StartUp Health, a digital health group that supports, connects and finances startups, just landed $19.3 million from Ping An Global Voyager Fund, GuideWell, Masimo Corporation, and a consortium of partners through its Transformer Fund II.
“This [funding] is a really good opportunity to focus on health innovation globally—not just looking at the hubs here in the US … but the dozens and dozens of health innovation hubs in places like China, India, and throughout Europe,” Unity Stoakes, co-founder of StartUp Health, told MobiHealthNews. “There is a wave of entrepreneurs designing really exciting new technologies for health. This funding is going to enable us to support early stage innovators.”
StartUp Health was founded in 2011 and focuses on helping digital health companies through coaching, networking, and building a community.
Currently the company is working on 10 initiatives, which they call Moonshots. The Moonshots range from ending cancer to brain health and access to care and curing diseases. Stoakes said the goal is to achieve all Moonshots in the next 25 years.
Startups that work with the company focus on one of the Moonshot initiatives. Early stage startups can also apply for the Moonshot Academy, which trains companies and opens up opportunities for investments with partners and customers.
“We believe we are entering a second wave of innovation in digital health—the first wave was about experimentation and getting momentum,” Stoakes said. “You will start to see a lot more collaboration. … There is really an opportunity in the healthcare landscape to connect the big global leaders here in the US and around the world directly with these young and emerging companies.”
StartUp Health claims to have the largest portfolio of digital health companies with 200 startups from five continents and 19 countries. It has a network of 30,000 investors, customers, and partners.
“We are inspired by StartUp Health’s bold plan for solving the world's biggest health challenges and are very pleased to embark on this partnership to support a generation of health entrepreneurs together,” Jonathan Larsen, chief innovation officer of Ping An Group and chairman and CEO of Ping An Global Voyager Fund, said in a statement. “StartUp Health has created a health moonshot factory which brings us early access to the innovators transforming health on a global level. Together, we will be able to speed up innovation cycles and make a significant impact on people's lives.”