GE Healthcare aims to fund up to $50 million for global health startups with the launch of its 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.
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. Each startup can receive up to $5M and will be evaluated on a case-by-case basis as the collaboration between GE Healthcare and each startup evolves.
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.
The first company already 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.
“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.”
The accelerator is open to all global health startups, regardless of location and applicants will be evaluated and accepted on a rolling basis.