Artificial Intelligence In Healthcare - Weekly Recap - August 2023

August 15-21

Groundbreaking Technologies and Innovations

Viz.ai Receives First De Novo Approval by the FDA for Hypertrophic Cardiomyopathy

Viz.ai has obtained the FDA's first de novo approval for its artificial intelligence (AI)-enabled tool for detecting hypertrophic cardiomyopathy. The AI technology is designed to help in the early identification of the disease, supporting timely intervention and treatment. [BioPharmaDive]

Deep Learning Model for Atrial Septal Defect Detection

A new deep learning-based model demonstrates 93.7% accuracy in detecting atrial septal defects (ASD) in ECGs, outperforming traditional methods. The development is a collaborative effort by Brigham and Women's Hospital and Keio University.[Medium]

Google's Ambitions in Generative AI for Healthcare

Google Cloud's global director for healthcare, Amy Waldron, discusses the company's initiatives and partnerships to implement generative AI in healthcare. Collaborating with health systems like Mayo Clinic, Google is utilizing generative AI to improve clinician workflows, help patients understand bills, and explore applications such as the Med-PaLM 2 tool that may draft medical documentation in the future. Their focus encompasses administrative efficiency, care team support, patient engagement, and advancing research and development. [Healthcare Dive]

Funding in AI Healthcare

Genesis Therapeutics Secures $200M in Series B

Genesis Therapeutics, has closed an oversubscribed $200 million Series B financing round to advance its AI-driven drug discovery efforts. The company's proprietary state-of-the-art generative and predictive AI platform, GEMS (Genesis Exploration of Molecular Space), integrates deep learning, molecular simulations, and chemically aware language models to accelerate and optimize small molecule drug discovery. This financing will further the development of GEMS and the company's internal pipeline targeting data-poor and canonically undruggable conditions. [Genesis Therapeutics]

Aether Bio Raises $49M for Enzyme Repurposing with ML Technology

Aether is developing re-purposed enzymes through ML technology to create bio chemicals and materials in a sustainable manner, potentially impacting the broader field of bioengineering. [Crunchbase]

Abcuro's $155M Series B Round

Massachusetts-based biotech startup Abcuro, Inc raised funds for developing therapies for autoimmune diseases and cancer through specific modulation of T and NK cells. Though not directly AI-focused, these developments may contribute to broader healthcare innovation. [Crunchbase]

Partnerships and Collaborations

‍Parexel Forms Partnership with Partex NV for AI in Drug Development

Parexel has teamed up with Partex to oversee the operation of Partex's clinical trials, using Partex's AI-powered "data to drugs" platform in conjunction with Parexel's existing technology to enhance trial design and execution. Financial terms of the collaboration were not disclosed. [Fierce Biotech]

Epic Partnerships to Integrate AI for Clinical Documentation

Epic announced collaborations with Abridge, Nuance Healthcare , and Press Ganey to integrate generative AI for clinical documentation into its EHR workflow. The Epic-integrated AI solution will be first tested in Atlanta-based Emory Healthcare over the next three years. [Fierce Healthcare]

‍ZimVie and Brainlab have expanded their partnership, focusing on the integration of AI-driven and high-tech tools in spinal surgery

The collaboration will combine ZimVie's minimally invasive spinal fixation systems with Brainlab's AI-powered software and hardware, including robotic assistants, to build digital anatomical models that guide surgeons through procedures. This represents a strategic alignment with innovative AI technology in the healthcare sector. [Fierce Biotech]

Luna Unveils AI Division, Luna Labs

Luna, a leading provider of in-home physical therapy, has announced the creation of Luna Labs, a new AI division aimed at enhancing care delivery. Led by co-founder and CTO Ryan Gaffney, the division will focus on developing AI products, including automated conversational tools for scheduling and billing, and enhancing its Auto-Charting capability, a voice-enabled physical therapy charting system. The move aims to improve efficiency and accuracy in physical therapy services, with an emphasis on using Large Language Models (LLMs) to innovate within the industry. [Yahoo Finance]

M&A

Definitive Healthcare Acquires Populi, Inc.

