For this month’s edition of Raid The Fridge, the monthly startup networking mixer of Kickstart Ventures, we can look forward another fantastic evening with guest speaker Ron Hose, Founder & CEO of Coins.ph.
Ron is keen to share knowledge on what worked and what didn’t work building Coins.ph from seed funding to acquisition, setting strong company culture, and competing with incumbent players backed by two of Philippine’s largest conglomerates. Recently, a majority stake acquisition in Coins.ph was announced by the Indonesian tech company GO-JEK, a strategic move that will allow both companies to build something bigger and better for their customers. This acquisition has also allowed its investors to make an exit, which incidentally, makes Coins.ph the first exit for Kickstart Ventures — we’re a corporate venture capital investing in Pre-A to Series Cdigital startups globally.
So: we’re re-stocking our fridge with beers for the #startupPH community to enjoy while evening making new friends, reconnecting with old friends, and swapping stories over beers!
For any questions, you can contact the Fridgemaster via firstname.lastname@example.org. To view our Raid The Fridge events, check it out through Doorkeeper.
Leading venture capital (VC) and private equity (PE) players in the Philippines have come together to create an investment industry association that will act as a unified voice representing professional and institutional investors in the Philippines.
Called the Venture Capital and Private Equity Association of the Philippines (VCAP), this non-stock, non-profit corporation was the brainchild of ICCP SBI Venture Partners, Navegar, Endeavor Philippines, and Kickstart Ventures, Inc. with support from Romulo Mabanta Buenaventura, Sayoc & de los Angeles Law.
“VCAP is the first of its kind in the Philippines. It is a forum to promote a greater understanding of the roles VC and PE play in economic growth, to foster the growth of entrepreneurship and innovation, to encourage foreign investments into the VC and PE sectors in the Philippines, as well as to facilitate interaction and collaboration amongst its members,”
said William Valtos Jr., VCAP Chairman and President and ICCP SBI Venture Partners Senior Managing Director.
VCAP’s mandate includes building linkages with similar associations in other countries, raising the profile of the VC and PE asset classes, serving as a platform for potential dialogue on regulatory and policy issues affecting venture and private equity investments in the country, and promoting professional development of the member firms and employees.
The formation of VCAP will give local and foreign investors an accessible forum for sharing market information as well as discussing policies and practices which are of concern to VC and PE institutions and professionals, according to Honorio Poblador IV, VCAP treasurer and Navegar managing partner.
To this, Kickstart Ventures SVP and co-founder and VCAP charter member and trustee, Dan I. Siazon added that
“the long-term vision of VCAP is to help establish a mature and sophisticated market for venture and private equity investments in the Philippines commensurate to it being the second most populous market in Southeast Asia with an already well-established world-class talent pool.”
Siazon also invites all VC and PE practitioners as well as industry service providers interested in the Philippine market to join VCAP as members or associate members by emailing email@example.com.
On the other hand, Manuel Ayala, VCAP charter member and Endeavor Philippines managing director, said VCAP’s formation is long overdue in the Philippines.
“Globally, Endeavor has seen how a VCAP-type industry association in other markets such as [Mexico] has had a multiplier-effect on investment activity in the VC and PE sectors.”
The past few years have seen increased activities and interest in the local startup scene, where many players such as startups, founders, investors, public institutions, and other enablers have participated in hackathons, pitch competitions, and conferences but critical gaps remain in building a vibrant, self-sustaining ecosystem that can attract world-class talent and capital.
While there is an expressed desire for more capital, there is no deep enough understanding about how to attract quality capital, whether to startups at the micro level, or to the country, at the macro level. VCAP is committed to helping address these gaps so that promising entrepreneurs and companies achieve massive success, create more jobs, and accelerate economic growth.
About the VCAP Founding Members:
Kickstart Ventures: Kickstart Ventures is the Philippines’ most active Corporate Venture Capital firm, focused on investments in Pre-A to Series C digital startups. It puts big company resources – capital, facilities, expertise and business connections – behind startups, so investees can launch faster, and achieve scale and profitability sooner. Kickstart is a wholly-owned subsidiary of Globe Telecom, and is backed by Singtel and Ayala Corporation.
