US health giant funds AI innovation

A venture capital fund, in which New York's largest healthcare provider has partial ownership, has committed to investing $US12m ($17.75m) in a medical technology start-up based in Melbourne. The start-up is leveraging artificial intelligence to detect severe eye conditions like glaucoma and has the potential to provide early indications of heart attacks and strokes in the future. This investment signifies recognition of the start-up's potential in revolutionizing the field of medical technology and improving disease detection capabilities.

 

Eyetelligence, a Melbourne-based health technology company, has secured the inaugural funding deal from a specialized American venture capital fund. Eyetelligence specializes in utilizing advanced AI technology and retinal imaging to screen for both eye-related and systemic diseases. This funding marks a significant milestone for the company and showcases the recognition and support it has received from the new VC fund.

 

This funding positions Eyetelligence at the forefront of the upcoming AI revolution, aligning it with industry leaders like Google and Apple. These tech giants are actively exploring the application of AI in various fields, including healthcare, to develop innovative diagnostics, medicines, and treatments. By being part of this wave, Eyetelligence demonstrates its significance in leveraging AI technology to drive advancements in healthcare and contribute to the development of novel solutions.

 

Eyetelligence, stemming from research conducted at the University of Melbourne and the Centre for Eye Research Australia, has developed advanced AI technology that focuses on screening for three prevalent eye diseases: diabetic retinopathy, age-related macular degeneration, and glaucoma. By utilizing algorithmic retinal image analysis, Eyetelligence's innovative technology enables the early detection of these diseases, potentially leading to more effective interventions and improved patient outcomes. This cutting-edge approach represents a significant advancement in the field of eye disease diagnosis and has the potential to make a substantial impact on healthcare.

 

The group of Australian scientists, doctors, and entrepreneurs backing Eyetelligence firmly believes that the current focus on detecting eye diseases is just the beginning. They envision a future where AI technology can extend its capabilities to identify diseases that impact the microvascular system. This advancement could potentially provide early warnings for cardiovascular diseases, allowing for timely interventions and proactive healthcare management. The potential of AI in revolutionizing disease detection and prevention is an exciting prospect that could significantly improve overall health outcomes.

 

The ambitious vision of leveraging AI for disease detection and prevention is supported by prominent US investors, primarily led by Northwell Holdings. Northwell Holdings is a fully owned for-profit subsidiary of Northwell Health, which is renowned as one of the largest healthcare providers in the United States and holds the distinction of being the largest in New York. Alongside Northwell Holdings, their venture capital partner Aegis Ventures, based in New York, is also actively involved in supporting this transformative healthcare technology. The involvement of these influential investors reflects their belief in the potential impact of Eyetelligence's AI-driven approach and their commitment to advancing healthcare through innovative solutions.

 

Northwell Health and Aegis have collaborated to establish a new venture capital fund named Ascertain. This fund aims to support the research and development of health and medical applications driven by AI technology. The $US12m investment in Eyetelligence represents the maiden investment for Ascertain and its first seed investment outside the United States. Ascertain is dedicated to advancing the growth of healthcare AI companies on a global scale, with a particular focus on fostering innovation within Australia's healthcare sector. This investment demonstrates Ascertain's commitment to accelerating the development and implementation of AI-powered solutions in healthcare.

 

The healthcare sector is increasingly recognizing the transformative potential of AI in enhancing outcomes for both patients and clinicians. One notable example is the collaboration between Cochlear, a leading provider of bionic ear implants, Google, and Australian audiology researchers. This partnership aims to leverage AI technology in the development of hearing aid implants. The collaboration is part of Google's Digital Future Initiative, a substantial $1 billion program dedicated to fostering innovation and advancements in various fields, including healthcare. By combining expertise and resources, this collaboration demonstrates the commitment to harnessing AI's capabilities to revolutionize hearing aid technology and improve the lives of individuals with hearing impairments.

