Mass Challenge today announced 32 digital health startups as part of its 2018 PULSE@ MassChallenge cohort. Interestingly 2 of our portfolio companies, HealthRhythms and Moving Analytics were listed in the top startups and will be incubated for the 2018 cycle. More than 500 startups applied to the cohort, with only 32 startups making it to the big stage.
Based in Boston, Massachusetts, Mass Challenge is known to the premium accelerator for health startups. Come January, 32 startups will compete with each other for top slots during the competition. Startups will have a chance to win up to $50,000 — at zero cost and equity. The startups will also have a chance to compete for over $200,000 in cash prizes.
Both Health Rhythms and Moving Analytics will be housed in Boston for the duration of competition. The co-working space, spanning across 4,000 square feet, will be provided by Mass Challenge for the listed startups.
The reward for the highest-impact startups, that win the competition, is several million dollars in equity-free cash awards every year.
Health Rhythms earlier had been awarded $2.1 million from NIH to work on behavioural health by monitoring daily activities of the patients. Already a success story in the digital health business, Health Rhythms is poised for growth in the coming years. Health Rhythm targets patient health by monitoring their activities on their smartphones.
Moving Analytics, another portfolio company of Virtual Force, raised $1.1 million in a funding round at Launchpad Digital Health last year. Moving Analytics deals primarily with post-discharge Cardiovascular disease rehabilitation and intends to ‘launch a second rehab app, for patients with COPD’.
To date, startups that have participated in PULSE@ MassChallenge have raised more than $52M in funding, generated more than $13M in revenue, and grown their employee headcount by over 22 percent.
According to a study by MIT, MassChallenge startups are 150% more likely to raise more than $1M in funding, in addition to hiring at least 15 employees than startups who do not participate.
Selection of both Health Rhythms and Moving Analytics signify great progress for both startups. We wish them best of luck and are proud to serve as their technological partners.