Funded by the MRFF, the ANDHealth+ program is delivered by ANDHealth, Australia’s leading digital health commercialisation organisation, providing Australia’s most promising digital health start-ups access to up to $3.7M in non-dilutive investment, alongside substantial industry mentoring and support, across a two-stage investment process.
Four companies, Cardihab, Perx Health, Sound Scouts, and VaxApp, have all successfully completed key de-risking activities in the first stage of the program, including assessments by leading Australian and international investors and digital health executives, and have been selected to move into the next stage, benefiting from $3.7M in total funding.
ANDHealth CEO and Managing Director Bronwyn Le Grice said, “These companies are perfect examples of how Australian businesses are using technology to solve real health problems faced by millions of people locally and around the world. This investment will support these companies to secure the clinical evidence and customers they need to create better health and patient outcomes on a global scale."
“The funding provided through ANDHealth+ and the ANDHealth Digital Health Accelerator Fund is one of the largest non-equity taking investment programs available to Australian digital health SMEs,” said Ms Le Grice.
“With the median amount of capital raised by a digital health SME being just $355,000, the scale of funding and support available through ANDHealth+ can be game changing for the companies which are selected each year.”
“Due to the limited funding pools for digital health companies in Australia, ANDHealth+ is a highly competitive program that selects world-class, evidence-based technologies, as assessed by an expert industry panel and international investment committee.”
The four companies progressing to the second stage of the ANDHealth+ program this year include:
• Cardihab – Digital Cardiac Rehabilitation providing care to patients at a time and place that works for them.
• Perx Health – a motivation and engagement platform changing the way people and companies create habits for managing medical conditions.
• Sound Scouts – The Sound Scouts online hearing screening service is designed to make hearing checks readily available for children and families. Fun, clinically proven technology enables hearing to be checked efficiently and reliably.
• VaxApp – an immunisation management platform that enables healthcare providers to deliver and monitor vaccination and rapid antigen testing programs.
“These four companies have successfully navigated an exhaustive process designed to identify the teams and technology with the greatest chance of commercial growth and positive impact for patients in Australia and around the world,” Ms Le Grice said.
“This next stage of investment will support these companies to undertake clinical trials and commercial pilots, expand their customer and revenue base, secure regulatory approvals, and access new, international markets.”
The funding will be distributed to the four companies selected over the next 12 months and is activity that builds on ANDHealth’s extensive support for the Australian digital health industry to-date.
Since 2018, ANDHealth has supported 650 high-growth-potential digital health companies across Australia. Companies which have participated in ANDHealth+ have raised $86.9M in dilutive and non-dilutive financing, impacted over 450,000 patients, delivered 908 commercial pilots, commenced 53 clinical studies and undertaken 26 international market launches.