GE Healthcare Aims to Fund up to $50M for Global Health Startups
September 23 2016 - 4:00AM
Business Wire
- Acumen, Aavishkaar-Intellecap Group,
Unitus Seed Fund and Villgro among four social impact investors to
join accelerator aimed at improving affordable healthcare for
emerging markets
- Program will focus on commercially
scaling startups post Series A funding; potential for up to $5M/per
startup investment from GE Healthcare
GE Healthcare, the $18 billion healthcare technology division of
GE (NYSE: GE), today announced the launch of the company’s first
healthcare accelerator, five.eight, aimed at improving healthcare
outcomes for the world’s developing economies. The accelerator will
target global health startups with a vision to improve healthcare
quality and accessibility in developing or low-resource settings –
from education and training to disruptive, low-cost technologies
and digital applications.
Portfolio companies from four social impact investors: Acumen,
Aavishkaar-Intellecap Group, Unitus Seed Fund and Villgro, will be
among the initial applicants for the first accelerator program.
Through the program, GE Healthcare and each startup will focus on
commercially scaling healthcare innovations for emerging economies,
with the potential for GE Healthcare distribution of the startup
product, or integration of the service into GE Healthcare’s
Affordable Care Portfolio. In addition, potential funding of up to
$5M/per startup will be evaluated on a case-by-case basis as the
collaboration between GE Healthcare and each startup evolves.
“Globally, it’s estimated that more than 5.8 billion people in
the world lack access to quality, affordable healthcare,” said John
Flannery, President & CEO of GE Healthcare. “We’ve had a
continuous commitment to improving healthcare for those who need it
most, but we know we cannot do it alone. Through five.eight, our
goal is to fuel the greater global health ecosystem, partnering
with social impact investors and global health startups, in order
to maximize impact and outcomes for populations with the greatest
need.”
“Collaborating with investors allows us to work with some
extraordinary entrepreneurs that have promising technologies to
extend our portfolio of affordable solutions,” said Terri
Bresenham, President & CEO of GE Healthcare’s Sustainable
Healthcare Solutions, which develops the company’s affordable care
portfolio of high-value, low-cost technologies and healthcare
delivery solutions for emerging markets. “Our goal is to define the
next generation of care delivery technologies that can deliver
impact where it matters.”
Five.eight aims to welcome at least 10 startups in its initial
program, with applicants sourced from the four social impact
investors, but not limited to these portfolio companies.
The first company signed on to join five.eight is Tricog, a
Bangalore-based startup focused on improving survival rates of
heart attacks in India by decreasing the average time between
symptoms and treatment. Using cloud-connected ECG devices in
medical centers, Tricog helps doctors diagnose a patient within
minutes of their arrival at a clinic, improving access to quick,
accurate and affordable diagnosis, which can lead to significant
mortality reduction. As the first startup in five.eight, GE
Healthcare and Tricog will collaborate on scaling Tricog’s solution
to more markets globally.
Five.eight joins GE’s Innovation Network – a global, connected
ecosystem of accelerators, startups, and innovators working on
technologies that disrupt and grow markets through digital
transformation. The startups joining five.eight will now have
access to Innovation Network programming and resources as well as
connectivity to other GE global innovation centers in Helsinki,
Cardiff, Istanbul, Calgary, Johannesburg, Dubai and more.
The Accelerator is also open to partnerships with global health
startups directly, or other players within the global health
ecosystem, including academia, NGOs or other healthcare providers.
Interested applicants are encouraged to contact five.eight;
applicants will be evaluated and accepted on a rolling basis. The
accelerator is open to all global health startups, regardless of
location.
About GE Healthcare
GE Healthcare provides transformational medical technologies and
services to meet the demand for increased access, enhanced quality
and more affordable healthcare around the world. GE (NYSE: GE)
works on things that matter - great people and technologies taking
on tough challenges. From medical imaging, software & IT,
patient monitoring and diagnostics to drug discovery,
biopharmaceutical manufacturing technologies and performance
improvement solutions, GE Healthcare helps medical professionals
deliver great healthcare to their patients.
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version on businesswire.com: http://www.businesswire.com/news/home/20160923005069/en/
Mirielle Ranade, Communications - GE Healthcare+65 9118
2214Mirielle.Ranade@ge.comorRajan S, Communications – GE Healthcare
India+91 9930109372Rajan.S@ge.com
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