Navegar: Navegar is a Philippines-focused private equity fund that collaborates with founders and management teams to create long-term value for its portfolio companies by providing financial, operational, and strategic guidance.
ICCP SBI Venture Partners: ICCP SBI Venture Partners is a partnership between two leading venture capital firms, ICCP Venture Partners and SBI Holdings. ICCP Venture Partners is the longest-operating venture capital firm in the Philippines, having raised six funds since 1997, and ranks in the top quartile of U.S. venture capital funds as tracked by Cambridge Associates. SBI Holdings (TYO:8473 formerly known as SoftBank Investments) is a listed internet financial services conglomerate and operates Japan’s largest venture capital practice. ICCP and SBI have a combined footprint of sixteen offices throughout Asia and one in Silicon Valley.
Endeavor Philippines: Endeavor is a global non-profit organization that provides access to mentors, communities, talent, and capital.
Romulo Law: lromulo mabanta buenaventura sayoc & de los angeles is a full-service law firm with offices in Manila, Cebu and Hongkong that provides solutions to private equity, venture capital and corporate clients in the fields of corporate law, mergers and acquisitions, debt and equity capital markets, banking and finance, project development, corporate governance, anti-corruption including dispute resolution and arbitration.
Buying or renting a home, or any real estate property, continues to be a challenging experience for most Filipinos. If you go online today, property listings are generally overloaded with information. You spend more time filtering out less significant data before you can even begin your search. And if you decide to work with an intermediary, your customer experience is as good as your real estate broker/agent.
Home seekers typically care about three data points at the start of their search for a suitable home base: price, location, and neighborhood. The search is next narrowed on the basis of their lifestyle or preferences. Unfortunately, finding a home in a community fit for one’s lifestyle or preference is not easy: access to community information where the property is located usually requires seeking out different sources — tips from friends, work colleagues, or doing extensive search via Google.
This is where Zipmatch comes in: an online one-stop shop for real estate buyers, sellers, and brokers, it offers an intelligent user experience for home seekers by matching them with recommended properties, and access to trusted real estate professionals who will then provide end-to-end guidance.
Zipmatch also takes a unique approach in its online portal, in contrast to existing real estate websites — home seekers will enjoy well-curated choices and will be conveniently connected to trusted brokers.
The site also provides curated and verified content such as photos, 360-degree virtual tours, and a database of condominiums, townhouses, and house and lots to make buying and renting home properties easier and more efficient.
Launched in April 2013, ZipMatch started as a real estate brokerage and listing site, like many other property sites today. However, founders John Dang and Chow Paredes saw a bigger opportunity — empowering both sides of the real estate market: the buyers and sellers, and eventually changing the way they do business.
Paredes said: “ZipMatch’s strength lies within our community of home seekers. It is a community built on trust. Thus, we want to provide them with reliable information and tools that will take them one step closer into owning or renting a home that is just right for them.”
Aside from home seekers, real estate professionals benefit from Zipmatch: the inclusion of brokers and property developers in the online platform boost the number of leads they get for properties, which they would not normally get from regular listings. Moreover, Zipmatch can match these industry experts with customers in need of professional advice for their home search.
“We welcome brokers and developers who want to be game changers in the real estate industry. We aim to change the way they sell by providing them with new tools and knowledge to maximize their online exposure to the right community of home seekers. This new way of making connections is more affordable and more efficient than the offline approach such as flyering,” Dang said.
Today, Zipmatch’s journey from being a brokerage firm with a few employees, into a mid-sized technology business operating with a workforce who deeply understands the pain points in buying and selling homes, now includes leading Philippine venture capital firm Kickstart Ventures as an investor and partner for growth.