 

Eyetelligence's technological advancements stem from the groundbreaking work of Dr. Mingguang He, a renowned expert in ophthalmic epidemiology and professor at the University of Melbourne and the Centre for Eye Research. Dr. He has dedicated his expertise to the development and application of AI systems in the field of ophthalmology. Building upon his inventions, Eyetelligence has successfully created a range of AI-enabled products that have undergone rigorous clinical validation and regulatory approval. These products are currently being commercialized in several markets, including Australia, New Zealand, Europe, and Japan.

 

Notably, Eyetelligence's AI-enabled products have gained recognition and adoption by prominent optometry chains such as Bupa Optical and George & Matilda in Australia. By leveraging this technology, clinicians can make faster diagnoses and take proactive measures to prevent significant impacts on patients' quality of life. The application of AI in ophthalmology holds tremendous potential for advancing healthcare outcomes and transforming the way eye diseases are managed.

 

The support and recognition from Ascertain are highly valued by Eyetelligence, as it signifies the potential of their technology in the United States and their commitment to utilizing emerging AI technologies to drive significant health benefits on a global scale. As part of the investment agreement, Eyetelligence will undergo rebranding and launch in the US as Optain. Optain will focus on the development of non-invasive point-of-care technologies, aiming to diagnose various diseases more rapidly and cost-effectively.

 

The healthcare industry has been actively striving to transition from reactive sick-care to proactive preventive care. However, many existing screening and diagnostic technologies are expensive and inaccessible. Optain aims to address this challenge by leveraging AI-driven solutions to develop innovative, accessible, and cost-effective diagnostic technologies. Jeff Dunkel, CEO of Optain, emphasizes the importance of this transformation in the healthcare industry, highlighting the potential for Optain's technology to revolutionize screening and diagnostics, ultimately leading to improved patient outcomes.

 

According to Mr. Dunkel, the field of ophthalmology presents the most immediate opportunity for impact. Optain's primary objective is to enhance access to screenings and diagnostics for preventable eye diseases, aiming to address critical health equity gaps, particularly in underserved communities where such tools are currently lacking. By leveraging AI technology, Optain aims to close these gaps and ensure that individuals in these communities have equal access to essential eye care services.

 

Zachary Tan, an executive at Aegis Partners in the US and an Australian physician and researcher himself, recognizes the tremendous investment potential in Australia. He highlights that many companies in Australia have exceptional science and technology but may lack the necessary access to scale and capital to make a global impact. Mr. Tan believes that there is a significant opportunity to combine AI and ophthalmology in further investments within Australia. He emphasizes that AI has the potential to provide benefits across a wide range of health issues, from blindness to heart attacks.

 

The collaboration between Optain, Aegis Partners, and other stakeholders demonstrates a shared vision to leverage AI and advance healthcare outcomes, particularly in underserved areas. By bridging the expertise and resources available, there is a potential to revolutionize the healthcare industry and make a meaningful global impact.

 

As a physician and researcher, Zachary Tan highlights the transformative potential of AI in providing physicians with insights into the human body that were previously inaccessible. He points out that 50% of blindness is preventable, but the main challenge lies in accessing eye-care professionals. AI has the ability to automate and expand access to eye-care services, reaching a larger number of patients and preventing unnecessary blindness. The unique advantage of the eye is that it allows direct visualization of blood vessels.

 

By applying AI to analyze images of the back of the eye, valuable information can be obtained. For example, the analysis can provide insights into an individual's risk of experiencing a heart attack or stroke within the next five years. This demonstrates the potential of AI to not only impact eye health but also contribute to the early detection and prevention of systemic diseases.

 

By utilizing AI technology in ophthalmology, healthcare professionals can offer more comprehensive care, identify potential health risks, and ultimately improve patient outcomes. The combination of AI and medical expertise has the potential to revolutionize healthcare by providing new avenues for early intervention, personalized treatment, and improved patient access to essential services.