12-week program gives 19 artificial intelligence start-up companies access to Philips’ health technology expertise and its ecosystem of knowledge partners
Bangalore, India – Royal Philips (NYSE: PHG; AEX: PHIA), a global leader in health technology, today announced the launch of its first global start-up collaboration program involving Philips’ innovation hubs in Cambridge (US), Eindhoven (the Netherlands), Bangalore (India) and Shanghai (China) focused on the application of artificial intelligence (AI) in healthcare. The program focuses on the application of AI-based clinical decision support tools, such as image interpretation, analysis and integration, and workflow tools, such as intelligent treatment plans for radiology, ultrasound and oncology. After careful analysis, the most promising 19 start-ups out of 750 applicants were selected for inclusion in Philips’ proven accelerator program for early stage start-up companies.
The startup program at Philips Innovation Campus, Bangalore caters to innovation ecosystems across India, Japan, South East Asia, Australia & New Zealand, Middle East &Turkey regions.
The team screened more than 150 healthcare start-ups that had AI and radiology as part of their proposition and the most promising five start-ups joined the global cohort. They will now be coached and facilitated from Philips Innovation Campus, Bangalore and gain access to some of the best experts from the ecosystem.
Speaking on the occasion, Mr. Srinivas Prasad, CEO Philips Innovation Campus-Bangalore, said, “The Indian Start-up ecosystem is demonstrating an increasing trend of applications based on deep learning and AI in healthcare domain. Philips is engaging with entrepreneurs who are developing AI-enabled solutions for improving clinical and operational outcomes. This year, the chosen start-ups are unique and the team at Philips Innovation Campus is committed to help start-ups strengthen their value proposition and become successful sustainable business.”
“At Philips, we use intelligent technology to improve people’s health across the health continuum – from healthy living and prevention to diagnosis, treatment and home care – while also increasing the efficiency of healthcare delivery,” said Alberto Prado, Head of Philips HealthWorks. “We are already working closely with clinical partners to develop AI-enabled solutions that are grounded in scientific research and validated in clinical practice. This new collaboration program recognizes the role that start-up companies play in bringing breakthrough healthcare innovations to the market.”
Global, fast-track program
During the intensive 12-week ‘AI in Healthcare for Radiology, Ultrasound and Oncology’ , Philips will simultaneously engage with the 19 early stage start-ups from 14 different countries, with the aim of validating their propositions, helping to build, test and scale their ideas, and exploring possible collaborations. In addition to benefitting from Philips’ know-how and experience in the professional healthcare domain, the selected start-ups will have access to expertise in the company’s innovation ecosystem, which comprises hospital, academic, industry and financial partners.