Dr. John Blank spent two years counselingUnitedHealth Group Inc. on its investments in promising startup companies. Now, he’s investing his own money and expertise into young health care companies in Minnesota and beyond.
Blank, a former senior vice president at Minnetonka-based UnitedHealth’s emerging business group, started Dalmore Investment in July to make angel investments in health IT firms and other innovative businesses.
“We’re looking for companies that are trying to address a major pain point in the health care system,” said Blank, a physician who also was previously chief operating officer at AmeriChoice, a medicaid-services company owned by UnitedHealth.
UnitedHealth’s emerging business group leads innovation within the health insurer and at startups backed by venture capital firms.
Minneapolis-based Dalmore has invested in five companies, including several in Minnesota. Those include Streamline Inc., which has developed a new type of medical IV pole, and Pursuit Vascular Inc., a maker of medical technology that aims to reduce infection in hemodialysis patients.
Outside Minnesota, Dalmore has backed Beyond Lucid Technologies Inc., a Walnut Creek, Calif.-based software developer whose product, called Mediview, allows ambulances to send critical patient data to emergency rooms waiting to receive the patient. The company is an example of the type of deal Dalmore looks for because it’s addressing a common challenge: how to get information about a patient’s condition to physicians in a timely manner, Blank said.
Dalmore also co-led a $500,000 investment in Bellevue, Wash.-based KardioFit Inc., which makes software for corporate wellness programs. Employees who subscribe to KardioFit are entered into a sweepstakes game, giving them a chance to win cash prizes.