Philips, which is an electronic giant, together with EDBI, which is the venture unit of the Economic Development Board, has set up a fund to invest in digital health start-ups. EDBI think it is the first alliance with great corporations to support open innovation.
Besides the investment, both of the two sides will use their own business networks in certain region to assist the start-ups to launch in Asian market. Start-ups which have own products, devices and solutions about telemonitoring, telehealth and others in healthcare-based big data and analytics will be supported by the fund.
The partnership will strengthen Singapore's position as one of the leading digital health hubs in Asia, stated Chu Swee Yeok, the chief executive of EDBI. When the digital health start-ups base themselves in Singapore, other business opportunities in this area would also come out and develop, according to Ms Chu.
The Dutch conglomerate are going to offer business mentorship and guidance to those start-ups and help them develop the necessary skill sets which are required to run a scalable and sustainable business, said Mr Fabian Wong, who is Philips' chief executive of ASEAN and Pacific.
According to US venture capital firm Rock Health, the investments in digital health care start-ups reached US$4.5 billion in America. The fund is all for the sectors such as biosensing, telemedicine, wearables, personal healthcare tools and tracking and care coordination. Besides, one third of the fund is used for growth and business expansion for those companies.
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