(Photo courtesy of the University City Science Center)
DreamIt Health Philadelphia, the health IT accelerator from DreamIt Ventures, Penn Medicine and Independence Blue Cross, announced its second class of startups.
Throughout the four-month program, startups will get mentorship, access to leaders at health organizations, office space at University City’s new Innovation Center@3401 and $50,000 in exchange for an eight percent equity stake in their company. That’s more money than the startups participating in its flagship accelerator receive (they receive $25,000), but also a higher equity stake (DreamIt Ventures takes six percent equity). Venturef0rth cofounder Elliot Menschik will again be the program manager.
The math is crude enough that this should only be for context, but at those valuations (investment for equity, ignoring the other offerings) the average DreamIt Health entrant is valued at $625,000 and one from DreamIt’s more general program would be valued at roughly $416,000.
An early look at DreamIt Health statistics show that the accelerator has a high rate of keeping its startups in Philadelphia. Eight of the 10 startups in the first DreamIt Health class remained in Philadelphia after the accelerator ended. That number, while skewed because nearly half of the companies were already based in Philadelphia, is higher than the number for DreamIt Ventures startups (nearly two-thirds of DreamIt Ventures Philadelphia startups have left the city over its six-year history). Roughly half of the nine startups in this class of DreamIt Health are already based in Philadelphia, but it’ll be interesting to see if the trend continues.
Below, find the full list of DreamIt Health startups in the fall class, with company descriptions pulled from the release.
- BioBots (Philadelphia, PA): Low-cost 3D printers that support multiple biomaterials for creating biological structures without mutation risk.
- Drop Diagnostics (Philadelphia, PA): Rapid disease diagnosis through detection of signature proteins using carbon nanotubes and microfluidics, founded by a trio of recent Penn grads.
- FlexiSched (Philadelphia, PA): Dynamic scheduling of patients, predicting no-shows and accounting for variable provider productivity and visit length.
- NarrativeDx (Austin, TX): Big data analysis of patient feedback to improve the hospital customer experience and maximize Medicare reimbursement.
- RegDesk (Bear, DE): The leading marketplace for matching biotech and device companies with freelancing regulatory expertise around the world.
- Ristcall (Pittsburgh, PA): Updating the call button with a wearable for inpatients to communicate on-demand with nursing staff.
- Tissue Analytics (Baltimore, MD): Remote management of wound healing through image analysis of mobile-generated photos.
- TowerView Health (Chicago, IL/Houston, TX/Washington, DC/San Francisco, CA): Improved patient adherence to complex, multi-drug regimens using novel “smart” pillboxes.
- TrueClaim (Philadelphia, PA/Jacksonville, FL): Reduction of upcoding and fraud in health care claims submissions.
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