The Medical AIpowered 220m Series is an investment fund that is bringing together a group of investors to invest in the best medical AI startups that are being developed. This includes companies like Circulo Health, Insilico Medicine, Shift Technologies, and Paige.
Circulo Health
A new insurtech startup, Circulo Health, aims to deliver the best of both worlds. It will offer many solutions in one place, including artificial intelligence, machine learning, and high-tech equipment. They will also be expanding their footprint to help more people in more ways.
The company is a little more than a year old, and has already received $50 million in funding. This includes investments from Oak HC/FT, General Catalyst, and SVB Capital. These funds will be used to develop a platform for a managed care business. According to a Circulo spokesperson, the company plans to hire at least a dozen new employees at its Columbus, Ohio headquarters. In addition, it is hosting two hiring fairs.
While Circulo has not yet announced a timeline for when its platform will be fully deployed, it has made some big claims in regards to its ability to automate insurance related services. One of the company’s main goals is to carve out a competitive advantage amongst Medicaid managed care organizations.
The company is also announcing a partnership with Brave Health, a telehealth startup, to offer a tele-psychiatry service to Medicaid patients. Specifically, Circulo’s Clifton Park medical center will be the first to offer these services.
Insilico Medicine
Insilico Medicine is a clinical-stage AI-driven drug discovery company. The firm has developed a proprietary AI platform that is driving the development of new drugs and the design of small molecules. Its AI-powered drug discovery platform, Chemistry42, uses deep generative reinforcement learning to identify novel targets and develop innovative molecule designs.
Insilico has collaborated with a number of pharmaceutical companies to develop new targets and drug candidates. These include Johnson & Johnson, Taisho Pharmaceuticals, and Pfizer. It has also entered into a research collaboration with Boehringer Ingelheim. With this deal, it will use PandaOmics to target a new class of drug targets.
Insilico aims to develop a broad portfolio of drugs and therapeutics in fields including central nervous system, cancer, and nonalcoholic steatohepatitis. In addition, it is working on new treatments for idiopathic pulmonary fibrosis, which causes scarring of air sacs in the lungs.
As a part of its latest round, Insilico Medicine received $255 million in funding. Investors included Warburg Pincus, BOLD Capital Partners, Qiming Venture Partners, Eight Roads, and Juvenescence. The new investment will expand the company’s global investor base and provide it with the resources to accelerate its drug discovery efforts.
Previously, Insilico raised $51.3 million in funding, with most of it coming in the form of a seed round. This new round of funding reflects the company’s recent breakthroughs. It is also a reflection of investors’ ongoing interest in AI and drug discovery.
Shift Technologies
Shift Technologies, an AI-powered SaaS solution provider for the insurance industry, recently secured $320 million in funding. This round was led by Advent International and included Bessemer Venture Partners, Iris Capital, General Catalyst and Avenir Accel. With this investment, Shift plans to continue to advance its mission to drive digital transformation in the global insurance industry.
The company launched a new software product called the Shift Insurance Suite, a decision automation tool that has already analyzed nearly two billion claims. It has a number of functionalities that can help insurers automate a range of processes, including subrogation detection, policy lifecycle, claim management and compliance.
In addition to its new offerings, Shift Technology plans to improve customer experience and use the funds to further its research and development activities. Additionally, the company plans to use the money to grow its business in the U.S. and to expand its presence in other key geographies.
Other than its flagship product, the Shift Insurance Suit, the company also has a number of other products and services. As an example, they have partnered with the UK’s Insurance Fraud Bureau to develop an AI-powered fraud detection system. They have also provided artificial intelligence software for insurance claims handling.
Paige
Paige is an enterprise imaging system developed by Dr Thomas Fuchs, a world leader in computational pathology. His vision is to enable pathologists to provide accurate diagnoses. This technology provides a comprehensive set of clinical tools and workflows that can transform the way clinicians perform diagnostic reports.
