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