Funding for six digital health tech companies


Wednesday, 03 July, 2024

Funding for six digital health tech companies

Six digital health technology companies are set to receive non-dilutive funding through the Medical Research Future Fund (MRFF) as part of the ANDHealth+ program.

In addition, the selected companies will have access to expert guidance to help navigate the complex commercial landscape and drive business growth.

Announcing the cohort, Health and Aged Care Minister Mark Butler MP said, “Investment is important, but so too is expert guidance to navigate the pathway from discovery to delivery for Australian patients.”

The companies will receive funding of $3.75m over the next 16 months via a two-stage investment process. The selected digital health technologies are:

  • Cape Bionics: Digital scanning technology and accompanying software that allows clinicians to scan patients to create personalised, medical-grade compression garments tailored to their requirements for a variety of performance and therapeutic uses, and which are currently used by NASA.
  • Healthily: bringing conversational Voice AI to its interoperable clinical outreach and patient education platform, greatly increasing patient engagement and understanding through customisation and interactivity.
  • Navier Medical: ‘Mosaic’, an AI-driven medical imaging software using routine CT scans to unlock personalised treatment options for patients with cardiovascular disease, streamlining risk stratification and enabling earlier detection through a new disease marker that is a significant predictor of heart attack.
  • Osara Health: a digital engagement platform for those impacted by cancer that is delivered in conjunction with health coaching and a smartphone application, with clinical evidence demonstrating improved health outcomes.
  • Sydney Neuroimaging Analysis Centre (SNAC): brain imaging analysis platform that utilises AI to precisely conduct quantitative analysis of brain structures for monitoring and managing neurological diseases including multiple sclerosis and dementia.
  • Touchstone Life Care: a Software-as-a-Service (SaaS) platform blending user-friendly interfaces with robust security and cloud-based integration, to help clients complete a digital advanced care plan, which is made available to all decision-makers at the point of need and helps to improve end-of-life care.
     

The funding announcement follows the launch of the Economic Impact Assessment of Digital Health by Assistant Health Minister Ged Kearney. The independent report, undertaken by LEK Consulting, found that for every $1 invested into the Australian digital health industry via ANDHealth+, $19.70 in capital is raised and $4.2 in gross economic value is delivered.

ANDHealth CEO and Managing Director Bronwyn Le Grice said, “These investments will support Australia’s highest-potential digital health innovators to navigate the complex and evolving landscape of digital health commercialisation, providing hands-on support and access to leading experts from around the globe.”

“Access to capital and digital health experience remain critical barriers to commercialisation and growth for digital health innovators in Australia. Whilst we have an increasing number of success stories growing internationally, companies at home still require support to navigate the valley of death and subsequent post-regulatory-approval viability gap,” Le Grice said.

Image credit: iStock.com/lersan8910

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