WELL Ventures, a subsidiary of WELL Health Technologies, has announced the launch of a new investment program, The WELL AI Investment Program.
This new program will focus on early-stage AI companies that demonstrate promising innovation and a clear focus on using AI technologies to help healthcare providers with innovative tools or applications designed to improve their efficiency, accuracy and ultimately deliver better patient outcomes.
As healthcare increasingly relies on AI and other advanced technologies, WELL Health Technologies aims to be at the forefront of this movement, not just as a developer and user of AI but also as a partner to other innovative companies seeking to advance the health technology industry.
The WELL AI Investment Program will provide investees with capital as well as extensive support from WELL’s ecosystem to help develop, test, refine, secure, de-risk and integrate the most promising such technologies into the Canadian healthcare ecosystem at scale.
WELL’s goal is to make a minimum of 10 AI-related investments of at least $250k each – a minimum investment of $2.5 million.
Additionally, WELL will provide investees access to the 23,000+ care providers who make use of its apps.health ecosystem.
Furthermore, WELL has partnered with Canada Health Infoway, an independent, not-for-profit organization funded by the federal government, to collaborate on advancing interoperability as part of the WELL AI Investment Program in Canadian startups. This partnership will ensure that resulting products and services meet pan-Canadian standards and can effectively serve the needs of providers and patients.
WELL Ventures has already fully funded the investments directly from WELL’s overall treasury position. While there is no defined timeline for these investments, it is WELL’s intention to make a number of these investments in 2023.