Well Ventures, the investment arm of Canadian healthtech company Well Health, has launched an “investment program” for artificial intelligence companies that are developing solutions for healthcare providers.
Well said it aims to make a minimum of 10 AI-related investments of at least $250,000 each. The venture group said it plans to make a minimum investment of $2.5 million. While the company said there’s no defined timeline, it intends to make “a number” of these contributions in 2023.
Well said that data protection and cybersecurity applications will also be considered.
The Vancouver-headquartered, Toronto Stock Exchange listed company pulls its venture money from its internal pool of capital.
Well’s interest in AI for healthcare comes as the market for it is estimated to reach a valuation of nearly $188 billion USD by 2030, driven by its capabilities to automate various tasks.
Well Health launched its investment arm in 2021 to formalize its approach in making strategic minority investments in digital health and wellness startups.
In addition to capital, the new AI investment program will also provide companies with support from Well’s network to help develop, test, and integrate their technologies into the Canadian healthcare ecosystem.
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Well will also provide its portfolio companies access to the over 23,000 care providers who make use of its suite of applications. Outside of its focus on AI, Well said that data protection and cybersecurity applications will also be considered as they are key components of the company’s practitioner enablement platform.
Founded in 2012 by Hamed Shahbazi, Well Health has built an end-to-end platform for healthcare providers, which includes tools for electronic medical records, practice management, billing, revenue cycle management, and data protection solutions.
Strategic acquisitions represent a key part of Well Health’s growth strategy. It made several acquisitions in the past, including Ontario-based MyHealth, Intrahealth, ExecHealth, and Vancouver’s CRH Medical.
Featured image courtesy Well Health.