The Innovation Institute, a La Palma company that was founded by Irvine-based St. Joseph Health, said Thursday that Bon Secours Health System has joined it as an investor.

The Innovation Institute, is intended to develop new products and services, it said in a release. It will include an incubator for medical technology, and an arm that is designed to invest in “emerging businesses and assets.”

Marriottsville, Md.-based Bon Secours is headed by Richard Statuto, a former chief executive of St. Joseph Health.

Bon Secours and its patients “will benefit from shared research and development of new products and services” through the Innovation Institute, Statuto said.