-Shri Gaurav Gupta, Principal Secretary, ITBT&ST Panellist at the Launch of ‘Lumos Health’; offers Government support to start-ups-
-The Government is currently working on a legal framework to fast track laws to aid innovation-
– ‘Lumos Health’, the market access program for health-tech start-ups was launched late last year and received over 120 applications from 10 countries-
-The program will help selected start-ups achieve scale and raise investments-
Bengaluru, July 18, 2019: Anthill Ventures, an investment and Speed Scaling platform for early growth stage startups, in partnership with HealthCare Global Enterprises Limited (HCG), the largest provider of cancer care in India, today announced that it has shortlisted six start-ups for Lumos Health, a Market Access Program focused on scaling technology start-ups in Healthcare and Life Sciences. An informative panel discussion was also organised on “Disruptive Trends in Healthcare” which saw the participation of Shri Gaurav Gupta, Principal Secretary, ITBT&ST along with Shantanu Ghosh, Ex Business Leader and CFO, General Electric, Genpact and Unilever, Krishnakumar Shankarnarayan, Executive Director, PWC Consulting Service, Naveen Kumar S, VP – Research and Innovation, Altran and Dr. Ramesh Byrapaneni, Managing Director, Endrya Partners. The panel was moderated by Dr BS Ajaikumar, Chairman and CEO, Healthcare Global Enterprise.
The program is for 12 months and had launched its call-for-applications during late last year. It is designed to help startups focused on emerging technologies in Healthcare and Life Sciences, accelerate their business growth by providing them support and mentorship. Lumos Health will help the selected startups to raise investments, provide assistance with mentoring and regulatory approvals, increase their customer base and generate more revenues. A cohort of six start-ups that brings in exciting solutions for healthcare and life sciences has been selected out of over 120 applications received from across the world.
Lumos Health is focused on scouting startups in the verticals of Oncology, Fertility, Genomics, Bioinformatics and Research & Diagnostics. The six selected startups have the potential to enhance the healthcare & life sciences innovation ecosystem in India. The entrepreneurs have developed solutions using Key Technologies such as Image-Based Pathology, Mobile Health, Artificial Intelligence (AI), Early Detection of Cancers, Easy wound assessments.
Speaking on the occasion, Prasad Vanga, Founder and CEO of Anthill Ventures said, “There is tremendous growth of emerging technologies in the healthcare and life sciences industry globally, that have a huge potential to disrupt the space. We are thrilled to work with these start-ups – Alixir, AyuRythm, BiMedis, C-Test Medicals, Kronikare, and Raybaby. We will scale them with speed to the global markets as some of them will work on real use cases, and deploy their products in real client engagements through our tailored market access program.”
Gaurav Gupta Principal Secretary for Information Technology, Biotechnology and Science & Technology Government of Karnataka speaking at the panel said, “Disruptive technology and innovation is no longer a dream especially in the healthcare space. Quite a few Government supported start-ups across the state have come out with unique technologies like affordable healthcare, early detection of cancer, bio engineered human cornea and a lab grown mini liver which have made global headlines. He went on to say that “Bangalore is the place to be and we have made a conscious effort in the way the Government is supporting start-ups and Innovation. With eleven thousand start-ups in Karnataka out of forty thousand in the country, the Government is keen on fast tracking regulations, permissions and is even funding and incubating innovative start-ups through various programmes”
Speaking at the launch event, Dr B.S. Ajaikumar, Chairman and CEO, HCG Enterprise Limited said, “Today technology has become a crucial part of healthcare. There is an advent of various innovations to bring about better outcomes in healthcare, particularly in fields like cancer, diabetes and other wellness programs. HCG is looking at being at the forefront of bringing new disruptive technologies. To encourage this, we have partnered with Anthill to give an opportunity to the young minds of India and across the globe to come up with their proposals. I sincerely hope that our shared enthusiasm and passion for working in the healthcare segment will result in a grand success for everyone involved.”
