Techstars’ accelerator focused on artificial intelligence and healthcare will stay in Baltimore for the next few years and companies taking part can expect more cash, organizers announced Thursday.
The AI Health Baltimore accelerator will host five more programs in the region. Participating startups can expect up to $220,000 in investment instead of the previous $120,000, managing director Nick Culbertson said at the accelerator’s inaugural demo day at M&T Bank Stadium.
Eight companies hailing from Argentina to Pittsburgh pitched their startups at the event. Innovations included using AI to detect cancer, using the tech as a between-sessions therapy assistant and having it facilitate compliance with rebate policies.
No companies in this cohort were from Baltimore, and Culbertson acknowledged that.
“We really want companies in Baltimore to apply,” Culbertson told the crowd. However, he added, “It’s not just about Baltimore companies. Many of the companies who came here, came here because of the resources we have to offer, because of the ecosystem we have provided.”
That ecosystem includes Johns Hopkins University and Mid-Atlantic insurance provider CareFirst — the program’s key partners.
Inaugural cohort urged to stay in Baltimore
Lester Davis, the executive vice president and chief of staff at CareFirst, called for founders in this cohort to keep a presence in the region.
“We need you to stay here,” Davis told the crowd. “Baltimore, the Maryland area, has everything that you need … Stay right here, invest here, build here.”
AidRx CEO Tony Lee is taking that advice. He’s creating a platform that enables pharmacists to work remotely and connect with patients and outpatient physicians.
While completing the Techstars program, Lee from Calgary signed with three outpatient clinics in Canada to use his product. Plus, he’s now working with digital health firm Scene Health in Brooklandville to use his product.
Leaning into investments in health, tech
Investment in AI and healthcare is on the rise for Techstars. The firm is running another health-focused accelerator in nearby DC this spring, with applications accepted now through June 11.
Baltimore gets equal investment from Techstars in comparison to players like New York and London, per Andrew Cleland, its chief investment officer.
Techstars is also leaning into these health and AI verticals, he said. Out of 500 healthcare investments from Techstars, a third of those are related to AI. Those companies are some of Techstars most successful.
“They’ve rewarded investors and owners and families,” Cleland told the crowd during a presentation. “They’ve changed for our thousands of people. All that context goes into why we’re here and why we’re so committed to this program.”
Applications are open until June 11 for the next cohort in Baltimore, and that group will start in September.
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