Stoic Venture Capital is bulking up its healthcare investments after the success of digital health company Cardihab, a venture created to facilitate the virtual delivery of cardiac rehabilitation services for patients recovering from cardiac events and living with heart disease.
The Co-Investment Fund of Uniseed, a commercialisation fund which focuses on financing early-stage companies that emerge from member universities, says it is committing to increase its healthcare and life science holdings while most other venture capital firms focused predominantly on software.
“Many investors prefer software to health and science-based technology, but in doing so they neglect lucrative opportunities to invest where Australia has a global competitive advantage in its medical research,” says Stoic Venture Capital Managing Partner Geoff Waring.
Cardihab, is a virtual program that patients complete remotely while under clinical supervision by qualified healthcare professionals. Supported by weekly phone or video consultations from their clinician, patients can benefit from the convenience of technology enabled care from their home.
“Cardihab is targeted at the world’s biggest killer – heart disease. The global cardiac rehab health market size is expected to be worth US$2.5B by 2025” says Dr Waring.
In addition, the partnership with university-focused investment fund Uniseed gave investors access to the most promising health and science opportunities such as Cardihab, which was developed at the CSIRO.
Cardihab has also just announced a state-wide agreement with the Tasmanian Department of Health and Royal Flying Doctor Service Tasmania to provide digital cardiac rehabilitation services in public hospitals across the state.
“Cardihab provides a solution for patients living in regional and rural areas and will become increasingly important as our health care system strives to meet the needs of our ageing population,” says Dr Waring.
Cardihab Chief Executive Officer Helen Souris says Cardihab clinically validated platform provided an important solution to managing heart disease, the leading cause of death in Australia.
“Cardihab increases patient care delivery options, enables clinical professionals to deliver service efficiently and supports both patients and clinicians growing demand for proven digital health programs that are personalised, convenient and flexible,” says Ms Souris.
Stoic Venture Capital has nine healthcare companies in its portfolio of 17 companies since establishing three years ago.