Philips launches its first global startup collaboration program

Royal Philips (NYSE: PHG; AEX: PHIA), a global leader in health technology, has announced the launch of its first global start-up collaboration program involving Philips' innovation hubs in Cambridge (US), Eindhoven (the Netherlands), Bangalore (India) and Shanghai (China) focused on the application of artificial intelligence (AI) in healthcare.

The program focuses on the application of AI-based clinical decision support tools such as image interpretation, analysis and integration, and workflow tools like intelligent treatment plans for radiology, ultrasound and oncology. After careful analysis, the most promising 19 start-ups out of 750 applicants were selected for inclusion in Philips' proven accelerator program for early-stage start-up companies.

The startup program at Philips Innovation Campus, Bangalore caters to innovation ecosystems across India, Japan, South East Asia, Australia & New Zealand, Middle East &Turkey regions.

Srinivas Prasad, CEO, Philips Innovation Campus-Bangalore, said, "Philips is engaging with entrepreneurs who are developing AI-enabled solutions for improving clinical and operational outcomes. This year, the chosen start-ups are unique and the team at Philips Innovation Campus is committed to help start-ups strengthen their value proposition and become successful sustainable business."

Alberto Prado, Head of Philips HealthWorks, said, "At Philips, we use intelligent technology to improve people’s health across the health continuum – from healthy living and prevention to diagnosis, treatment and home care – while also increasing the efficiency of healthcare delivery. This new collaboration program recognizes the role that start-up companies play in bringing breakthrough healthcare innovations to the market."