The US-based AI-powered healthcare platform, Agamon, has announced that it has raised $3 million in a seed round, led by the UK-based venture capital firm, MMC Ventures. The startup plans to utilize these funds to scaling-up their implementations with more hospitals on a global scale. It also plans to enhance its AI capabilities and expand its clinical spectrum.
The UK-based venture capital firm that helps only healthcare platforms, InHealth Ventures, the UK-based seed funding investor firm, Seedcamp, and Germany-based pharmaceutical firm, Bayer G4A, also participated in the funding round.
This AI-powered healthcare startup is already working with the US's leading hospitals, such as Detroit-based Henry Ford Health System, Philadelphia-based Jefferson Health System, and many more hospitals outside the US.
Hospitals process like a relay race, where several procedures and work stations must update real-time clinical information to make sure patient care runs in a smooth motion. Presently, optimal patient care is frightened by something seemingly trivial, and that is textual clinical reporting, revealing hospitals to human error, and lack of coordination.
Agamon co-founder Michal Meiri said that today's computers' inefficacy to understand doctors' unique way of writing has always been a major problem. Only doctors could righteously narrate an 'infiltrating mass' without mentioning and writing the word 'tumor' or write 'bilateral ground-glass peripheral opacity' with no direct indication of an impression for coronavirus.
However, this language is adequate for quick and efficient note-taking, which is undoubtedly critical but creates tracking and managing treatments impossible for a computer.
Henry Ford Health System Vice-Chair of Radiology Dr. Danie Siegal stated that Agamon had created an enhanced AI and NLP that computes the significance of research extracted from unstructured medical text, beginning with radiology reports.
This aids the healthcare platform to ensure that no crucial clinical recommendation would ever fall through the cracks and assist large report volumes with automating the timely review.
On this occasion, MMC Ventures physician and investor Tom Moon commented, we are very happy to support Michal and the Agamon team as we continue to finance in the data-driven healthcare startups. We're thrilled by Agamon's ability to self regulate the interpretation of the medical text, and thus this will enable products like automatic to follow up and patient-friendly reports.
Tom further said, applications at the machine learning intersection and healthcare data are supporting drive much-required change in the healthcare systems, and this is the core part of our investment thesis at MMC.
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