The Los Angeles Venture Association has joined business advocacy groups in Orange County and San Diego to form a network to help draw more capital for startup companies throughout the region.

The 33-year-old business group based in West Los Angeles has teamed up with OCTANe, a business accelerator based in Aliso Viejo, and the San Diego Venture Group, to form the Innovation Network of Southern California.

The newly formed group aims to create a unified hub of innovation, and to provide greater value for existing companies. As Southern California leaders unify, its founders say, the network of investors will increase. In addition, new startups will be drawn throughout the region, while more capital will flow to growing firms.

“Bridging the gap of innovation and capital is a challenge for companies in all three counties,” said Len Lanzi, executive director of LAVA, in a statement. “By working together, we can gather more resources and foster a stronger sustainable ecosystem.”

The network, which will meet quarterly, will be formally introduced June 1 at an OCTANe Technology Innovation Forum in Newport Beach.

A study by the California Life Sciences Association found that Southern California lost out to the San Francisco Bay Area in venture capital investment into bioscience companies. While the Bay Area received $5.3 billion in life sciences VC investment in 2017, San Diego County received $688 million, while Los Angeles County received $564 million.

Health business reporter Dana Bartholomew can be reached at [email protected]. Follow him on Twitter @_DanaBart.