Well aims to make at least 10 investments of at least $250,000 each.
Well Ventures, the investment arm of Canadian health tech company Well Health, has launched an “investment program” for artificial intelligence companies developing solutions for healthcare providers.
As the saying goes, we aim to make at least 10 AI-related investments, each with a minimum investment of $250,000. Venture Group said it plans to invest at least $2.5 million. The company said it doesn’t have a definite timeline, but plans to make “many” of these contributions in 2023.
It is often said that data protection and cybersecurity applications are also considered.
Headquartered in Vancouver and listed on the Toronto Stock Exchange, the company draws its venture capital from an internal pool of capital.
Well is interested in AI for healthcare as the market for AI is estimated to reach a valuation of around US$188 billion by 2030 due to its ability to automate a wide variety of tasks.
Well Health will launch an investment division in 2021, formalizing its approach to making strategic minority investments in digital health and wellness start-ups.
In addition to the capital, the new AI investment program will provide companies with support from Well’s network to help develop, test, and integrate the technology into Canada’s healthcare ecosystem.
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In addition, Well’s portfolio companies will have access to over 23,000 healthcare providers using its suite of applications. Beyond the AI focus, Well said, data protection and cybersecurity applications will also be considered, as they are key components of the company’s practitioner assistance platform.
Founded by Hamed Shahbazi in 2012, Well Health has built an end-to-end platform for healthcare providers, including tools for electronic medical records, practice management, billing, revenue cycle management, and data protection solutions. .
Strategic acquisitions represent a key part of Well Health’s growth strategy. He has made several acquisitions in the past, including Ontario-based MyHealth, Intrahealth, ExecHealth, and his CRH Medical in Vancouver.
Featured image courtesy of Well Health.
