Dive Brief:
- Johns Hopkins University and insurer CareFirst BlueCross BlueShield are partnering with venture capital firm Techstars to launch an accelerator for startups working on healthcare artificial intelligence tools.
- The 13-week program will offer funding, guidance from experts and support navigating the healthcare ecosystem and regulatory environment, the partners said in a press release Friday.
- The accelerator will invest in up to 12 health tech, medtech and biotech startups per class and up to 24 companies per year, according to a Techstars spokesperson. The venture capital firm offers an initial investment of up to $120,000.
Dive Insight:
Techstars has invested in thousands of early-stage startups, with more than 600 in the healthcare sector, such as fertility tracking firm Ovia Health and baby monitoring company Owlet. Some companies in its portfolio have gone on to become larger players in the space, including online pharmacy PillPack, which was later acquired by Amazon, and digital mental health platform Ginger, which eventually merged with meditation app Headspace.
The AI program will take place next year in Baltimore, where Johns Hopkins and CareFirst are based, according to the release.
Applications will be accepted through Nov. 20, and the accelerator will kick off in March next year.
The accelerator comes as AI has become a hot topic in the healthcare industry — and a big draw for venture capital funding dollars.
Though investment in digital health startups has fallen significantly following a funding boom in 2021, the market may be starting to improve, according to a July report by consultancy and venture capital firm Rock Health.
The analysis found 34% of funding in the digital health sector in the first half of the year went to startups leveraging AI.
In addition to the AI program, the venture capital firm also launched another healthcare innovation accelerator this week, in partnership with Northwestern Medicine.
