Olympus Corporation, a Japanese manufacturer of optics and reprography products, has announced the establishment of Olympus Innovation Ventures to invest in pioneering startups with innovative technologies that improve clinical outcomes, reduce healthcare costs and enhance the quality of life for patients.
Olympus has allocated $50 million for initial commitments and follow-on investments in portfolio companies, the company said in a statement.
According to the statement, Olympus Innovation Ventures, a fully owned subsidiary of Olympus Corporation of the Americas, is a venture capital fund focused on startups poised to improve patient outcomes, radically advance the detection and treatment of disease, and transform the surgery suite.
The new fund expands upon Olympus’ strategy to strengthen endoscopy and pioneer next-generation tools and procedures for minimally invasive surgery, it said.
It also said, Olympus’ venture fund is stage-agnostic, prioritizing early- and growth-stage companies globally with solutions in therapeutic areas including gastroenterology, respiratory, and urology.
In addition to capital, Olympus will help its portfolio companies succeed by contributing its clinical and technical expertise, access to healthcare professionals and hospitals, and ability to launch and scale innovative solutions in the global market.
“Our investment underscores our commitment to make people’s lives safer, healthier, and more fulfilling. Our goal is for this fund to continue our history of innovation and support our long-term growth and transformation,” said Yasuo Takeuchi, Chief Executive Officer of Olympus Corporation.
According to the statement, Touchdown Ventures, a firm specializing in corporate venture capital, will help manage the Olympus Innovation Ventures fund. Touchdown will work closely with senior executives of Olympus in all aspects of operating the fund.
“We are excited about what Olympus can bring to entrepreneurs through the company’s technical strengths, industry relationships, vast distribution, and deep subject matter expertise,” said Scott Lenet, Co-Founder and President of Touchdown Ventures.
“The entire Olympus Innovation Ventures team is working to be the partner of choice for innovators and create a competitive advantage for their startups,” he added.
Nacho Abia, Chief Operating Officer of Olympus Corporation also said, this effort is another way Olympus is demonstrating its commitment to excellence and creating tangible value for providers and patients.
“We believe we will play a meaningful role in the advancement of minimally invasive care and new ways to detect, monitor and treat conditions and diseases,” he added.
Olympus is a company creates customer-driven solutions for the medical, life sciences, and industrial equipment industries. For more than 100 years, it has focused on making people’s lives healthier, safer and more fulfilling by helping to detect, prevent, and treat disease; furthering scientific research; and ensuring public safety.
Its medical business uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients and their safety.
Olympus’ medical portfolio includes endoscopes, laparoscopes, and video imaging systems, as well as surgical energy devices, system integration solutions, medical services, and a wide range of endotherapy instruments for endoscopic and therapeutic applications.
The company introduced a mass-produced microscope to Japan in 1919 and the world’s first gastrocamera for practical use in 1950.