Paige uses advanced Artificial Intelligence to analyze and extract insights from pathology slides. These insights allow it to identify patterns in tissue. Through a combination of cloud storage and scanning, it balances the power of AI with the accuracy of traditional diagnostics. The company’s software can match patterns to cancer slides and reveal prognostic biomarkers.
Paige received the first CE mark for using AI in pathology. It has also been granted the ISO 27001:2013 certification. In addition, its management team includes experts in pathology, machine learning, and healthcare. Besides, its platform integrates with laboratory information systems, enabling pathologists to access whole slide images through a web connection.
With its advanced machine learning, Paige is currently able to find new predictive biomarkers for a range of diseases, including cancer. Paige’s testing capabilities are not only useful for pathologists, but also for others who may no longer be able to travel to laboratories for their diagnostic tests.
Insitro
Insitro is an artificial intelligence powered drug discovery company with a focus on developing new drugs for neurodegenerative and liver diseases. The company has developed a platform to develop large disease-relevant datasets. Its machine learning technology enables the company to predict the most appropriate drug development pathway.
The company was founded two years ago by Daphne Koller, a computer science star and a Stanford professor. She is also an entrepreneur and a MacArthur fellow.
Using genetic data, the company trains its AI algorithms on massive, disease-relevant datasets. These are then used to create predictive algorithms for different drugs under trial. A key benefit of the company’s platform is that it incorporates machine learning deeply into biology.
Insitro has raised a fair share of venture capital, including a $400 million Series C round last year. This includes backing from BlackRock and Casdin Capital. Another prominent investor is the Canada Pension Plan Investment Board. Insitro will use the funds to expand its platform.
Insitro has recently partnered with Gilead. Last year, the companies inked a deal for a drug for liver disease. There is potential for more than a billion dollars in revenues down the road. Andreessen Horowitz is another major backer.
Insilico’s founder and CEO invested in Series D round
Insilico Medicine, a clinical-stage AI-driven drug discovery company, has completed its Series D round of $60 million. The new capital will help the company to continue to develop its pipeline of innovative drug candidates. This includes several programs in the IND-enabling stage. Currently, the company’s lead program is in a Phase 1 study in New Zealand.
Insilico Medicine uses deep generative models and reinforcement learning to develop drug compounds that target cancer and aging-related diseases. The company’s R&D team is located in Shanghai, Hong Kong, and New York. They also have deals with major pharmaceutical companies. Besides drug discovery, Insilico’s AI-powered platform has been used to accelerate innovation in sustainable agriculture.
The company’s pipeline currently consists of seven programs that have progressed to the IND-enabling stage. In the future, Insilico plans to expand its AI capabilities to multiple areas. Some of the programs include fibrosis, nonalcoholic steatohepatitis, and central nervous system conditions. Another pipeline program is in a Phase 1 study in China.
Insilico’s most recent round was led by Prosperity7 Ventures, a venture capital arm of Saudi Arabia’s state oil company Aramco. The new round was oversubscribed. It also brings the total funding raised to more than $95 million.
Impact of different clinical systems on AI functionality
While the medical community is still in the early stages of developing AI, the technology has begun to make positive impacts on the practice of medicine. Several factors have helped speed up the pace of advancement. This article highlights some of them.
A recent report from EIT Health and McKinsey & Company focuses on the impact of AI in the healthcare industry. Although the report doesn’t address all of the different aspects of the topic, it includes case studies of several applications that are in use.
The report explores the importance of regulatory frameworks for AI. As more AI solutions are deployed, healthcare organizations need to have robust data sharing policies. They also need to have cost-efficient safeguards in place. Similarly, physicians must be able to verify the safety of these applications.
Physicians and practitioners have been vocal about the volume of medical data that needs to be digitized. In addition, they’ve emphasized the importance of ensuring accurate data. If not, inaccurate clinical data can pose a risk to patients.
Researchers and developers have embraced the fact that there is not enough perfect data to train and evaluate AI systems. However, these solutions will need to be well-designed and integrated to be successful.