Business or seed accelerators weren’t even a thing until 2005. That was the year Y Combinator started in Cambridge, Massachusetts, followed by TechStars in 2007. The seed accelerator movement soon exploded worldwide. Accelerator programs typically last three months, involve an equity investment in a small team with a promising product or service. Startups compete to be invited to join an acceleration program, during which they receive mentoring, consulting, and the chance to meet with potential partners and investors. At the end of the program, the startups present their companies and products during a Demo Day.
Three months ago we wrote about the Cedars-Sinai 3rd Accelerator Powered by TechStars program. The ten companies in the program, chosen from an initial field of 500 applicants, all announced contracts and partnerships at Demo Day on December 6. The class focused on solving existing health care problems and introducing new concepts in the field. Three of the ten companies ready for their respective next business development stages include Gyant, Lumeon, and HemoLink by Tasso.
Gyant, an app for physicians, employs artificial intelligence to help with diagnosis, prescriptions, and treatment recommendations. The company left the accelerator program with contracts with pharmaceutical industry leader Merck and Allianz, a major European insurance and financial services company. Lumeon’s healthcare pathway automation program is going to pilot the system with Cedars-Sinai and has already begun testing in 1,800 U.S. hospitals and clinics.
HemoLink by Tasso, another startup now partnering with Cedars-Sinai, has a contract with Insource Diagnostics and an agreement with the U.S. Department of Defense. HemoLink’s product is a painless self-collection device patients use to draw blood samples for lab testing.
Applications for the Cedars-Sinai 4th Accelerator in summer 2018 are available now.