#46 🍩 What the Health - Chemist Warehouse getting Hitched, Fat fines fly, Startup funding floods & the Sweat App... is bought back?
Your health tech & innovation TL;DR roundup
It’s finally here… We made it friends. Happy EOY!
This is the last edition for 2023 *sigh of relief*. We should probably follow suit like every other media producer ever and do a wrapped - but we tired so can’t be assed with that (thats next years ).
TLDR though: Its been a BIG year. And, a good year. Thank you all 6414 of you for joining us on this journey 💜 it’s been magic.
We’ll probs be back after a lazy start and bit of a break in Feb 2024.
But first - in case you missed it, we had some killer EOY parties Across Sydney, Melbourne & Brissy ft +250 legends who came out to hang and celebrate.
💜 Of course none of this would be possible without our amazing partners; Nutromics, Medibank, Hola Health & AWS Startups
Ok, its been real…
Enjoy the last edition and a break friends!
Noteworthy 🗞️
Funding
👨⚕️ Vantari VR raised a $7m pre-series A for their virtual reality medical training program
💰 Everlab announced their $3m pre-seed funding to bring preventative and holistic health to the general public at not stupid price point
🏋️♀️Vitruvian, the Perth based company bringing smart resistance training equipment to homes raised a $21.8m extension to their Series A
🧠 Cyban, a next gen brain pulse monitor helping delivers continuous real time insights raised a $6.25m Series A
💦 Omni Biotech, who utilise existing wearables to measure hydration levels, raised $300k earlier this year
🫁 4DMedical, the Resp tech group might acquire US-based Imbio for up to $68m
🏋️♂️ iFIT sold SWEAT fitness app back to co-founder Kayla Itsines & Toby
💇♀️ STRAAND, Aus’s first Microbiome focused scalp scalp care brand raised a $4m Seed round from Unilever Ventures and the Harvey Family Office
👀 The AFR reckons Mosh, the mens health startup, might be looking at exit options
🚺 Femmi, an app providing personalised training for women, got funding from Even Capital
🌿 Levin Health, a medicinal cannabis startup, crowdfunded $940k
🧠 Carbon Cybernetics, a neural implant startup, raised $480k from UniMelb
🤰 Birth Beat, who do digital childbirth education, were acquired by Device Technologies
📉 Aussie tech startups are on track to raise ~$4.2b less from investors this year than last
Newsworthy
👰Chemist Warehouse is getting wed and merging with Sigma Healthcare to create a pharma giant worth $8.8bn
🙈 Healius, the Pathology Giant decided to stop uploading test results to My Health Record in September leading to a very unhappy Health Minister. But, looks like they’re coming to their senses
🙅♀️Australian Clinical Labs withdrew its takeover offer for rival Healius, citing the “deteriorating performance” rather than a no go from Australia’s competition regulator
👮🏻♀️ AND Australian Clinical Labs are facing fines for a data breach that leaked patients’ sexual health and fertility details
💊 InstantScripts was fined $743k for allegedly advertising prescription-only medications
⌚️ Fitbit is being fined $11m for making false, misleading or deceptive representations to users about refunds or replacement rights when devices were faulty
🧑🚀 Wearable biosensors trialled by Aussie expeditioners in Antarctica will be used on space missions to ensure astronauts receive better health monitoring
🌱 NSW is considering a drug law overhaul to allow 6 marijuana plants for personal use
⭐️ Former Westpac boss Brian Hartzer CEO is heading to Woolies Quantium Health to lead the charge
🚀 Health companies made up 10% of the AFR’s Fast Starters list
🚨 Chief Health Officer Kerry Chant has warned of a looming health crisis in NSW, emphasizing the need for the health system to adapt to the state's aging population - and be better at out-of hospital and preventative care
Feels like these warnings, whilst important - are becoming so common they are just falling into the void and losing meaning
🤝 CSIRO and Telstra Health have partnered to supposedly help accelerate the adoption of digital health solutions into health & aged care systems
🫀 Microsoft partnered with Sydney’s Liverpool Hospital to create a generative AI solution for cardiologists, aiding decision-making by surveying literature and guidelines
🛍️ Wesfarmers and Woolworths are (unsurprisingly) still perfectly poised to revolutionise the $200b health sector, by building ecosystems in partnership with insurers and care providers
📇 Epic Pharmacy co-founder Cathie Reid has shared how she forged a $550m fortune after a chance redirection from typing classes to chemistry
🍞 Toastie, who aim to improve the lives of those living with chronic illnesses, won the Startup Women of the Year award
