We take a look at how AI Health Tech is changing the world.
It’s fair to say the AI market has grown swiftly throughout the last few years, not just in healthtech, but in every aspect of our lives. We have interactive apps that act as our personal assistants and AI that is aiding us in solving complex issues efficiently in many different areas. “Over the next two years, the global artificial intelligence industry is expected to grow to $55d billion in total revenue by 2024, according to market research firm IDC” (sensoriumxr.com). If anything, it showcases the demand and funding for the market. Let us talk about 5 AI Health Tech Companies that you need to know.
Deep 6 AI
Deep6 uses AI concepts such as natural language processing (NLP), which is essentially a subfield of linguistics, computer science, and artificial intelligence concerned with the interactions between computers and human language. Then there is machine learning (ML), which fundamentally uses algorithms to access historical data and predict new output values.
The software uses this as a base to provide precision clinical research trials for patients. It works best with ciphering through unstructured data to gather certain patient information, such as clinical notes, lab results, imaging findings, and older forms. Furthermore, evaluate with these findings a patient’s eligibility against a trial’s inclusion/exclusion criteria. Deep6 AI matches the most challenging to retrieve clinical evidence. A streamlined, easy-to-use and fully integrated recruitment module is at work to facilitate getting the identified patients enrolled in the study.
The company currently has $17.1m in total funding and two funding rounds (crunchbase.com).
Aetion
Their platform is called (AEP), and its purpose is to deliver real-world evidence for manufacturers, purchasers, and regulators of medical treatments and technologies. Furthermore, global organizations use the platform to access the safety and effectiveness of medical technologies.
AEP cycles through analytics rapidly to provide reporting and audit trails for reviewers to see. Moreover, it can consume data from many sources in native or common data model formats, assisting in identifying the data that is the most sufficient for studies. It can Connect any data, optimized to a longitudinal patient timeline, and scientifically validate analytic workflows—including risk tiering and risk prediction—that balance flexibility with guardrails. Not to mention, it includes 2,000+ pre-built clinical definitions for algorithmic application.
On May 19th, 2020 amid the covid-19 pandemic, Aetion signed a research collaboration with the U.S Food and Drug Administration (FDA) to use real-world data to advance the understanding of the virus. They aim to analyze data regarding the natural history of the disease, as well as treatment patterns.
Since its inception in 2012, they’ve accumulated a total of $203.6m through funding and went through 6 funding rounds. (crunchbase.com)
Woebothealth
Woebothealth was founded in 2017 by clinical research psychologist Dr. Alison Darc. The backbone of the company is fundamentally on mental health and supportive relationships. One of their core values is ensuring people can get to know themselves better.
Their application uses advanced AI to deep dive into psychology over the years, accessing symptoms of anxiety, depression, and other mental health needs, responding with empathy. It uses clinically approved approaches such as CBT, IPT, and DBT to deliver techniques that ensure maximum results for care.
The tech evolves and grows with every interaction just by listening. For example, Woebot can remember previous conversations and provide therapeutic suggestions, meaning the app can deliver support when required. In addition, they want their users to have an ally that can be with them anywhere, without the need for therapy waitlists and insurance jargon, giving support to all who need it.
Woebot’s total funding is $123.3m, with 15 investors (crunchbase.com).
LifebitAI
The company was founded in 2017 by Maria Chatzou Dunford and its mission is to create a world where access to biomedical data will never again be an obstacle to curing diseases. Lifebit produced technology that allows researchers to run diagnostics on various, distributed datasets in-situ, avoiding risky movement of highly-sensitive data.
“All biomedical data that can be used to save lives should be used” (Dr. Maria Chatzou Dunford CEO). The data can be challenging to find and Lifebit wants to make it easier by the use of pre-configured tools, making it findable and usable. The idea is the more accessible this data is, the faster breakthroughs can be made and diseases cured.
Their product Lifebit CloudOS, provides an end-to-end solution for large-scale clinical-genomic programs. From clinical-genomic data cleaning and setting up the infrastructure to enabling research and clinical insights, Lifebit guides organisations through the entire process. Whilst their other application Lifebit REAL uses Artificial Intelligence to make sense of real-world data. Using REAL, they can unlock meaningful insights in real-time.
Lifebit has total funding of $70.5m and 9 investors (crunchbase.com)
RwHealth
Founded by Orlando Agrippa, RW is a provider of healthcare analytics and information services that is driven by machine learning and AI technology. ML and AI are used to leverage information at a local and global level to create real-time and predictive analytics for healthcare and life sciences.
RWHealth also has strong partnerships with the NHS, which only enriches the sources of information. Their data platform DSP predicts useful information across all different types of care and ensures optimal patient treatments. Their AI-driven technology processes 10,164,247 patients in the UK, covering 40+ providers, with a further 5,500,000 patients across the Middle East and Australia.
They’re currently delivering advanced solutions with their ML technology across 70 NHS international providers and translate data to improvements in provider quality of care, safety, efficiency, opportunities, and at their heart, patient outcomes.
The current funding for RWHealth is $15.9m and a total of 4 investors (crunchbase.com)
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