Netherlands-based global technology company, Philips, has selected 19 startups for its first global start-up collaboration program involving Philips’ innovation hubs in Cambridge (US), Eindhoven (the Netherlands), Bangalore (India) and Shanghai (China) focused on the application of artificial intelligence (AI) in healthcare, announced the company in a press release.
The incubation programme focuses on the application of AI-based clinical decision support tools, such as image interpretation, analysis and integration, and workflow tools, such as intelligent treatment plans for radiology, ultrasound and oncology. After careful analysis, the most promising 19 early stage start-ups out of 750 applicants were selected for inclusion in Philips’ proven incubator program for start-up companies.
The program will be carried out at Philips’ innovation hubs in Cambridge, Massachusetts; Eindhoven, the Netherlands; Bangalore, India; and Shanghai, China. For India Innovation hub of India Refer Here.
During the 12-week incubator program, Philips will provide the selected 19 startups with health technology expertise and access to its partners, including hospitals, universities and financial organizations. Philips will help the startups build, test and scale their ideas, and ultimately assess whether their solutions offer opportunities for future collaborations.
“At Philips, we use intelligent technology to improve people’s health across the health continuum – from healthy living and prevention to diagnosis, treatment and home care – while also increasing the efficiency of healthcare delivery,” said Alberto Prado, Head of Philips Healthworks, an intensive 90-day tailored program of Philips to help startups build, test, de-risk and scale their idea
“We are already working closely with clinical partners to develop AI-enabled solutions that are grounded in scientific research and validated in clinical practice. This new collaboration program recognizes the role that start-up companies play in bringing breakthrough healthcare innovations to the market,” he added.
Philips HealthWorks startup program accelerates breakthrough innovation through internal venturing and external start-up engagement. This program enables the company to assess, foster and monitor promising early stage start-up companies for potential future collaborations, as well as providing Philips with an in-depth view of the most recent developments in health technology from around the globe.
In addition to HealthWorks, Philips has a separate team managing venture capital investing, Health Technology Ventures. HealthWorks and Health Technology Ventures collaborate to form a center of excellence for start-up companies looking to partner with Philips.
Last year in May, Philips, together with American Heart Association and UPMC, had launched Cardeation Capital, a $30 million collaborative venture capital fund designed to spur healthcare innovation in heart disease and stroke care. Managed by Aphelion Capital, each of the three organizations has committed $10 million to the fund to bring products and solutions to market that address critical areas of healthcare delivery and health management.
In 2016, it was reported that Philips is planning to set up an India-focused venture fund to make investment in Indian healthcare technology startups. However since then nothing has been heard.
Philips already have venture funds in Israel & Netherlands and now looking at setting up a similar fund for Indian startups as well. In July 2015, Philips and Israel-based pharma company Teva jointly set up a $30-million venture fund to invest in medical devices and healthcare technology startups in Israel over eight years. Philips veteran Jeroen Tas said that Bengaluru is an important hub for the company.