GE Healthcare Announces $50M for Global Health Startups
GE Healthcare, the $18 billion healthcare technology provider, 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 health care quality and accessibility in developing or low-resource settings–from education and training to disruptive, low-cost technologies and digital applications.
The healthcare giant has tied up with four other companies—Acumen, Aavishkaar-Intellecap Group, Unitus Seed Fund and Villgro, who 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.
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. 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 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.