November 30, 2017

Philips Health Technology Ventures – partnering with innovative health technology start-up companies to provide integrated solutions for better, more affordable health

As Philips has transformed into a focused health technology company, it has redesigned its venture capital investment strategy. Complementing the company’s advanced R&D program and M&A driven portfolio extensions, Philips has recently consolidated and strengthened its venture capital activities with the launch of Philips Health Technology Ventures. This new venture capital fund aims to invest in, and partner with, promising healthcare informatics and health technology services start-up companies to accelerate their growth and extend their reach.

Addressing global healthcare challenges

In line with its mission to improve the lives of 3 billion people a year by 2025, Philips has transformed itself from a company that provides individual products to a company that provides integrated solutions comprising systems, smart devices, software and services that enable people to stay healthy, live well and enjoy life, as well as helping healthcare professionals to optimally care for them when they are sick. 

 

Innovation in healthcare delivery, driven by global challenges such as the world’s aging population and shortage of healthcare professionals, will be key to success, and this is reflected by Philips’ extensive R&D programs and clinical collaborations. However, Philips also recognizes that some of the most creative new ideas, especially in health informatics and services, lie in innovative start-ups.

 

The overall aim of Philips Health Technology Ventures is to invest in promising start-ups that can serve as long-term commercial partners to achieve Philips’ aim of delivering patient-centric solutions throughout the health continuum – from healthy living and disease prevention, to diagnosis, therapy and home care.  

 

In addition to directly investing in these businesses, Philips is also connecting with innovative companies across the globe through collaboration with amongst others the investment arm of the Singapore Economic Development Board; in Europe and the U.S. through Gilde Healthcare; and in Israel through Sanara Ventures.

Our belief is that by combining our strengths as a large global health technology company, with the innovative ideas and transformative business models of early-stage health technology companies, we can drive true change and improvement in the healthcare system.

Rich Wilmot

Head of Philips Health Technology Ventures

Partnering for mutual success

By investing in start-ups, accelerating their growth and adding joint value, Philips Health Technology Ventures will allow Philips to tap into the expertise of these companies to provide end-users with predictive and preventative care, faster and more accurate diagnoses, personalized treatment and improved outcomes, as well as lowering healthcare costs. 

 

A recent example is Philips’ lead participation in a EUR 4 million investment round in LeQuest – a Netherlands based company that delivers medical technology e-training programs designed to empower healthcare professionals to use medical technology with confidence and competence. The Health Technology Ventures team has also recently led a USD 5.2 million Series A funding round for Mytonomy, a US-based provider of a cloud-based patient experience solution. 

 

“Our belief is that by combining our strengths as a large global health technology company, with the innovative ideas and transformative business models of early-stage health technology companies, we can drive true change and improvement in the healthcare system,” said Rich Wilmot, Head of Philips Health Technology Ventures. “This structural approach enables us to tap into a broad range of external innovation initiatives that are complementary to our own organic efforts to provide meaningful solutions to our customers across the health continuum.”

 

Philips’ position at the forefront of digital health, and unique know-how and experience in the consumer and professional healthcare domains, places it in an ideal position to assist start-ups and SMEs in accessing the market and achieving the scale needed for rapid roll out of innovative healthcare solutions and services. The Philips Health Technology Ventures initiative embodies Philips’ commitment to supporting such partnerships with the necessary funding to achieve rapid growth, and is actively looking for new opportunities.

 

For more information on Philips Health Technology Ventures visit www.philips.com/ventures

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Steve Klink

Steve Klink

Philips Group Press Office

Tel: +31 6 10888824

Ksenija Gonciarenko

Ksenija Gonciarenko

Philips Investor Relations

Tel: +31 20 59 77055

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