OurCrowd, the world’s largest crowdfunded-venture investment platform has announced the launch of its Pandemic Innovation Fund. The Fund plans to raise $100 million for investment in urgent technological solutions for the medical, business, educational and social needs triggered by global pandemics and other health emergencies.
“The rapid spread of the coronavirus has validated our vision of a connected digital world poised to solve any crisis through global communication and rapid response,” said OurCrowd CEO Jon Medved.
“To ensure that we get the world back on track, there is now an urgent need for innovation. Technology can help us overcome many of the problems resulting from the crisis. It’s time for tech to move fast and fix things.”
The pandemic has accelerated the pace of technology adoption across many domains. Microsoft’s CEO Satya Nadella recently stated: “We saw two years of digital transformation in two months.”
The FDA has approved new digital diagnostic tools, and these will remain in use once the current pandemic has settled. Appstore downloads of remote working apps have soared. 75% of IT professionals reported changes to fintech firms’ cybersecurity programs to manage the transition to working from home. Salesforce predicts the use of AI-driven customer service and chatbots will more than double.
OurCrowd’s Pandemic Innovation Fund will focus on the prevention & containment such as vaccines and testing, as well as treatment and healing and continuity and disruption mitigation.
The Fund will both invest in new startups and select relevant companies already included in OurCrowd’s existing portfolio.
Dr. Morris Laster, Fund Partner commented, “Together we must tackle the current pandemic as well as plan for future ones, because this story is just beginning. Entrepreneurs are uniquely skilled to provide fast and effective solutions to some of our greatest challenges.
“Our new fund will create the bridge between the innovations we need and the far-sighted investors able to provide the resources required to improve our world.”