GE Healthcare, the healthcare technology division of industrial conglomerate General Electric, plans to invest up to $50m in startups through an accelerator it launched yesterday.
Five.eight is looking to help develop technology that can improve care in developing nations, and will particularly seek out startups working on products that will improve care quality and accessibility in low-resource environments, such as education, training, affordable care technology and digital devices.
The unit will admit at least 10 startups to its first batch and will source some of those from the portfolios of social impact investors Acumen, Aavishkaar-Intellecap Group, Unitus Seed Fund and Villgro.
GE Healthcare will provide up to $5m in funding for each startup, but will make investment decisions on a case-by-case basis. The products may also be integrated into the division’s Affordable Care Portfolio, and will get access to GE global innovation centres and the firm’s Innovation Network ecosystem.
John Flannery, president and CEO of GE Healthcare, said: “We have 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 maximise impact and outcomes for populations with the greatest need.”
The first startup to join Five.eight is Tricog, an India-based developer of technology that uses cloud-connected electrocardiogram devices to help doctors quickly diagnose heart attack victims. Five.eight aims to help the company scale globally.