TLDR:
– SCI Ventures has launched a philanthropy fund focused on advancing restorative treatments for spinal cord injuries
– The fund has $27 million in commitments and aims to raise $40 million by the end of the year
SCI Ventures, a new venture philanthropy vehicle, has announced the launch of its first fund aimed at funding and commercializing innovative treatments for spinal cord injuries. The fund has received $27 million in commitments and anticipates raising $40 million by the end of the year. The initiative is driven by the need to address the challenges faced by over 15 million people globally who suffer from spinal cord injuries, impacting their quality of life and incurring significant financial costs.
SCI Ventures is led by a team of professionals with expertise in venture capital, technology, and science, with personal connections to the cause. The fund is advised by world-class neuroscientists and aims to catalyze funding for the SCI space by focusing on seed and Series A financing rounds. The fund plans to support up to 20 companies, such as ONWARD Medical, AXONIS Therapeutics, Sania Therapeutics, and AUGMENTAL, which are working towards innovative solutions for spinal cord injuries and related conditions.
The launch of SCI Ventures marks the collaboration of five leading foundations addressing spinal cord injury in the U.S., U.K., and EU to support a novel investment vehicle. The fund model, pioneered by the Christopher & Dana Reeve Foundation, aims to redeploy 100% of investment gains into additional companies to achieve the goal of curing paralysis. The establishment of SCI Ventures signifies a major step forward in advancing restorative treatments for spinal cord injuries and related conditions.
