Philadelphia College of Osteopathic Medicine's new $5 million venture-capital fund announced its first investment, investing $500,000 in a San Diego company called AristaMD, which has a digital service that is designed to reduce the need for specialist visits by allowing many questions to be answered in the primary-care office.

The PCOM Primary Care Innovation Fund, announced in May, was designed to invest in companies that help primary care physicians do their jobs. The money for the fund, which is managed by Dean Miller, CEO of the Philadelphia Alliance for Capital Technologies and a partner at private investment firm Evergreen Industries, came from PCOM's foundation.