Anjali Ajaikumar, Program Director, Lumos Health & Vice President – Strategy & Quality, HCG Enterprise Limited said, “HCG and Anthill’s combined experience and history of fast growth makes this partnership ideal for healthcare start-ups to leverage upon. Under the Lumos Program, start-ups will enhance their product, have impactful interactions with our 30+ partner companies in both the local and global network and see how their company is making a difference in the quality of health and patient care. I am excited that Lumos is paving the way for start-ups to make a significant impact in the future of how healthcare will be delivered.”
This cohort of the latest generation of healthcare & life sciences startups will benefit from:
- Smart Capital through Anthill Venture Fund and investor ecosystem.
- Access to diverse customer network through partnerships with corporates, hospitals, NGOs, various government bodies and foreign embassies.
- Access to extensive R&D facilities at HCG.
- Opportunity to work and scale up under the aegis of Dr B.S. Ajaikumar and other renowned clinicians of HCG. Startups selected through this program will work with subject matter experts, mentors, and coaches from both Anthill Ventures and HCG, to collaborate and enhance their solution.
Selected from 120 applications, 20 startups presented to a jury comprising of subject matter experts from HCG, Anthill Ventures, and external industry members for the shortlisting process. The participants were reviewed based on the quality of technology solution, product/solution readiness, and growth potential.
The six chosen start-ups are:
- Alixir: Alixir (HQ: Australia) aims to replace the reliance on radiologists with an Artificial Intelligence (AI) system that scans digital mammographs and detects breast cancer. AI system provides an instant report with 96% sensitivity and 95% specificity. Accuracy achieved through usage of “gold standard data” i.e. biopsies and diagnoses from surgeons.
o Brings in value for Radiologists, Patients, Doctors, caregivers and the entire hospital system
- AyuRythm: AyuRythm (HQ: India) is the world’s first application that can detect the age-old and renowned Naadi Pariksha (Pulse diagnosis), via a smartphone camera which integrates pulse detection technology and Ayurveda. It then uses Artificial Intelligence (AI) algorithm to recommend proactive solutions for the underlying causes and treatments of the ailments and stress-related issues.
o Brings in value for Ayurvedic and alternate medicine users, as well as enthusiasts interested in natural fitness.
- BiMedis: BiMedis (HQ: Ukraine) is an international medical equipment trading platform where medical devices buyers, sellers and service providers from all over the world can come together and communicate and close their deals in a professional environment. Unlike some of the marketplace aggregators BiMedis doesn’t charge a sales commission instead runs on ad revenue.
o Brings in value for equipment manufacturers, hospitals, clinics, doctors and other service providers.
- C-Test Medicals: C-Test Medicals (HQ: India) designs and manufactures a ‘Sampling’ tool which collects cells from the tissue in very painless fashion without any bleeding, needles, sutures and anti-biotics. It is the first in the market to provide a sampling tool to collect cells from 3rd layer of epidermis (to detect oral cancers at an early stage).
o Brings in value for Hospitals, Clinics, Dentists, ENTs, Nurses, Government programs and service providers in rural areas who don’t have access to healthcare facility.
- Kronikare: Kronikare (HQ: Singapore) offers a mobile application along with a hardware device that uses computer vision, thermal imaging and laser for Wound & Tissue Analysis, Detecting Complication and Preventive Care. It is one of the few companies to use Machine learning and Artificial Intelligence (AI) to understand tissue damage, assess wounds and predict complication against traditional manual inspection & caregivers’ guess work.
o Brings in value for hospitals, caregivers, patients with quicker and accurate assessments of chronic wounds
- Raybaby: Raybaby (HQ: US) is a non-wearable sleep and breathing monitor, choosing breathing as one of the most important vital signs to track. It combines radar sensor with Artificial Intelligence (AI) powered platform to create intelligent and accurate baby monitor.It’s incredibly child-friendly design fits easily in a child’s nursery.
o Brings in value for parents, childcare centers, caregivers, baby
Corporate Comm India (CCI Newswire)