EIF has pledged to invest £8.2m in Rock Spring Ventures EU, which is targeting £50m for its final close.
Other investors so far include Scottish Enterprise through the Scottish Investment Bank, Strathclyde Pension Fund and the universities of Glasgow, Edinburgh and Aberdeen.
Rock Spring also has a US arm based in Maryland, which also targets early-stage, high-growth health science companies.
The EU fund will also aim to provide venture capital to business being spun out from leading universities, Rock Spring said.
Managing partner Sinclair Dunlop has returned to his native Scotland from the US to launch the new fund.
He said, “We are particularly excited to be partnering with a unique investor group that includes three of Scotland’s world‐class universities to provide the capital needed to realise the full potential of their spin‐out companies.
“The incredible strength of the research base across the UK, and in Scotland in particular, makes it a natural location for us.”
A statement from EIF said, “Scotland specifically suffers from a lack of resources to promote the commercialisation of research results and to allow high growth life science SMEs to reach their full potential.
“This fund, in close partnership with the universities, will contribute towards bridging this funding gap and will also capture to a more limited extent opportunities more widely from the EU.”
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