GE Healthcare to Fund Up to $50M for Global Health Startups

GE Healthcare, the $18 billion healthcare technology division of GE (NYSE: GE), today announced the launch of the company’s 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.
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. In addition, potential funding of up to $5M/per startup will
be evaluated on a case-by-case basis as the collaboration between GE
Healthcare and each startup evolves.
“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.”
“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 startups in its initial program,
with applicants sourced from the four social impact investors, but not
limited to these portfolio companies.
The first company 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.
Five.eight joins GE’s Innovation Network – a global, connected ecosystem
of accelerators, startups, and innovators working on technologies that
disrupt and grow markets through digital transformation. The startups
joining five.eight will now have access to Innovation Network
programming and resources as well as connectivity to other GE global
innovation centers in Helsinki, Cardiff, Istanbul, Calgary,
Johannesburg, Dubai and more.
The Accelerator is also open to partnerships with global health startups
directly, or other players within the global health ecosystem, including
academia, NGOs or other healthcare providers. Interested applicants are
encouraged to contact five.eight; applicants will be evaluated and
accepted on a rolling basis. The accelerator is open to all global
health startups, regardless of location.
About GE Healthcare
GE Healthcare provides transformational medical technologies and
services to meet the demand for increased access, enhanced quality and
more affordable healthcare around the world. GE (NYSE: GE) works on
things that matter – great people and technologies taking on tough
challenges. From medical imaging, software & IT, patient monitoring and
diagnostics to drug discovery, biopharmaceutical manufacturing
technologies and performance improvement solutions, GE Healthcare helps
medical professionals deliver great healthcare to their patients.