Victoria has seen a 34% increase in digital health startups in the past year, according to the latest data from commercialisation firm ANDHealth.
Investment and support from the Victorian Government for digital health programs like LaunchVic, ACTIVATE and the Victorian Connected Health Innovation and Commercialisation Centre (CHICC) are helping startups access regulatory guidance and funding to advance to commercialisation.
$20m+ raised
These programs have seen over 1200 representatives of Victorian digital health companies participate and develop their technology to address some of Victoria’s most burdensome health conditions, including mental health, cardiac and musculoskeletal conditions, and cancer, according to ANDHealth.
ANDHealth ACTIVATE, supported by LaunchVic, is a purpose-built accelerator program for Victorian digital and digitally enabled medical technology companies which are poised for significant growth. Victorian digital health companies that have participated in the ACTIVATE program specifically have raised over $20.3m in capital and created 20 new jobs in six months.
Applications for the next cohort close today (15 April). Throughout the six-month program, companies with a minimum viable product (MVP) receive tailored support and mentorship designed to result in a robust business and investment case which will enable companies to successfully navigate the due diligence processes of professional investors and enterprise customers. The program will deliver world-class content with hands-on coaching and support to allow companies to implement their learnings into their business on a real-time basis.
An example
Virtetic is a digital health company using virtual reality and wearable sensors to make rehabilitation and prosthesis use training fun for people living with limb loss — approximately one in 1000 people in Australia. Participation in the LaunchVic ANDHealth ACTIVATE program enabled Virtetic to secure regulatory approval of its technology and commence its first pilot in clinic.
“Being first-time founders, this support has helped us navigate the challenges of bringing an innovative digital health intervention to market. I think our regulatory approval and landing our first commercial pilot would have taken a lot longer without the help from the mentors during the program,” said Raphael Mayer, Chief Technology Officer of Virtetic.
Virtetic CEO Ricardo Garcia-Rosas said the impact of having a supportive community of peers and experts in the digital health industry cannot be understated, with the ACTIVATE program key in helping the company define how to bring its first product to market.
Image credit: iStock.com/erhui1979
