Investors and healthcare startups are center stage at the annual INVEST conference in Chicago March 28-30, 2022. In the runup to the conference, we’re doing a series of interviews with investors on their approach to startups across the four tracks of the pitch contest, INVEST Pitch Perfect: pharma tech; diagnostics; care coordination and value-based care; and remote patient monitoring and smart devices.
The finalists for each of the tracks will be reviewed by judges who will also ask questions about the startup’s business. The prize for the winner of each track is a profile in MedCity News.
The deadline for Pitch Perfect submissions is January 15. To apply, click here.
Ling Wong is a General Partner at Sea Lane Ventures and Senior Adviser to Lightspeed Venture Partners. In response to emailed questions, she shared her perspective on startups in the diagnostics and remote patient monitoring sectors.
What companies have impressed you in these spaces in recent years and why?
We are experiencing a watershed moment in digital solutions to healthcare access, driven in no small part by the next generation of diagnostics and new solutions for remote patient monitoring and interaction. While there are many impressive players in this space, there are two that particularly stand out in my mind – both of which are companies in which Lightspeed Venture Partners has invested. One of these companies, Guardant Health, is focused on developing breakthrough diagnostic technologies that can transform cancer from a silent killer into a manageable disease. Using a simple blood draw, their product allows for rapid analysis of a patient’s current cancer genomics in order to better inform treatment decisions. In a relatively short time, this company has become one of the established leaders in liquid biopsy. The other is Wheel, which has created a virtual care platform which is enabling the highest quality care to be delivered affordably and sustainably. Wheel’s commitment to moving the healthcare industry forward with clinicians, organizations, and patients all playing an integral role fundamentally changes the way healthcare works, enabling any provider to become a telemedicine provider. I believe Wheel stands as a great example of a company providing a digital solution that addresses issues of access – and, ultimately, equity – by lowering some important barriers to care.
What are a couple of exciting developments you have seen in this sector within the past 18 months in terms of technology development, implementation, clinical study data?
The Covid-19 pandemic has had such a dramatic effect on countless areas of our society, and healthcare access is no exception. Against this backdrop, we have seen in the past 18 months a huge acceleration in the adoption of digital solutions such as virtual care, which in turn has significantly enabled new models of care. While this change in usage was driven by the needs of a public health emergency, the promise of digital solutions (such as Wheel) is now broader than it has even been, and we’re now seeing how it may hold the key to furthering health equity and accessibility – specifically, meeting diverse needs across a range of patient populations by potentially reducing or eliminating barriers to care based on location. The defining feature of a growing set of digital health solutions and therapeutics is the power to personalize care and services to meet the health needs of diverse populations and improve access. I love this idea and am passionate about the goal.
How do you support smaller upstream startups? Have you ever/would you ever make smaller pre-seed and seed relationship investments, just to be on the cap table and not miss out later?
My philosophy is that if I see an inspiring solution for a pervasive societal problem in healthcare, I want to build those mission-driven relationships that move those early ideas across the finish line – and if it indeed provides a solution that benefits society in a big way, you are going to see returns. One example of how the Lightspeed team approaches smaller upstream startups is illustrated in our investment in Soda Health. Soda is a company addressing longstanding challenges to provide reimbursement for goods and services critical to achieving and maintaining good health, but are not supported by traditional medical claims. Because we saw the tremendous need for and potential of Soda’s health care-centric payment and related solutions, Lightspeed co-led the $6 million seed round, and we continue to provide close support to Soda Health today. Certainly the founding team’s compassion, experience in the industry and innovative spirit were key reasons to support their ambitious mission. But importantly, it is the impact of what they are doing – allowing consumers to have easier access to their benefits, offering health plans a technology platform that can administer those benefits cost-effectively, and building a foundation for improved overall health across communities – that further validates our decision to invest all the way through. Yes, early investment in companies that promise returns later is important. However, early recognition of ideas that address fundamental issues and inequities in healthcare is arguably even more crucial. Social good is good business.
How do you evaluate founders?
In short, I’m inspired by founders with a vision to bring personalization and scale to bear in solving the problems that exist in healthcare today. So many of the barriers we are seeing have everything to do with unmet challenges in diversity and access. This focus, which is reflected in my approach to investing, resonates across the entire health ecosystem from therapeutics through to care delivery. When you come across founders who see these problems, who recognize these societal inequities, and who understand how these needs can be a guiding light for healthcare investment, it’s easy to see how their missions are worthy of support. I want to be a part of that solution because I look forward to a world where our technology, both digital and therapeutic, can drive the highest possible standard of health for all.
To apply for INVEST Pitch Perfect and learn about the criteria, click here.
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