GE Healthcare to fund startups

GE Healthcare, the $18-billion healthcare technology division of American giant GE, announced $50 million in funding aimed at improving services of healthcare startups in developing countries on Friday.

The company launched its first healthcare accelerator five.eight, aimed at improving healthcare outcomes for the world’s developing economies, and 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.

Addressing reporters here on Friday, GE Healthcare President and Chief Executive Officer John Flannery said, “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 maximise impact and outcomes for populations with the greatest need,” he added.

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 programme, through which, 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 $5 million 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 programme, with applicants sourced from the four social impact investors, but not limited to these portfolio companies.

Meanwhile, the first company signed to join five.eight is Bengaluru-based Tricog, which is 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 globally.