PHILADELPHIA – Leading global start up accelerator Dreamit today announced that it has renewed its partnerships with industry leaders Independence Blue Cross (Independence) and Penn Medicine to advance entrepreneurship and innovation in health care. The continued support follows significant upgrades to the Dreamit Health program announced earlier this year. The new model includes key changes designed to appeal to a broader range of entrepreneurs, including a no-cash/no-equity offer to draw later-stage companies and serial entrepreneurs who would not typically consider an accelerator program.
“In partnership with Independence Blue Cross and Penn Medicine, Dreamit has accelerated nearly 40 exceptional companies that are addressing the pain points we’re facing in health care today as well as anticipating the challenges of tomorrow,” said Dreamit CEO Avi Savar. “This is disruption that the industry is hungry for and investing in, and we’re thrilled to continue collaborating with these world class institutions as we take Dreamit Health to the next level in 2016.”
Now entering its fourth Dreamit Health cycle in partnership with Independence Blue Cross and Penn Medicine, Dreamit is continuing its focus on digital health with $1 million earmarked for investments in this important sector. To date, Dreamit has invested more than $3.1 million in health care companies that have participated in its program. Dreamit companies have raised nearly $12.3 million in additional capital with many securing coveted pilot programs, winning contracts, and successfully exiting.
As Dreamit partners, Independence Blue Cross and Penn Medicine will continue to work closely with high-potential health care start ups, providing the commercial validation and feedback that young companies need. They will serve as advisory board members, provide mentorship, and open their doors to meet with selected companies throughout the four-month program.
“Our continued partnership with Dreamit reflects our passion for changing health care through innovation,” said Daniel J. Hilferty, president and CEO of Independence Blue Cross. “By supporting high-potential companies through Dreamit, we are attracting dozens of enormously promising start-ups to our region and accelerating change in health care nationwide.”
“We are pleased to continue driving the rapid evolution of health care delivery in Philadelphia and beyond through our partnership with Dreamit,” said Ralph W. Muller, CEO of the University of Pennsylvania Health System. “It’s been gratifying to welcome each new group of start ups to Dreamit as they build companies aimed at improving care, and we know these companies will do great things.”
Highlights from past Dreamit Health cohorts include:
- 1DocWay (2011), which became the nation’s largest outpatient telepsychiatry provider after graduating from Dreamit, was acquired last month by Genoa, a QoL Healthcare Company.
- Aircare (2013) developed software to help prevent medical readmissions and was purchased by Rightcare, which was spun out of Penn Medicine. Aircare's technology coupled with Rightcare's has been deployed within Penn.
- Biomeme (2013), a device that attaches to your iPhone and enables you to perform gold-standard DNA analysis, recently signed a multi-million dollar contract with the US Military.
- Biobots (2014), a 3D bioprinter that builds 3D living tissues out of human cells, recently won the most innovative company at SXSW and co-founder Danny Cabrera was named one of Inc’s Top 50 entrepreneurs in the world.
- Towerview Health (2014), which offers pre-filled medication trays to help chronically ill people manage multiple prescriptions, emerged from Dreamit with a pilot program with Independence and Penn Medicine. They are also working with two other large insurance companies.
"After a small family and friends round, Dreamit Health gave us our first real shot at bringing our vision to life,” said Anthony Ortiz, Founder and CEO of Fitly, a SmartPlate that identifies, weighs and analyzes your food intake. “Dreamit’s partnership with Independence Blue Cross and Penn Medicine has proven invaluable, and their new focus and funds for follow-on rounds will ensure that Dreamit companies continue to thrive."
Dreamit is currently accepting applications for its program launching in March 2016. Entrepreneurs can apply at www.dreamit.com/apply.
Penn Medicine is one of the world’s leading academic medical centers, dedicated to the related missions of medical education, biomedical research, excellence in patient care, and community service. The organization consists of the University of Pennsylvania Health System and Penn’s Raymond and Ruth Perelman School of Medicine, founded in 1765 as the nation’s first medical school.
The Perelman School of Medicine is consistently among the nation's top recipients of funding from the National Institutes of Health, with $550 million awarded in the 2022 fiscal year. Home to a proud history of “firsts” in medicine, Penn Medicine teams have pioneered discoveries and innovations that have shaped modern medicine, including recent breakthroughs such as CAR T cell therapy for cancer and the mRNA technology used in COVID-19 vaccines.
The University of Pennsylvania Health System’s patient care facilities stretch from the Susquehanna River in Pennsylvania to the New Jersey shore. These include the Hospital of the University of Pennsylvania, Penn Presbyterian Medical Center, Chester County Hospital, Lancaster General Health, Penn Medicine Princeton Health, and Pennsylvania Hospital—the nation’s first hospital, founded in 1751. Additional facilities and enterprises include Good Shepherd Penn Partners, Penn Medicine at Home, Lancaster Behavioral Health Hospital, and Princeton House Behavioral Health, among others.
Penn Medicine is an $11.1 billion enterprise powered by more than 49,000 talented faculty and staff.