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Credit: Mito Health
Local start-up Mito Health has been accepted into the coveted Y Combinator (YC) Summer 24 program. This three month program is dedicated toward improving start-ups by giving them advice, access to resources, and networking opportunities. Start-ups also receive a $500,000 investment from YC.
Why Y Combinator?
Photo: Y Combinator
Y Combinator is a technology start-up accelerator that has helped well-known companies like Airbnb, Twitch, and Dropbox. It has also funded over 90 billion-dollar companies.
Twice a year, YC takes in two batches of start-up founders for a Summer or Winter program. Start-ups are accepted at any stage of their development, with 42% of YC’s billion dollar companies having only an idea when they applied.
During the program, founders immerse themselves in an entrepreneurial environment. Improving a start-up usually translates to refining the product that the company is selling, and to have more options to raise money. YC gives these start-ups the chance to improve by hearing from and consulting with YC alumni, invited speakers, and investors.
The program culminates in Demo Day, where founders showcase their companies to potential investors and the press.
After the program, YC maintains regular communication with the participants. These founders will continue to have access to the alumni network; Bookface, a platform exclusively for the YC community; and deals on necessary programmes, like cloud services.
Why Mito health?
Photo: Mito Health
Mito Health is a health technology start-up that acts as a virtual longevity clinic. It was started by the CEO, Kenneth Lou, and Chew Tee-Ming, Joel Kek, and Ryan Ware. Chew and Lou had previously founded the personal finance platform, Seedly. They both left Seedly in 2022, and started Mito Health shortly after.
With a holistic approach to healthcare, Mito Health aims to enhance customers’ health and wellbeing by offering comprehensive services ranging from testing to health reports and lifestyle recommendation plans.
Dr Ryan Ware, one of the co-founders, said, “most of us wait until we have health issues or diseases before we start to make changes — trying to hold onto our quality of life and lifespan. Our goal is to change the way clients think about long-term health and help identify the specific actions to not just be average, but optimal.”
Mito Health tests 67 biomarkers to assess the individual’s risk for critical diseases and early ageing. Its diagnostic testing process is convenient, as customers can get their blood drawn within the comfort of their own home.
Following the test, customers receive a health plan with insights from their blood test. This personalised health plan, derived from a blend of doctor advice and AI, offers tailored recommendations on nutrition, exercise, and supplements to meet individual needs.
Why the excitement?
Joining YC thus presents Mito Health with a range of opportunities. After participating in the YC program, companies raise a medium of $1.3 million.
The founders of Mito Health will thus be able to raise funding more for their startup to further refine their products and services. They will also get to learn from other founders in an intense, focussed environment, and get direct, specific advice about their start-up from experienced business owners, and investors.
This opportunity also aligns with the company’s plans to expand to the United States in the third fiscal quarter of the year, around July to September, and presently has a waitlist up for interested customers to join. The timing of the YC Summer program is thus very advantageous to the founders of Mito Health, especially as YC continues to look after its participants after the program.
