Share this article:

The Innovation Institute in La Palma, founded with an investment from Irvine-based St. Joseph Health, said today that Children’s Hospital of Orange County has become its third member and investor.

The not-for-profit institute is intended to develop new products and services. It is made up of an incubator for medical technology, an investment fund, and a shared services group.

Get the latest OC business and Coronavirus updates

CHOC, a pediatric hospital located in Orange, is “excited to have a place where our [doctors] and employees can go to vet their ideas and bring them to life,” said Chief Executive Kimberly Chavalas Cripe in a statement.

Maryland-based Bon Secours Health System is the third investor in the institute.