“ZipMatch has a deep understanding of the property market from both the homebuyer and real estate professional side. As a venture capitalist with sharp focus around digital, Kickstart believes that the team has the necessary balance of platform and tech, data analytics, and human touch: making the home search process much more efficient, while also providing great real-life support where it counts,” said Minette Navarrete, President of Kickstart.
“We believe that ZipMatch can become the go-to-site of every Filipino when they search for the home of their dreams,” Paredes adds.
Zipmatch is the 26th investment of Kickstart, the wholly-owned venture capital firm of Globe Telecom that invests in digital tech startups globally.
The most promising local growth startups working on solutions in the Internet of Things (IoT), big data analytics, content delivery, cyber security, or customer experience enhancement space have a huge new opportunity to scale their business through Go Ignite, the recently-announced innovation alliance of the Singtel Group with their European counterparts.
The alliance, composed of the innovation arms of Deutsche Telekom (hub:raum), Orange (Orange Fab), Singtel (Singtel Innov8), and Telefónica (Telefónica Open Future), offers to help top startups in the Philippines and abroad find business development opportunities, accelerate the commercialization of their innovations and bring their business outside their home market. Up to five innovative startups will be selected for the program: the global call for startups to apply will be open until 11:59PM CET on April 30, 2016. Applications are submitted via the Telefonica Open Future platform. Shortlisted startups will be invited to pitch to the Go Ignite Alliance members.
“We are thrilled to see developments like Go Ignite giving Philippine startups a path to penetrating the global market. Through the collective resources of these four major global carriers, any startup shortlisted to the top five would have a wealth of opportunities and services to help them accelerate their global growth aspirations,” said Minette Navarrete, President of Kickstart Ventures, Inc., a wholly-owned venture capital firm of Globe Telecom which is also a part of the Singtel Group.
Kickstart is a founding member of Singtel Group’s Innov8 Sparks, a network of technology startup support and funding initiatives. Kickstart helps startups by breaking down barriers that prevent founders from accessing capital, mentors, and markets. The VC firm’s network of business connections build virtual bridges to enable close and relevant engagement between the business community and startup founders.
To translate their ideas into viable solutions quicker, selected startups will benefit from the alliance members’ insights into different markets, introductions to partners, use of co-working spaces, potential investment, coaching, mentoring, invitations to showcases and events, and access to the alliance members’ operating businesses. They will also have the opportunity to gain access to Go Ignite alliance members’ business units and their collective customer base, which includes enterprises and consumers, equating to over one billion mobile customers across five continents.
Edgar Hardless, Chief Executive Officer, Singtel Innov8, said: “The Go Ignite alliance helps startups succeed in multiple markets by providing them with the right resources that are critical for their commercialization. Selected startups can expect access to the alliance’s business units and refine their solutions within a sizeable customer base. Combining our resources together, the Go Ignite programme can give startups a better chance to scale across markets worldwide.”
Interested startups can apply via the Go Ignite website; deadline for applications ends on April 30, 2016. To be eligible for the Go Ignite Global Call, all members of the startup should be above the age of 18. The startups are expected to be in their growth stage with a ready product that can be taken to ecosystems across Asia, Africa, Europe, Latin America and the Middle East. To find out more about the Go Ignite global call, please visit http://go-ignite.com
The internet is showing its age and Teridion offers a fix for content companies, app publishers, and other businesses that serve content and apps at scale. It has deployed a cloud-based optimization service that identifies the best paths for content and apps, and selects these paths so that dynamic content—both uploads and downloads—are delivered up to 20x faster.
Being a Business-to-Business (B2B) company, Teridion requires no hardware nor software installation, thereby, making deployment much quicker and cost-effective than a traditional Content Delivery Network (CDN). This means a typical cloud customer can be connected to the network in under an hour.
“We have confidence in Teridion. We believe that it is the answer to the fast-growing appetite for high performance and reliable internet experience by today’s applications and services for content delivery—but without sacrificing quality or reliability. With their network optimization and content acceleration solutions, Teridion is well on its way to becoming an important partner for organizations that need to build highly-dynamic applications without compromise,” said Minette Navarrete, President of Kickstart.
