Bengaluru, September 26, 2016: In a push to increase access to affordable healthcare systems in India and other emerging markets, GE Healthcare, the $18-billion healthcare technology business of GE, has launched a $50-million fund.
The healthcare giant has partnered with investors such as Unitus Seed Fund, Villgro, Acumen and Aavishkaar-Intellecap Group. Under the agreement, the portfolio companies of the partners will be a part of the accelerator programme.
The new venture is focused on post-Series A funding for companies that are working on prototypes that could improve healthcare quality and access in developing economies. While the fund has been launched in India, it is open to start-ups worldwide. John Flannery, President and CEO of GE Healthcare, said that about 5.8 billion in the world lack access to quality healthcare at an affordable cost, and the initiative is an effort to rectify this situation.
Further, GE is looking at potentially funding 10 start-ups at $5 million each, primarily in areas such as cardiology and maternal care. The programme, called five.eight, will allow start-ups to access healthcare-related and IP information. The investees also obtain access to GE products and its partner ecosystem.
Tricog signs up
Tricog, a Bengaluru-based start-up, is the first to join the five.eight programme. Tricog is focused on improving the survival rates of heart attacks by using diagnostics technology that can help in reducing the time between symptoms and treatment.
For GE, the benefits are around understanding the challenges faced in healthcare in emerging markets. According to Terri Bresenham, President and CEO of GE Healthcare’s Sustainable Healthcare Solutions, collaborating with investors allows the company to work with newer technologies that can change patient outcomes. Officials also pointed out that one of the reasons for choosing Bengaluru as the location for this programme is the entrepreneurship culture here, as well as GE Healthcare’s base of 4,500 engineers located in the city.
GE Healthcare also runs hackathons along with the Consortium for Affordable Medical Technologies (CAMTech).-Hindu Business Line
