Nine healthcare startups from across the GCC and North Africa will compete for funding and investment at an event in Riyadh on Jan. 17. The competition is part of an accelerator program launched by Al-Borg Diagnostics, one of the largest chains of medical labs in the Kingdom.
The nominated startups will pitch their innovative ideas to a group of investors at Crowne Plaza Riyadh RDC, to win Al-Borg’s first, second, and third prize. The top three startups will receive awards and funding.
Al-Borg Med-Tech Accelerator program was launched last January by Al-Borg Diagnostics in line with Saudi Vision 2030 and as part of the company’s social responsibility toward youth empowerment, innovation fostering, intellectual property, and the localization of technologies, with the overall aim of improving healthcare services.
The board of directors will allocate an amount of $1 million annually for the program, in support of social and economic development, healthcare innovation, entrepreneurship, and providing a common workspace and relevant training programs, for a period of 10 years.
The program received applications from 100 local and multinational startups, of which 32 have been selected in the following categories: Health insurance and financial technology, logistics services, healthcare, artificial intelligence, transport and tracking system, remote diagnosis and consultations, domestic care, urgent care, pharmacy, and 3D printing.
Al-Borg Diagnostics contracted with both local and international service providers and consultants to implement the program, provide acceptance services, filter applicants, set standards, provide remote guidance and counseling services, write and prepare investment memos, and prepare the startups for pitching their ideas to the investors.
With its contribution, Al-Borg Diagnostics aims to improve the quality of life and improve health services in the Kingdom, as well as play its part in achieving the goals of the Kingdom’s Vision 2030.