Kickstart and Globe are both committed to help build a digital nation towards a #wonderfulPH through supporting and maximizing the use of information and communications technology.
“The Internet is an incredibly powerful tool but until now, we have struggled to take full advantage of its capabilities. It is still common for us to fall victim to slow response times and volatile connections.” said Elad Rave, CEO and co-founder of Teridion.
He added: “We are thankful for the trust given by Jerusalem Venture Partners (JVP) and Magma Ventures, our earliest institutional investors; and our most recent investors, Singtel Innov8 and Kickstart. We are breaking down boundaries and providing users with a seamless Internet experience – no matter their location, device or application so that they can say goodbye to slow response time and volatile connections. The funding and general availability of our product are major steps in this direction. We are extending our sales coverage and channels to Asia Pacific countries.”
Teridion was only formed in 2013 but Rave has been working on the concept for over six years based on his past cloud and video experience. Their global headquarters is located in San Francisco while their engineering team is based outside of Tel Aviv, Israel.
The company’s solution is currently being used by more than 15 companies in the US and Israel which require some of the most bandwidth-demanding applications and services such as hosting and file sharing, rich media, and advertising. Future markets include enterprise and service providers.
Early customer deployments of Teridion have shown up to 20x improvement in Internet performance, offering an opportunity for businesses to achieve new levels of customer engagement and retention, ultimately driving up revenues.
Kris Lahiri, VP of operations and chief security officer at Egnyte, one of Teridion’s customers, noted how Teridion was able to help his company.
“Enterprise businesses rely on the flexibility of the Egnyte platform to securely share files, collaborate and maintain control over important data, no matter the storage provider, cloud, application or device. We want our customers to be freed from worrying about Internet connectivity or their geographical location. Fast response times and always-on reliability are vital to IT professionals and business users alike, and Teridion helps us consistently deliver high-performance across our solutions and services,” he said.
Lahiri’s view was also supported by Edward Chiu, DigitalOcean’s director of customer success. “Our company’s core mission is to simplify cloud infrastructure for the developer community. We’re excited to see Teridion focus on the same goal by simplifying content delivery across the core of the Internet, offering a service that doesn’t rely on caching,” he said.
Teridion also provides unparalleled flexibility through its cloud routers that are created on demand, thereby, providing scalability and enabling users to only pay for the resources consumed. The solution works with the largest cloud providers in the world to ensure the speed and reliability of traffic without requiring customers to leave their cloud provider. The solution is now available, and is priced based on data volume or users. For more information, check out www.teridion.com or www.twitter.com/teridionnet.
Squadzip, a mobile-first software-as-a-service (SaaS) platform for productivity and collaboration that applies the ease of use and familiarity of popular social media platforms to a sales and project management context, received an undisclosed amount of funding from corporate venture capital firm Kickstart Ventures and Silicon Valley-based seed-stage investor and innovation platform Plug and Play Tech Center.
Squadzip is the first co-investment between Kickstart Ventures and Plug and Play Tech Center. This also marks the first investment of Plug and Play Tech Center in the Philippines.
Squadzip was inspired by CEO and co-founder Roman Mercado’s own frustrations in using productivity solutions while he was working in enterprise sales for medical, banking, and digital media industries.
In his corporate life, Mercado saw many corporations sink huge amounts of money into enterprise solutions, the implementation of which meant high upfront fees, hardware cost, complex user trainings, and time delays. These solutions ranged from the free to typically expensive legacy enterprise platforms. The situation prompted Mercado to tap colleague and now CTO and co-founder Joaquin Barandino to help build Squadzip, a productivity tool for businesses that allows teams to communicate in real-time and share data without having to endure lengthy forms.
“For our enterprise customers, Squadzip is like their own private company social media platform and wiki. Activities are posted in real time on a live feed which are time- and location-stamped, while business intelligence is captured from each post to be classified and organized easily and in real time into Intel Pages. Also, sales teams involved in specific deals can collaborate and access data from anywhere in the world,” said Mercado.
