GlaxoSmithKline (GSK) has announced the launch of a new $50 million VC fund that will invest in companies developing bioelectronic medicines and technologies.

Action Potential Venture Capital (APVC) Limited intends to build a portfolio of 5-7 companies over the next five years. 

APVC's first investment will be in SetPoint Medical.

SetPoint, based in Valencia, Calif., is a biomedical technology company developing neuromodulation therapies for patients with inflammatory autoimmune diseases.