Chicago - BlueCross BlueShield Venture Partners, L.P., a corporate venture fund that is an independent licensee of the Blue Cross and Blue Shield Association, and Sandbox Industries announced a $5-million investment in Initiate Systems, Inc., a provider of master data management (MDM) solutions for health information exchange.

BlueCross BlueShield Venture Partners is a newly formed, $116-million corporate venture fund to which 11 independent Blue Cross and/or Blue Shield companies have already committed capital. The fund invests in technologies, products, and services in the healthcare industry that promote efficiency, lower costs, and improve options for consumers. In a unique partnership, the fund is managed jointly by representatives from the Association, the participating Blue Plans, and Sandbox Industries, a Chicago-based venture capital firm.

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