The trailblazing CEE healthtech start-ups set for stardom

Health Tech Venture Lab has announced the finalists of its 2021 accelerator, which feature two groundbreaking start-ups from Central and Eastern Europe.

Two healthtech start-ups from emerging Europe have been selected for Health Tech Venture Lab’s Reactor’21 medtech accelerator, organised by GE Healthcare and EIT Health.

The two start-ups, LightSpace Technologies from Latvia and IT-MEDicine from Hungary, join 15 others from across Europe in the accelerator, which over the next three months will advance their empowering health technology innovations tackling various issues in the field of medical imaging, AI solutions and hospital optimisation processes.

LightSpace Technologies makes multi-focal augmented reality (AR) headsets, including the first AR headset which also supports near-range visualisation and provides optically precise holographic images.

IT-MEDicine meanwhile is developing a groundbreaking gynaecological physiological diagnostic device that will assess the condition of a fetus in a far better way than is currently possible. The start-up says that the use of its device could significantly reduce the number of intrauterine deaths and injuries.

“Medtech is gaining incredible momentum, and innovators need support to adapt to the market’s new demands,” says Endre Ascsillan, vice-president, GE CEE, a co-founder of Health Venture Lab.

“We all know that innovation needs inspiration, and GE Healthcare is committed to building a competitive ecosystem to drive healthcare innovation that has never been more intelligent or dynamic than today.”

The current cohort of start-ups in Health Venture Lab’s fourth, were selected from a record number of application.

“We will inspire the teams and make sure that Reactor’21 supercharges their business,” adds Ascsillan.

The potential is huge

There is enormous business potential in the healthtech sector, predicted to be worth 280 billion US dollars by 2021. Despite the economic crisis and restrictive measures associated with the Covid-19 pandemic, corporations continue to demonstrate an interest in digital health innovation and openness to research, piloting and implementing new technologies.

The Reactor’21 programme will provide the 17 selected start-ups with a customised path to market.

Four intensive remote sprints, paired with mentorship, will offer teams the extensive training and expertise they need to commercialise their product or service.

In 2020, Covid-19 forced millions of businesses to move dramatically toward online channels, and Health Tech Venture Lab was no exception: Reactor’20 had to be shifted entirely online, but nevertheless proved to be a massive success.

Indeed, moving the programme online meant that cohorts benefitted from an even broader range of professors from prestigious universities, leading experts, and outstanding trainers to make meaningful connections and have more frequent one-to-one consultations.

Reactor’21 will also take place entirely online.

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