Mercado and Barandino capitalized on the Filipinos’ proclivity for social media apps in a bid to ensure easy adoption by those assigned to use Squadzip. Instead the traditional task- and form-based paradigm commonly seen in other solutions, they created a hashtagging system called “ziptags” based on natural reporting behavior which allows users to quickly categorize, search, and retrieve data on customer histories, competitors, and service issues as well as added powerful geolocation and timestamp features that allow businesses to know what is going on and where it is happening.
Mercado further shared: “We make it a point to work closely with each client to make sure we remain responsive to actual needs and pain points they go through in their day-to-day operations. Our customers today use Squadzip to locate, monitor, and track sales teams remotely; capture and organize valuable customer data, service issues, and leads seamlessly; and analyze sales funnels, monitor ongoing projects, and track performance. ”
Since July 2014 when Squadzip was adopted by their first paying enterprise client, it is now in smartphones carried by teams traveling to different parts of the world. Squadzip is being applied in various use cases including sales, customer relationship management, and project management.
Enrique Miguel Valles, Mida Food Distributors president and chief operating officer, is an early user of Squadzip. His company signed up after experiencing unending difficulties in monitoring frontline itineraries resulting to lost opportunities and unanswered leads.
“Squadzip helped us implement a quicker response time: rapid deployment of sales reps as soon as needed by clients, better inter-department communication, and a more strategic approach to itinerary planning, all of these resulting to a record-breaking 2nd half of 2014,”Valles stated. Their use of Squadzip resulted to a year-on-year top line sales increase by 20%.
Another enterprise client, Apo Floors, a local manufacturer of vinyl and luxury resilient flooring, is on its 2nd year using Squadzip. Their vice-president and general manager Alfredo Mamonong shared that Squadzip allows them to save information on customers, companies, competitors, products, opportunities, and projects in real-time which become helpful references for decision-making.
Squadzip is, likewise, a perfect fit for companies with teams working in different parts of the country. Maria Ceres Reano, Broadchem Pharmaceuticals head of product research and development, is able to work with her mobile teams while out in the field dealing with agricultural corporations and farms.
“Using Squadzip has allowed Broadchem to remotely monitor and review activities of our territory managers and the status of their on-going promotions and projects,” said Reano.
Kickstart Ventures, Plug and Play Tech Center co-invest
In just 18 months since they started, Squadzip has already gained a portfolio of enterprise users across multiple industries. The funding from Kickstart Ventures and Plug and Play will enable the founders to further improve their product and scale distribution here and abroad.
“CRM remains to be an interesting space for Plug and Play. Particularly those with very creative solutions in enhancing the user experience and interphase, like Squadzip. Its approach to ease of use and intuitive tagging of information I believe is key to its success. Squadzip is the first investment of Plug and Play in the Philippines so we’re excited to work with Roman and his team and we hope to accelerate Squadzip’s potential globalization, possibly to become the next Salesforce or Sugar,” said Jojo Flores, Co-Founder and Vice-President. Plug and Play engages over 300 corporations in Silicon Valley.
Minette Navarrete, president of Kickstart Ventures, a wholly-owned venture capital subsidiary of Globe Telecom also welcomed the addition of Squadzip in their investment portfolio. “Squadzip is an enterprise solution designed to be frontline-focused, and architected to be enterprise-grade. Frontliners and head office management share the goal of growing their business, delivering great quality service to customers, and sharing information in real-time, frequently over multiple locations,” she said.
She added: “Squadzip’s intuitive user interface makes it easy for distributed teams to collaborate and report information; and the back-end keeps it simple for management to make good decisions and communicate these quickly. This balance makes Squadzip a powerful tool in business development in today’s fast-paced environment.”
With the funding we’ve received from Kickstart and Plug and Play, Mercado expressed confidence that they are in an even better position to help more businesses serve their customers better and faster while saving them time and money.
