The Henry M. Jackson Foundation for the Advancement of Military Medicine (HJF) and MDC Studio announced their collaboration through the HJF-MDC Venture Fund. This collaboration aims to transform the development and commercialization of medical technology, benefiting both military and civilian healthcare sectors.
The HJF-MDC Collaboration: This new initiative aims to expand existing collaborations to accelerate the development and commercialization of dual-use medical technologies for both military and civilian applications. And as part of this initiative, MDC Studio has established a satellite office within HJF’s innovation facility in Bethesda, Maryland.
The HJF-MDC Venture Fund: HJF and MDC established the HJF-MDC Venture Fund as an independent entity, aiming to invest in a diversified portfolio of early-stage companies that commercialize military medical technologies with civilian applications. HJF is participating as a non-voting member of the Fund with a minority interest. The fund’s focus areas include medical devices, wearable health technology, and rehabilitation and assistive robotics. This fund will be overseen by a Board of Managers, which will make investment decisions based on objective selection criteria, including alignment with military medical needs, benefits to civilian health, risks, and expected returns.
The fund’s Board of Managers includes:
1.) Dr. Gil Blankenship, Ph.D. – Founder of MDC Studio – Over his career, Dr. Blankenship transitioned from a researcher in applied mathematics to an entrepreneur building technology companies, including three successful exits. And he retired from the University of Maryland School of Engineering in 2022.
2.) Dr. Jonathan Pearl, M.D. – A Partner and Medical Advisor in the MDC Studio – Dr. Pearl is an Associate Professor of Surgery in General and Oncologic Surgery at the University of Maryland School of Medicine. Dr. Pearl is a Veteran of the United States Navy with several tours of duty and distinguished service awards.
3.) Dr. Lester Martinez-Lopez, M.D., M.P.H. – Served as the Assistant Secretary of Defense for Health Affairs – In this role, he was the principal advisor to the Secretary of Defense and the Undersecretary of Defense for Personnel and Readiness for all Department of Defense health and force health protection policies, programs, and activities. And Dr. Martinez-Lopez, a family medicine physician, retired from the Army as a Major General and headed the Army Medical Research and Materiel Command, where he directed the Army’s worldwide medical research, acquisition, and logistics program.
4.) Dr. Leonard Mills, Ph.D., C.F.A. – A lengthy career as an investment manager at large financial institutions and private equity funds – In 2016, Dr. Mills founded PI Analytics Investment Adviser, specializing in venture capital investments.
The HJF-MDC Venture Fund is planning to raise $20 million to invest in new companies for its expanding portfolio of investments in dual-use startups with high potential. And the HJF-MDC Venture Fund represents a significant step forward in advancing medical technologies that benefit both military and civilian healthcare by supporting innovation and commercialization in dual-use medical technologies.
