CHARLESTON, S.C. (Aug. 7, 2025) \u2013\u00a0The Medical University of South Carolina (MUSC), through the MUSC Foundation and MUSC Health supporting organizations, has announced the launch of two funds\u20141824 Health Ventures Fund I, LP\u00a0and the\u00a0South Carolina Health Innovation Fund (SCHIF), LLC\u00a0\u2014to support entrepreneurs, accelerate innovation, and stimulate economic development across South Carolina. Both funds will be managed by Bob Crutchfield, a senior executive with more than 30 years of leadership experience with major international companies, entrepreneurial startups and venture capital firms.<\/p>\n
1824 Health Ventures Fund I, LP<\/p>\n
The\u00a01824 Health Ventures Fund<\/a>, named in honor of MUSC\u2019s founding year, will serve as a dedicated source of seed capital for MUSC-originated startups and emerging companies transforming health care. Backed by limited partners who support the broader MUSC enterprise, the $20 million fund will focus on early-stage investments that help to bridge the gap between academic research and commercial viability \u2013 a phase often referred to as the \u201cValley of Death,\u201d when many promising discoveries fail to reach fruition due to lack of funding.\u00a0<\/p>\n South Carolina Health Innovation Fund<\/p>\n The\u00a0\u00a0\u00a0is a $10 million complementary fund made possible through a strategic partnership between MUSC Health and\u00a0InvestSC, the state\u2019s Small Business Credit Initiative (SSBCI) administrator. SCHIF is focused on high-impact health innovation companies – both from within and outside MUSC – that are committed to growing and operating in South Carolina.<\/p>\n \u201cBy building an evergreen investment model, we\u2019re laying the foundation for a durable and consequential innovation ecosystem across South Carolina,\u201d said Will Cruz, chief Investment officer of InvestSC. \u201cOur participation in the South Carolina Health Innovation Fund reflects our commitment to investing in the assets that generate meaningful leverage statewide.\u201d<\/p>\n SCHIF will prioritize companies that align with MUSC\u2019s mission to improve health and deliver value through innovation, while also creating jobs, and strengthening the state’s life sciences and health care innovation landscape. The fund is designed to draw upon federal SSBCI funding to fuel long-term, sustainable economic growth.<\/p>\n State impact<\/p>\n Aligning with MUSC\u2019s OneMUSC strategic goal, the funds will be used to stimulate the state\u2019s economy through innovation and are expected to support the creation and expansion of businesses and higher-wage STEM jobs in the state.\u00a0<\/p>\n South Carolina currently ranks 45th in the nation in venture capital activity, according to U.S. News & World Report. Yet, the state experienced the 10th\u00a0highest growth rate in venture capital relative to GDP from 2012 to 2022, underscoring its untapped potential.<\/p>\n \u201cMUSC has been one of the state\u2019s leaders in innovation and life-science development throughout its history,\u201d said David J. Cole, M.D., FACS, President of MUSC. \u201cThese funds represent a transformational step in turning South Carolina into a national destination for health innovation and entrepreneurship. I\u2019m excited to see how these funds support our own entrepreneurs and attract more to our state.\u201d<\/p>\n ###<\/p>\n About MUSC\u00a0<\/p>\n Founded in 1824 in Charleston, MUSC is the state\u2019s only comprehensive academic health system, with a mission to preserve and optimize human life in South Carolina through education, research and patient care. Each year, MUSC educates over 3,300 students in six colleges and trains more than 1,060 residents and fellows across its health system. MUSC leads the state in federal, National Institutes of Health and other research funding. For information on our academic programs, visit MUSC.edu<\/a>.<\/p>\n As the health care system of the Medical University of South Carolina, MUSC Health is dedicated to delivering the highest-quality and safest patient care while educating and training generations of outstanding health care providers and leaders to serve the people of South Carolina and beyond. In 2025, for the 11th consecutive year, U.S. News & World Report named MUSC Health University Medical Center in Charleston the No. 1 hospital in South Carolina. To learn more about clinical patient services, visit MUSCHealth.org<\/a>.\u00a0<\/p>\n MUSC has a total enterprise annual operating budget of $8.2 billion. The nearly 34,000 MUSC members include world-class faculty, physicians, specialty providers, scientists, contract employees, affiliates and care team members who deliver groundbreaking education, research and patient care.\u00a0<\/p>\n About InvestSC<\/p>\n InvestSC was created by the South Carolina Jobs-Economic Development Authority (JEDA) at the request of the Venture Capital Authority (VCA) to serve as the state\u2019s Designated Investor Group. Its mission is to drive economic growth through SSBCI matching capital investments made alongside accredited investors\u2014mobilizing private capital, creating jobs, and reducing risk in early-stage ventures.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"CHARLESTON, S.C. 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