Healthcare, the $18-billion healthcare technology unit of GE, has announced $50-million funding aimed at improving services of healthcare startups in developing countries.
Healthcare has set up an accelerator — five.eight
— that will work with global health startups working in areas of disruptive, low-cost technologies and digital applications, which will improve healthcare quality and accessibility in developing or low-resource settings.
aims to get at least 10 startups in its initial programme, with applicants sourced from four social impact investors but not limited to these portfolio companies, it said in a statement.
The four social impact investors include Acumen, Aavishkaar-Intellecap Group, Unitus Seed Fund
Through the programme, GE
Healthcare and each startup will focus on commercially scaling healthcare innovations for emerging economies, with the potential for GE
Healthcare distributing the startup's 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," it said.
Healthcare President and Chief Executive Officer John Flannery said it is estimated that more than 5.8 billion people in the world lack access to quality, affordable healthcare.
"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.
The first company to join GE
Healthcare's programme is Bengaluru-based Tricog
that focusses on improving survival rates of heart attacks in India.
Using cloud-connected ECG devices in medical centres, it 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.
Healthcare and Tricog
will collaborate on scaling latter's solution to more markets globally, it said.
is part of GE's Innovation Network that is a group of 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 have access to Innovation Network's programming and resources as well as connectivity to other GE
global innovation centres in Helsinki, Cardiff, Istanbul, Calgary, Johannesburg