planned to purchase Ohio-based Summa Health, a nonprofit healthcare system with over 30 locations throughout the Akron and Canton areas.
The announcement came less than six months after Taneja and Dr. Marc Harrison, former CEO of Intermountain Health, publicly announced the formation of HATCo, which would see Harrison as its CEO, and the pair’s intent to buy a health system that would put technology at the forefront of healthcare prevention and delivery using a value-based care model.
