For the past six years, New York City-based Redesign Health, a venture builder, has supported founders in launching more than 60 healthcare startups.
Companies Redesign has helped launch include Jasper Health, which helps cancer patients manage treatment; Dan Trigub’s MedArrive; Scriptology, which tackles medication management; infusion care startup Uptiv Health; and behavioral health startup UpLift.
Redesign Health is now expanding globally to help launch and scale healthcare companies in Saudi Arabia.
The healthcare startup creator inked a partnership with Sanabil Investments, a wholly owned company by the Public Investment Fund, to open the Sanabil Venture Studio by Redesign Health. The partnership aims to jointly develop and launch at least 20 healthcare companies in the kingdom.
The effort aligns with Saudi Arabia’s Saudi Vision 2030, which aims to diversify the kingdom’s economy and transforming the nation’s healthcare system. As part of this strategy, the Saudi government is actively investing in AI technology and infrastructure.
“Saudi Arabia is one of the most exciting places in the world to build healthcare companies. They are in the process of privatizing a publicly run system, investing significantly in healthcare infrastructure, and are taking forward leaning views on things like healthcare AI. With the benefit of strong local partners and strong local talent, we believe we can build world-class business in Saudi Arabia,” Redesign Health Managing Director Adam Jones told Fierce Healthcare.
It marks Redesign Health’s first expansion into an international market. The collaboration will combine the company’s venture-building model with Sanabil’s extensive network in the kingdom to deliver on the healthcare needs of the Saudi population, executives said.
“We were drawn to Sanabil’s deep market expertise and shared vision for healthcare innovation. Sanabil has an exceptional track record of partnering with funds and companies to create lasting impact in Saudi Arabia. We’re excited to work with a partner who shares our commitment to transforming healthcare through innovation,” Jones said.
Redesign has supported the launch of 60 companies, reaching 15 million people across verticals including cancer care, teleaudiology, senior care, COVID-19 testing and metabolic health, according to the company. Those startups have generated more than $1 billion in revenue in the U.S.
“We are confident that we’ve built the scalable tools, capabilities and ecosystems needed to successfully address new markets and scale our impact,” Jones said.
The venture studio will help launch and scale startups that aim to address critical healthcare needs through innovative solutions, while also creating new jobs and entrepreneurial opportunities in the kingdom, executives noted.
“Venture building represents the future of innovation, especially in complex sectors like healthcare,” a spokesperson at Sanabil Investments said in a statement. “We believe Redesign Health is one of the global leaders in healthcare venture building, and by collaborating with them, we are adopting a model that will accelerate our healthcare innovation economy and improve outcomes for all stakeholders. Our venture studio will create promising new companies, demonstrating a scalable approach to innovation that drives sustainable growth and positions the Kingdom as a key player in the international healthcare landscape.”
Saudi Arabia has a burgeoning healthcare startup ecosystem, and more investors are pursuing opportunities in the region. Last year, UAE-based healthcare private equity firm TVM Capital Healthcare closed a $250 million Afiyah Fund to support domestic health tech startups, along with international ones entering the market, with a focus on the key medical priorities of Saudi Vision 2030.
Redesign plans to establish a local presence in Saudi Arabia with a dedicated team to support its venture-building activities, Jones said. “This team will work closely with local healthcare stakeholders, founders and partners while leveraging Redesign Health’s global capabilities and expertise. Operations across the U.S. and Saudi Arabia will be fully integrated, with continuous knowledge sharing between our U.S. and Saudi teams to maximize our impact in both markets,” he said.
Last month, Redesign announced a new $175 million fund, its largest to date. That fund will fuel Redesign in its next phase of building, launching and scaling innovative U.S.-based healthcare companies.
