With an aim to make healthcare more affordable in emerging markets and developing countries, GE Healthcare is launching five.eight, a startup accelerator poised to spend $50 million on young digital health talent.
GE's five.eight is planning to allot up to $5 million per startup, The Tech Portal reports. In addition to funding, companies will receive mentorship through GE's clinical resources and strategic partnerships. The first company to join the accelerator is Tricog, a Bangalore, India-based firm focused on reducing the amount of time it takes for heart attack patients to receive care.
"Through five.eight, our goal is to fuel the greater global health ecosystem, partnering with social impact investors and global health start-ups, in order to maximize impact and outcomes for populations with the greatest need," John Flannery, president and CEO of GE Healthcare, said in a statement.
The Tech Portal reports the name five.eight comes from GE's estimation that at least 5.8 billion people worldwide do not have access to quality, affordable care.