Victoria saw a 34% increase in the number of digital health startups last year, according to the latest data from commercialization firm ANDHealth.
Victorian Government investment and support for digital health programs such as LaunchVic, ACTIVATE and the Victorian Connected Health Innovation and Commercialization Center (CHICC) are helping startups access regulatory guidance and funding to advance commercialization.
Raised more than $20 million
According to ANDHealth, over 1200 representatives from Victorian digital health companies took part in these programs and developed their technology to combat some of Victoria’s most debilitating health problems, including mental illness, cardiac and musculoskeletal disorders and cancer.
ANDHealth ACTIVATE, supported by LaunchVic, is a purpose-built accelerator program for Victorian digital and digitized medical technology companies poised for significant growth. Victorian digital health companies that have specifically participated in the ACTIVATE program have raised over $20.3 million in capital and created 20 new jobs in six months.
The application deadline for the next cohort is today (April 15). During the six-month program, companies with a Minimum Viable Product (MVP) receive tailored support and mentoring designed to lead to a solid business and investment case that enables companies to successfully navigate the due diligence processes of professional investors and corporate customers. The program provides world-class content with practical coaching and support to help companies implement their insights into their business in real time.
An example
Virtetic is a digital health company that uses virtual reality and wearable sensors to make rehabilitation and prosthetic training fun for people with limb loss – around one in 1000 people in Australia. By participating in the LaunchVic ANDHealth ACTIVATE program, Virtetic was able to receive regulatory approval of its technology and launch its first clinical pilot.
“As first-time founders, this support has helped us overcome the challenges of bringing an innovative digital health effort to market. I think our regulatory approval and landing of our first commercial pilot would have taken much longer without the help of the mentors during the program,” said Raphael Mayer, Chief Technology Officer of Virtetic.
Ricardo Garcia-Rosas, CEO of Virtetic, said the impact of a supportive community of colleagues and experts in the digital health industry cannot be underestimated, with the ACTIVATE program crucial in helping the company define how it should be can bring the first product onto the market.