💄 OKKIYO, a make-up company founded by an ophthalmologist, launched a mascara suitable for sensitive eyes with accessible packaging for those with low vision
👁️ Eyeonic won The Pitch for their AI-powered online glaucoma testing tool that eliminates the need for a $40k machine
Gov Goss
🚭 The Gov has banned the import of single-use vapes from the 1st Jan 2024
⚖️ NSW legalised Voluntary Assisted Dying, meaning it is now accessible in every state (but not the territories yet)
👯 Labor launched its $392m Industry Growth Program, but SmartCompany has noticed it sounds mighty similar to the Coalition’s axed Entrepreneurs’ Programme
🎯 The Vic Dept of Health met just over half of their performance targets for the 2022-23 financial year
Key failings were hospital readmissions, surgery wait times, and ED patient experience. Chronic workforce shortages and COVID-19 challenges were to blame.😂🥲*shock*
⌛ The Aus Institute of Health + Welfare reported a similar trend across the country with long waits for the ED and elective surgeries
US & Beyond the Borders
💔 Mindbloom launched a program to treat heartbreak and burnout with ketamine
🏃♀️Strava, the worlds biggest online community for active people, appointed Google Exec, Michael Martin as CEO ft ~3decades of leadership experience growing businesses at Fortune 100 brands including Nike, Disney and NBCUniversal
😬 23andMe had a massive data breach that allowed hackers to steal 6.9m users’ personal details… then changed their terms of service to prevent customers from suing them
🧬 The UK Biobank have sequenced the whole genomes of 500,000 volunteers, and they’re sharing the data with researchers
🚺 Male femtech founders secured more funding over the last 5 years, despite the fact that over 70% of femtech companies are founded by women
😰 Severe stress is sadly now seeming to be the norm, and all the wearables are offering “solutions”
💡 LinkedIn’s 2024 Big Ideas is out, and unsurprising includes a lot of healthcare predictions:
CAUSE ITS IMPORTANT AND THE MAINSTREAM MIGHT FINALLY BE REALISING IT
(1) Living to age 100 will become a lot less rare
(2) ...but we'll take the focus off living long and shift to living well
(8) We'll enter the age of bionic prosthetics
(9) Coming to clinical trials: AI-powered "synthetic patients"
(10) Fertility gimmicks will fade, and nations will get real about population decline
(19) One healthcare retailer will rule them all...
(22) The 'sleep economy' will awaken
💻 AWS has partnered with AI startup Hoppr to launch a new model aimed at accelerating the development of generative AI tools in medical imaging
🌍 Doctor Anywhere, a Singapore headquartered telemedicine platform has announced a US$40.8m Series C1 extension, with Square Peg returning as an investor
🍽️ Xponential Fitness is acquiring weight loss and wellness clinic operator Lindora
💪 Forbes’ 100 Most Powerful Women list features female leaders of healthcare organisations like CVS, Elevance Health, and Centene
Sick Science
🌳 The cells of people living in greener areas appear to age slower
People who lived in neighbourhoods with more green space had longer telomeres, which are associated with longer lives and slower ageing
🗝️ This single gene could be the key to body size
Weight depends on many factors, and the the genetic basis is still poorly understood. Researchers from Japan have identified a gene called HSP47 that may serve as a master regulator of fat storage. It is expressed at high levels in fat tissue, correlates with BMI, and decreases with fasting and exercise
🌐 New wearable device can send health data 2400 times the distance of Wi-Fi
The system recharges wirelessly and uses a low power wide area network to send health data, offering continuous remote monitoring without relying on internet connectivity
🦠Gut microbiota metabolite protects against obesity
New research reveals that gut bacteria in the small intestines produce a protective compound against obesity in mice: phenyllactic acid. This finding raises the possibility of using probiotic bacteria or the compound itself to prevent childhood obesity linked to antibiotic exposure
🤖 AI Updates…
♊ Google launched their own AI model Gemini, and they say it outperforms ChatGPT on tests like reasoning and image understanding
📝 Epic shared how they use AI to generate patient-provider notes, draft responses to questions, and how AI can be more empathetic than a person
🪟 A Microsoft collab explored GPT-4’s ability to process radiology reports and found improvements compared to existing models and radiologists
🔍 A NEJM study showed that GPT-4 outperformed 99.98% of simulated human readers in diagnosing complex clinical cases
🩺 USyd and UNSW researchers are conducting a survey to explore the use of ChatGPT by health professionals
Startup Stuff 🚀
Do you want to pitch your startup at an improv night?
