The $18 billion GE Healthcare has unveiled its Accelerator: Five.eight which aims at improving healthcare outcomes for the world’s developing economies. It will fund up to $50 million for global health start-ups. In addition, the potential funding of up to $5 million per start-up will be evaluated on a case-by-case basis as the collaboration between GE Healthcare and each start-up evolves.
The accelerator will target global health start-ups which focus on quality and accessibility in developing or low-resource settings spanning from education, 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, are among the initial applicants for the first accelerator programme.
Through the programme, each startup will focus on commercially scaling healthcare innovations for emerging economies, with the potential for GE Healthcare distribution of the startup product and integrate service into its Healthcare’s Affordable Care portfolio.
“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”, he added.
“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 start-ups in its initial programme, with applicants sourced from the four social impact investors, but not limited to the portfolio companies,” she added.
The first company signed on to join five.eight is Tricog, a Bengaluru a-based start-up 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 centres, 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, start-ups, and innovators working on technologies that disrupt and grow markets through digital transformation. The start-ups joining five.eight will now have access to Innovation Network programming of other GE global innovation centres including Helsinki, Cardiff, Istanbul, Calgary, Johannesburg and Dubai.