Mount Sinai Health System’s commercialization arm has launched a new incubator program designed for pre-seed or seed-stage healthcare and biotech startups.
Called Elementa Labs, the 12-week virtual program will grant accepted startups access to the New York healthcare organization’s subject matter experts and other members of its network, the system said. It will pair accepted startups with an individual champion who can help the startup advance development of a product and potentially scale for use across Mount Sinai.
Mount Sinai Innovation Partners (MSIP) said on the new incubator’s website that it will be accepting applications from startups “with a clear objective for working with Mount Sinai” until Sept. 30 and that there are no limits on the types of technologies it will be considering. Of note, the system is requiring a simple agreement for future equity as a condition for acceptance into the program.
“Elementa Labs will integrate Mount Sinai’s research and clinical expertise with the business and product development infrastructure of health care startup companies,” Erik Lium, president of MSIP and chief commercial innovation officer of Mount Sinai Health System, said in a statement. “We look forward to engaging with entrepreneurs to bring health care innovations to the patient population.”
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In addition to its ties to the health system, MSIP has long-term professional relationships with major pharmaceutical companies including Johnson & Johnson, Merck, GlaxoSmithKline, Novartis and others. The commercialization arm filed 377 patents across 2020, according to its website.
MSIP marked the launch of its new incubator with the announcement of its first participant: avoMD, the maker of a mobile-friendly clinical decision support platform for use at the point of care.
Based in New York, the company was founded in 2018 and has already participated in a small handful of industry accelerators and seed investment rounds from 500 Startups, Startup Health and others.
According to Mount Sinai, the tech startup is partnered with more than 10 hospitals and urgent care providers including Children’s Minnesota and Korea’s Samsung Medical Center.
AvoMD’s lead and supporting digital products can be integrated into a provider’s EHR system or run as a standalone app. Provider organizations can also use a desktop content management system to create and distribute customized clinical guidance directly to the app.
“We are thrilled by the opportunity to enhance our platform and offerings by working with Mount Sinai, a global leader in education, cutting-edge research and innovation and high-quality care,” said Laurence Coman, chief operating officer and co-founder of avoMD, in a statement. “Elementa Labs will help take avoMD to the next level.”
As the first enrollee of Elementa Labs, avoMD will be working with the health system to “create a strategic path to conduct research, further validate studies and surface the depth of clinical needs for their platform at a leading health care system,” MSIP wrote in the announcement.