Whose Startup Is It Anyway? is a unique show that pairs professional improvisers with startup founders. Founders will give a 2-3 minute pitch, and then performers from Improv Theatre Sydney will use the information they heard from the pitches to create comedy sketches on the spot - More here
Recent uni grad and want to take a gap year?
The UNSW Startup Year Program provides a unique pathway for recent graduates with aspirations to build, launch and grow their ideas. Eligible students will be able to access a new form of Higher Education Loan Program assistance (STARTUP-HELP), receive income support, and participate in a higher education-based entrepreneurship course - More here
Future founder with a problem you want to solve?
Startmate’s Launch Club is a 10 week program that helps aspiring & early stage founders meet prospective co-founders, develop an MVP, and get it into customers' hands. Application open in Jan 2024 - More here
Digital health company looking for funding and support?
Apps are opening soon for ANDHealth+; a non-equity-taking program for evidence-based SMEs. You’ll also receive support from a world-class team, and access to an international network of experts. Attend the info session on Mon 18th Dec to learn more - More here
Need a site to run sequencing experiments?
Illumina is offering non-dilutive, in-kind grants for startups in Australia to generate proof-of-concept data at their Melbourne laboratory. Resources include business coaching, experiment planning meetings, and access to reagents - More here
Want to learn how to invest in early-stage startups?
First Believers is a 14 week program from Startmate, where you will learn the craft of investing and be exposed to over 500 early-stage startups - More here
👩💼 SBE Australia will bring their services for female entrepreneurs to Victoria, thanks to $100k from LaunchVic
Events💥
10th - 24th Feb: Dr Huberman - The Brain Body Contract
Sat 24th Feb: Whose Startup Is It Anyway? (Syd)
Fri 8th Mar: Startmate - International Women’s Day Event (TBD)
9th - 10th Mar: Creative Careers in Medicine (Syd)
7th - 8th May: Digital Health Festival (Mel)
Consumable Content 💎
🎥 a16z Big Ideas in 2024: Democratizing “Miracle Drugs” with Julie Yoo
Miracle drugs (cell and gene therapies, other specialty drugs like GLP-1s) could bankrupt and/or break our healthcare system as designed today. What needs to be true about how health insurance, care delivery, and patient benefits work to be able to bring these amazing products to market in a durable, scalable way?
🎙️The Good GP #143: Artificial Intelligence (AI) and Large Language Models (LLMs) in General Practice
WTH crew member Dr Roy Mariathas, an RACGP Fellow and digital health entrepreneur discusses the rise of artificial intelligence, its applications in healthcare, and the ethical considerations surrounding its use.
💰Halle Tecco is back with the goods and asking 4 successful healthcare startup founders how they sold their startup. Read Selling Your Healthcare Startup
🧘♀️ Trung Phan dives into the OG wellness brand and juggernaut Lululemon. Going into the history of its $60B+ Apparel Innovation and building a cult movement
💍 A new wearable biosensor measures fertility hormones, oestradiol in sweat with findings recently published in nature. The “ring-like device blends nanoelectronics and folded RNA to track hormone levels without the need for invasive blood tests”
Thanks to Max, Nicole & Roy for sharing fun things that made this drop!
💡Got thoughts on this? Or something to include next time?
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Ok. Happy Holidays fam
Heres to a much deserved break and catch you on the other side
👋 Emily,
Jas & team WTH
With thanks to our partners 💜
