Pharmaceutical company Pfizer has contributed funding to StartHealth, an India-based programme that will provide seed funding to healthcare technology startups, the Times of India reported on Monday.
StartHealth has secured Rs 100m ($1.6 m) in funding and grants from entities also including Unitus Seed Fund and international non-profit organisation Path, while two healthcare providers, Manipal Hospitals and Narayana Health, will provide technical help.
The initiative is intended to help develop affordable healthcare products for low-income citizens. Specific areas of interest include low-cost diagnostic and monitoring devices, cloud and IT technology, and technology that can be used to improve the quality of care at the base levels of India’s healthcare system, like primary care clinics.
Five startups will be selected this year, with each of them eligible to get up to $85,000 of non-dilutive capital to fund initial pre-seed business development for six to 12 months.
The companies will then be eligible for $160,000 of seed capital from Unitus Seed Fund and its investment partners in order to scale their operations, and will get access to facilities from the two hospitals for pilots and market testing, together with hands-on mentoring.