Singtel Innov8 has announced a new program which opens doors for startups to collaborate with Singtel to create innovative solutions for business challenges faced by the Singtel Group, which includes leading Philippine telecommunications company Globe Telecom.
Through Singtel Innov8 Connect, which was launched on January 12, selected startups will receive up to S$75,000 to test and validate their solutions with Singtel. Successful solutions may lead to commercialisation with the Singtel Group, providing startups access to the Group’s customer base which includes both enterprises and consumers and over 575 million mobile customers across Asia, Australia, and Africa. They will also have the opportunity to seek funding from Singtel Innov8 and tap on its network of co-investors and partners across the globe.
The move is a step forward from the existing initiatives across the Singtel Group, where affiliates run programs that actively support startups and entrepreneurship programs. Globe Telecom in the Philippines, for example, has Kickstart Ventures, a corporate venture capital firm that makes investments in digital startups ranging from Seed to Series “C” stages. Other startup-oriented initiatives are run in affiliate operators AIS in Thailand, Telkomsel in Indonesia, and Optus in Australia.
Kickstart in particular runs two funds: Fund 1 is the original US$5Million seed-to-early-stage investment fund focused on startups that originate in the Philippines with an ambition to expand at least regionally; and Fund 2, announced in March 2015, is its US$50Million growth stage fund focused on strategically-aligned startups anywhere in the world. Demonstrating collaboration across the Singtel group, Kickstart last year invested along with Singtel Innov8 in Teridion, an Israel-based startup focused on network optimization and content acceleration.
“This development not only serves as another opportunity for Philippine startups to penetrate the global market and realize their global growth aspirations but also gives Globe and the rest of the Singtel Group a chance to benefit from the innovations that these startups may bring. Kickstart’s mission is to break down barriers and to build bridges to enable close and relevant engagement between the business community and the startup founders. Working with Singtel on Innov8 Connect will drive that goal forward,” said Minette Navarrete, President of Kickstart.
Kickstart is a founding member of Innov8 Sparks, Singtel’s network of startup support and funding initiatives across Southeast Asia. It currently has 25 portfolio companies with various products and services encompassing SaaS (Software as a Service), e-commerce, social impact, digital lifestyle, FinTech, and HealthTech, several of which have already ventured to other countries.
Edgar Hardless, CEO of Singtel Innov8 said: “Since Innov8’s launch in 2010, we have invested and partnered with many talented startups globally to help them expand their businesses and introduce innovative technologies to the Singtel Group.”
“Entrepreneurs are looking for problems to solve. This programme enables Singtel to share real-world business challenges and invite solutions from startups globally. It is an excellent opportunity for startups to work directly with Singtel’s business units and validate their solutions,” he added.
Mr. Peter Ho, CEO of Hope Technik, a Singtel Innov8 portfolio company said: “The investment and support from Singtel Innov8 have really helped Hope Technik punch above its weight class. Through Singtel, we have a better understanding of the opportunities and challenges faced by large enterprises, which allows us to create more relevant and impactful solutions.”
As the venture arm of the Singtel Group, Singtel Innov8’s mandate is to scout for and provide the Group with insights and early access to emerging technologies, as well as to nurture the innovation ecosystem in Southeast Asia. Innov8 Connect is part of Singtel Innov8’s initiatives to create greater awareness for Singtel’s innovation agenda and engagement with startup ecosystems.
Through the Innov8 Connect portal (innov8connect.com), Singtel Innov8 will publish briefs detailing various business challenges. startups with relevant solutions are welcomed to submit their applications through the portal. Selected startups will then be invited to pitch to a panel of management representatives from the Singtel Group. After a rigorous selection process, one company per brief will be chosen to work with Singtel to trial its solution.
The first set of 10 project briefs are focused on business challenges in areas such as enterprise cloud, smart and safe city and customer experience. The briefs are now open for submission from all startups in the Philippines and across the globe at http://innov8connect.com.
