Apollo seed fund to push healthtech, medtech startups

"We are constantly approached by healthcare startups at multiple levels and to cater to this need, we have created a small fund that supports these startups reach their next level," Sangita Reddy, joint managing director, Apollo Hospitals told Telangana Today.

By Author  |  Published: 24th Feb 2018  12:06 amUpdated: 24th Feb 2018  1:34 am
Sangita Reddy, joint managing director, Apollo Hospitals

Hyderabad: Technology is disrupting every sector and healthcare is no exception. Healthtech and Medtech are expected to see exponential growth in India. The nation is also seeing a surge in the startup activity and the convergence of technology and healthcare is making its impact on this ecosystem too.

“We are constantly approached by healthcare startups at multiple levels and to cater to this need, we have created a small fund that supports these startups reach their next level,” Sangita Reddy, joint managing director, Apollo Hospitals told Telangana Today.

Sangita Reddy said, “The overall size of the fund is growing from $50 million to $100 million. To start with, $5 million will be available and then it will reach $10 million. We are running the accelerator part of the activity. A range of startups are approaching us which are in healthtech and science-tech.”

“We have always believed in using technology and we were the pioneers in the orthopaedic space to use advanced technology. We were also the first to introduce robotic surgery. We are also going to work with IBM Watson Healthcare in the artificial intelligence space. We are collaborating with few more companies where we are going to share intellectual property rights (IPR),” she informed.

Apollo Hospitals is going to work with IBM and a formal memorandum of understanding is being signed. This will help in creating a better onco-diagnostics system.