GE Ventures (NYSE:GE) and health innovation company StartUp Health said they plan to expand their partnership to invest and support startups in the healthcare innovation sector.
The expansion will allow the partners to accept 10 new qualified companies into their “StartUp Health Academy” program. The 2 companies originally launched their startup focused partnership program in 2013 with 15 consumer health companies.
“Our initial program’s participants have hit some amazing milestones – including two follow-on investments from GE Ventures and one acquisition by a major healthcare company. We look forward to extending the program to a new group of entrepreneurs, offering them StartUp Health’s powerful platform to gain traction, and GE’s global network to help them scale,” GE Ventures healthcare director Ruchita Sinha said in a press release.
The partnered companies said they are looking for entrepreneurs working on “virtual health platforms and next generation payment solutions.” Selected companies will be invited to join the StartUp Health Academy for 3 years and will be eligible for a $50,000 investment and additional funding as they progress.
“From day 1, we’ve had a synced vision with GE Ventures – to foster innovation that will make a big difference in transforming every aspect of healthcare. We believe unique collaborations are required between extraordinary entrepreneurs and the world’s industry leaders like GE in order to fix today’s most complex healthcare challenges,” StartUp Health CEO Steven Krein said in a prepared statement.
The companies said the program will initially support startups and early-stage companies providing network offerings, point solutions, claims-free economy solutions and virtual health platforms.
“Our long-term partnership with GE Ventures is part of our ongoing strategy to bring together a collaboratory of the world’s healthcare leaders to speed up the cycles of transforming healthcare by providing entrepreneurs with ongoing support, expertise and investment,” StartUp Health network director Katya Hancock, said in prepared remarks.