Lifetrack Medical Systems (LTM), a healthtech startup that provides quality interpretation of radiology diagnostic images for hospitals and clinics, recently announced that it had closed a round of funding from strategic investors, including the Philippines’ Kickstart Ventures, Inc.
Radiology readings are increasingly critical in medical diagnosis, especially in the detection of orthopedic and soft tissue conditions. Most hospitals and medical practitioners require data from procedures such as X-rays, CT scans, or MRI tests but there are too few experts in the field. This shortage is nowhere more felt than in developing countries like the Philippines and Indonesia, where there is typically a 10- to 30-fold lack of radiologists per capita versus the developed countries, and where experienced radiologists make up 1% or so of the total practitioners.
Lifetrack addresses the shortage of radiology experts via their unique radiology software platform with a two-fold value proposition: increased efficiency in radiology reporting and more radiology knowledge workers trained.
Lifetrack’s platform complies with global Radiology Information Systems (RIS) and Picture Archiving and Communications System (PACS) standards used by all leading computer imaging providers like Siemens, Philips, General Electric and thereby, allows interoperability with existing systems and equipment of hospitals.
The company’s unique browser-based radiology software with onsite and cloud-based servers offers hospitals and clinics the ability to leverage their existing radiologists with their efficient approach to radiology reporting while also providing on-demand access to a pool of radiology experts, thereby helping improve patient care at an affordable cost. The platform’s radiology software contains context-sensitive decision support which helps improve existing radiologist’s skill sets while also making the platform perfect for learning institutions’ Continuing Medical Education courses and subspecialty training.
“Part of our advocacy is to reverse the brain drain, which we’ve seen far too long in the country’s healthcare industry. Through Lifetrack’s affordable software and professional services, we can bring in radiology studies from around the world to be read by Filipino radiologists based here. This, in turn, can lead to attracting high-income knowledge-based jobs from overseas to local radiologists. In fact, we have already brought in at least 50 medical jobs from abroad” said Eric Schulze, founder and chief executive officer of Lifetrack.
He further added, “We do struggle in finding people with domain experience in radiology IT but since we engineered our software to meet the needs of our target market, we end up mentoring more people to develop those skills.”
The system is so unique that Duke NUS, a collaboration between Duke University and the National University of Singapore, is using it in partnership with Lifetrack to provide sub-specialty certification and training to radiologists throughout the region. Duke NUS Medical school is also using Lifetrack to train their medical students in interpreting pediatric chest X-rays.
Schulze expressed confidence that with the strong backing from Kickstart, Lifetrack will be much closer to achieving its goals. “The people at Kickstart are wonderful mentors and can draw upon a wide range of experience and resources to help us find new clients, as well as build out our infrastructure and human resource needs. We are always looking for referrals for new hospitals and clinics — clients who want to experience 24/7 coverage and high-quality fast reporting turnaround time.”
Kickstart, in turn affirmed Lifetrack’s vision of improving healthcare services globally. “The world’s healthcare systems have not scaled in step with the world’s demographic development. It doesn’t matter whether you are in a developed or emerging market: the sad truth is, there are not enough resources to offer the quality and speed of diagnosis and treatment that everyone needs. Lifetrack can help improve healthcare systems globally, deploying a concentration of skilled diagnosticians and making them available to hospitals on-demand, reducing patient waiting time, hospital costs, and the risk of misdiagnosis,” said Kickstart president Minette Navarrete.
Lifetrack is based on the experience of building a successful US-based teleradiology company founded by Schulze in 2003, which he subsequently sold in 2011. The undertaking gave Schulze valuable insights on how to do efficient radiology while being freed from the constraints present in existing legacy RIS/PACS systems.
Kickstart Ventures, a wholly-owned subsidiary of Globe Telecom, has made 24 investments globally. It is committed to accelerating the growth of new businesses and entrepreneurs in the digital technology space, as well as co-creating a dynamic innovation ecosystem in the country.