New York-based StartUp Health announced Wednesday that it has raised $19.3 million from several investors including Ping An Global Voyager Fund, the venture arm of Chinese insurance firm Ping An.
Launched in May 2017, Ping An Global Voyager Fund has $1 billion to invest in digital health as well as fintech.
“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,” said Jonathan Larsen, Chief Innovation Officer of Ping An Group and Chairman & CEO of Ping An Global Voyager Fund, in a news release. “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.”
Other investors in the round include GuideWell, the insurance holding company, Masimo Corporation, a medical device firm, and a consortium of partners through StartUp Health Transformer Fund II.
Since its launch in 2011, StartUp Health has aimed to transform health and foster innovation by encouraging digital health startups to find traction in the marketplace. To that end, the company takes equity in those startups that now number 200 spanning five continents and 19 countries. However, unlike accelerators with cohorts and a set time-frame of graduation and Demo Day, StartUp Health’s relationship with its portfolio companies is designed to be longer term.
The health innovation company said it has created a global network of over 30,000 investors, customers, and partners to date.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
StartUp Health has focused on 10 health moonshots in health to move the needle in healthcare. They are:
- Access to Care
- Cost to Zero
- Cure Disease
- End Cancer
- Women’s Health
- Children’s Health
- Nutrition and Fitness
- Brain Health
- Mental Health & Happiness
- Longevity
“When you are sprinting a marathon as so many Health Transformers are, there’s nothing better than having batteries included partners by your side coaching you to success,” said Unity Stoakes, President and Co-founder of StartUp Health, in the news release announcing the fundraise. “We are thrilled to have partners like Ping An, GuideWell, and Masimo Corporation, who are so aligned with our vision for transforming health.”
Photo: atibodyphoto/ Getty Images
