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General Catalyst is adding Israeli hospital Sheba Medical Center to its lineup of health system partners, the organizations said Wednesday.
Sheba Medical Center, a hospital based in Tel Aviv, represents the second international partner for the venture capital firm. London-based Guy’s and St Thomas’ NHS Foundation Trust was named to its initial list of 15 health system partners in November.
Daryl Tol, head of health assurance ecosystem at General Catalyst, said the firm was impressed by the success Sheba Medical has had in innovation. The hospital’s ARC Innovation Center has incubated digital health companies like A.I. firm Aidoc, which has raised $250 million in funding, and data analytics company MDClone, which has raised $104 million.
“The way that they’re working to accelerate innovation through ARC and the expansion of that concept is really cool,” Tol said. “There’s a willingness of this health system to build and fund healthcare transformation. They are committed to global transformation and we’re committed to global transformation.”
General Catalyst led Aidoc’s Series C round. Tol said Sheba Medical Center is not required to invest in any of its portfolio companies.
Sheba’s innovation center brings together medical and academic institutions with digital health startups at various events, including an annual summit in Israel. Tol expects collaboration between General Catalyst’s Health Assurance network, which includes the 16 health systems, and Sheba’s ARC Center participants.
“One thing I’ve learned quickly is that the problems across our partners are actually very similar,” Tol said. “Even though payment models, government systems, regulations and cultures around healthcare are very different, there are a lot of commonalities. People are fighting the same battles.”
Sheba signed an agreement with Rochester, Minnesota-based Mayo Clinic in June 2022 under which the two organizations agreed to collaborate and share data from startups at Sheba’s innovation center and Mayo’s Platform Accelerate program.
Connecting with American-based health systems introduces Sheba’s Israeli startup companies to the most lucrative healthcare market in the world.
“ARC has about 90 startup companies that are members, which we take into U.S. markets through many of our partners like Mayo Clinic,” said Dr. Eyal Zimlichman, Sheba’s chief innovation officer. “The [health systems]’ are looking to get a look at the pipeline of innovation coming out of Israel.”
General Catalyst’s list of health system partners in the U.S. includes Nashville-based HCA Healthcare, Philadelphia-based Jefferson Health and Salt Lake City-based Intermountain. The venture capital firm has also hired healthcare executives including Dr. Stephen Klasko, former CEO of Jefferson Health and Dr. Marc Harrison, former CEO of Intermountain.
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