GE Healthcare launches accelerator for global startups

GE’s healthcare technology division, GE Healthcare has launched the company's first healthcare accelerator, five.eight, in a bid to improve healthcare outcomes for developing economies.

The accelerator will target global health startups with Series A funding and are working in the areas of mother and child care, cardiology, oncology, radiology, surgery and primary care.

The team is looking to fund up to $5 million per startup from GE Healthcare, for the accelerator programme.

“The idea of playing with the words five.eight is to focus on the world population that does not get access to quality healthcare and treatment procedures,” said Terri Bresenham, President and CEO, GE Healthcare’s Sustainable Healthcare Solutions.

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 but not limited to them.

"We would come into a partner with them (startups) to develop commercial strategy...just like we would do with our own products," said Terri Bresenham, president and CEO of GE Healthcare's Sustainable Healthcare Solutions, which develops the company's affordable care portfolio. "We have a large distribution system and these startups can go out and test ideas."

Tricog, a Bengaluru-based health tech startup that focuses on improving the heart attack survival rate is the first startup to be a part of the programme.

John Flannery, President and CEO, GE Healthcare said, “We are looking at companies that have a proven model and market strategy. Being in India, we will have a partial focus towards Indian startups even if it is a global accelerator.”

The team added that these startups will gain access to clinical mentors from GE Healthcare as well as to funding and strategic partnerships. They added that the assessment of the applications will be on the basis of market assessment of needs and the ability of the solution to meet the need.

The startups joining five.eight will have access to Innovation Network programming and resources as well as connectivity to other GE global innovation centres in Helsinki, Cardiff, Istanbul, Calgary, Johannesburg, and Dubai among others.