Investors and healthcare startups become the focus of the year INVEST meeting in Chicago from March 28th to 30th, 2022During the preparations for the conference, we conducted a series of interviews with investors to understand their attitudes towards startups on the four tracks of the investment competition, INVEST Pitch Perfect: pharma tech; diagnosis; care coordination and value-based care; and Remote patient monitoring and smart devices.
The finalists for each track will be reviewed by the judges, who will also ask questions about the startup’s business. The prize for the winner of each track is the profile in MedCity News.
The deadline for Pitch Perfect submissions is January 15th. To apply, click here.
Ling Wang | Is a general partner and senior advisor of Sea Lane Ventures Lightspeed Venture PartnersIn answering e-mail questions, she shared her views on startups in the field of diagnostics and remote patient monitoring.
In recent years, which companies have left a deep impression on you in these areas, and why?
We are experiencing a watershed moment in digital solutions for healthcare, which is largely driven by new solutions for next-generation diagnostics and remote patient monitoring and interaction. Although there are many impressive participants in this field, two stand out in my opinion-both companies are invested by Lightspeed Venture Partners. One of the companies, Protect health, Focus on the development of breakthrough diagnostic technologies that can transform cancer from a silent killer to a controllable disease. By simply drawing blood, their products can quickly analyze the patient’s current cancer genomics in order to better provide information for treatment decisions. In a relatively short period of time, the company has become one of the well-known leaders in the field of liquid biopsy.the other is wheel, It creates a virtual care platform that can provide the highest quality care in an affordable and sustainable way. Wheel is committed to pushing the healthcare industry forward. Clinicians, organizations, and patients all play an indispensable role, fundamentally changing the way healthcare works and enabling any supplier to become a telemedicine provider. I believe Wheel is a company that provides digital solutions that solve access issues by lowering some important barriers to care, and ultimately resolve equity issues.
In the past 18 months, what exciting developments have you seen in this field in terms of technology development, implementation, and clinical research data?
The Covid-19 pandemic has had such a huge impact on countless areas of our society, and healthcare is no exception. In this context, in the past 18 months, we have seen a significant acceleration in the adoption of digital solutions such as virtual care, which in turn has significantly enabled new care models. Although this change in usage is driven by the need for public health emergencies, the prospects for digital solutions (such as Wheel) are now broader than ever, and we are now seeing how it can become a key fairness and health promotion. Accessibility-specifically, meeting the diverse needs of a range of patient groups by potentially reducing or eliminating barriers to location-based care. The defining feature of an increasing number of digital health solutions and therapies is the ability to personalize care and services to meet the health needs of different populations and improve accessibility. I like this idea and am passionate about this goal.
How do you support smaller upstream startups? Have you ever/will you make a smaller pre-seed and seed relationship investment just to be on the cap table and not miss it in the future?
My philosophy is that if I see inspiring solutions to the prevalent social problems in healthcare, I want to build those mission-oriented relationships that push those early ideas to the end-if it does provide A solution that is conducive to society, you will see the rewards. An example of how the Lightspeed team handles smaller upstream startups is illustrated in our investment Soda health. Soda is a company that solves long-term challenges, providing reimbursements for key goods and services that achieve and maintain good health, but is not supported by traditional medical claims. Because we saw the huge demand and potential of Soda’s healthcare-centric payment and related solutions, Lightspeed co-led the $6 million seed round, and today we continue to provide close support to Soda Health. Of course, the compassion, industry experience and innovative spirit of the founding team are the key reasons to support their ambitious mission. But what is important is the impact of what they are doing-making it easier for consumers to access their benefits, providing a technology platform for health plans that can cost-effectively manage these benefits, and laying the foundation for improving the overall health of the entire community ——Further verification of our decision to invest all the time. Yes, it is important to make early investments in companies that promise to return later. However, early recognition of the idea of solving basic problems and inequalities in healthcare may be even more important. Social welfare is good business.
How do you evaluate the founder?
In short, I was inspired by the founders whose vision is to solve the problems in today’s healthcare through personalization and scale. Many of the obstacles we see are related to the unresolved challenges of diversity and access. This focus is reflected in my investment approach and resonates throughout the entire health ecosystem from treatment to care provision. When you encounter founders who see these problems, recognize these social inequalities, and understand how these needs become the beacon of healthcare investment, it is easy to see that their mission is worthy of support. I want to be a part of this solution because I expect our digital and therapeutic technologies to bring the world of the highest possible health standards to everyone.
Apply for INVEST Pitch Perfect and understand the standards, click here.
Photo: sdecoret, Getty Images