Definitive Healthcare, a commercial intelligence company, has acquired data analytics startup Populi for $52 million in an all-cash deal. This acquisition expands Definitive Healthcare's suite with new data, analytics, and visualization tools specifically for the provider market. [Fierce Healthcare]

Policy and Governmental Support

‍UK Research and Innovation Invests in AI for Healthcare

UK Research and Innovation (UKRI) announces £13 million in government funding for AI in health. Projects include modeling environmental effects on health, generating medical guidance through AI fast scanning, and tracking eye health using AI. [Imperial College London]

Industry Forecasts & Insights

Morgan Stanley's Forecast on AI in Healthcare

Morgan Stanley's latest report highlights the accelerating adoption of artificial intelligence in healthcare, predicting that AI could save the industry $150 billion annually by 2026. The forecast emphasizes the potential of AI to enhance efficiency, reduce costs, and improve patient outcomes. [Morgan Stanley]

Additional Insights and Commentary

The Role of AI in Scientific Discovery

Marinka Zitnik, assistant professor of biomedical informatics at HMX – Harvard Medical School, explores how AI can enhance and accelerate traditional scientific methods in a commentary in Nature. [Harvard Medical School]

Health Systems Implement EHR and Text Message Billing

Health systems are billing patients for EHR and online text messages, drawing attention to the evolving relationship between AI-driven communication and healthcare consumerism. [Fierce Healthcare]

August 8-14

Vital's Breakthrough in Medical Communication

Health tech innovator, Vital, known for its EHR-enhancing cloud software, unveils an AI-powered doctor-patient translator. Designed using LLM and NLP, this tool breaks down complex medical jargon into digestible information for patients. This is another step forward for Vital, founded by Mint.com's Patzer in 2017, which has secured $45.9M in funding from industry leaders like Transformation Capital and Threshold Ventures.

Basys.ai’s Funding Triumph

Prior authorization in healthcare—a cumbersome, manual task—could soon become history, thanks to Basys.ai. This early 2022 startup, the brainchild of Harvard's Amber Nigam and Jie Sun, just pocketed $2.4M in pre-seed funding, championed by Nina Capital, and supported by heavyweights like Eli Lilly and Mayo Clinic. Their focus? To minimize the 20%-34% administrative overhead caused by prior authorization.

Tech Giants Dive Deeper into EHR

Microsoft, joining forces with Epic, announced their innovative EHR cloud database solution. Mount Sinai is set to be the first beneficiary of this collaboration, potentially revolutionizing the way we handle electronic health records.

Health Leaders' AI Conundrum

Bain & Company’s latest report sheds light on an interesting dichotomy. While a whopping 75% of the 94 surveyed health system leaders believe AI in healthcare has reached a pivotal moment, a mere 6% have a concrete generative AI strategy. Yet, they're not short on budget!

Funding Highlights in Biotech & Healthcare:

• ‍Neuralink ($280M): Elon Musk's brain-computer interface company is leading the way in brain-machine interface technology with backing from Founders Fund.‍
• ADARx Pharmaceuticals ($200M): A clinical-stage pioneer in next-gen RNA therapeutics. Supported by Bain Capital Life Sciences and TCG Crossover.‍
• Alltrna ($109M): Advancing genetic medicine with its focus on transfer RNA molecules, featuring investment from Flagship Pioneering.‍
• Georgiamune ($75M): Pushing boundaries in immunotherapeutics. Notably, on Aug 10th, the FDA greenlit Georgiammune's groundbreaking dual-functioning monoclonal antibody drug.

More about Intelligence Ventures

Intelligence Ventures is an emerging venture capital firm dedicated to cultivating innovation at the intersection of artificial intelligence and healthcare within the United States. Their commitment lies in the strategic investment and nurturing of pre-seed, seed, and Series A companies, fueling their growth and fostering the next generation of industry leaders.

Their first fund, AI Health Fund I, is focused on companies that use artificial intelligence to increase efficiencies and/or solve computationally intractable problems that place a ceiling on our ability to develop new drugs, advance them through clinical trials, and ultimately diagnose and treat patients. They are industry vertical agnostic and believe that generative AI and more specific ML models can be used to accelerate innovation in biotech, pharma, medtech, and diagnostics.

For more information, visit their website at www.intelligencevc.com or reach out to info@intelligencevc.com for any inquiries.

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