Credit Suisse partners with aMoon to accelerate digital health in Europe, the US and Israel
Israeli-based aMoon has revealed that it is set to partner with Credit Suisse to drive digital health, medical devices and biopharma initiatives across Europe, Israel and the US.
The $250mn deal will enable up to $40mn in funding to be granted to approximately 15-30 companies, the Times of Israel has reported. The partnership will see both parties present eligible Credit Suisse clients and institutional investors outside the US and Canada exclusive access into the venture capital fund.
“We are thrilled by the vote of confidence that Credit Suisse’s strategic partnership represents, and by the tremendous impact it will have in our relentless pursuit to accelerate care,” said Dr. Yair Schindel, Co-Founder & Managing Partner of aMoon.
“This strategic partnership is perfectly timed to leverage the growing convergence of technology and healthcare. Breakthrough scientific research, innovative technology, and decades of digital health records make Israel an ideal launchpad for leading this global transformation in healthcare. This will generate deep value for our investors and positively impact the lives of millions of patients.”
Michel Degen, CEO of Credit Suisse Asset Management Switzerland and EMEA, added: “It is critical that, disruptive businesses, which are committed to resolving some of the healthcare sector’s most pressing issues, receive access to venture capital and the liquidity they need. We are therefore delighted to enter into a strategic partnership with aMoon, a leader in health tech and life sciences investing.”
- Sivantos and Widex merge in a new lucrative deal
- An interview with Medix Global's Chief Executive Officer, Sigal Atzmon
- Amazon develops a new health team for its Alexa division
Health tech is an important part of Credit Suisse’s defined long-term house view investment themes and Credit Suisse Asset Management believes it provides an attractive investment opportunity in the current market environment.
"This is Credit Suisse's largest ever investment in an Israeli fund. The fund carried out due diligence over three month during which time hundreds of hours was invested in investigating the management of our first fund and over 60 interviews were carried out with organisations that work with us," noted Schindel.
Established in 2016, life-sciences investment fund, aMoon, has sought to overhaul existing unaffordable, unsustainable healthcare systems through digital innovation, reducing costs and enhancing efficiency.
The Credit Suisse financing from its asset management and private banking divisions brings the fund close to meeting its target of $500 million. The remainder of the funding is expected to be raised within a few months.
Skin Analytics wins NHSX award for AI skin cancer tool
An artificial intelligence-driven tool that identifies skin cancers has received an award from NHSX, the NHS England and Department of Health and Social Care's initiative to bring technology into the UK's national health system.
NHSX has granted the Artificial Intelligence in Health and Care Award to DERM, an AI solution that can identify 11 types of skin lesion.
Developed by Skin Analytics, DERM analyses images of skin lesions using algorithms. Within primary care, Skin Analytics will be used as an additional tool to help doctors with their decision making.
In secondary care, it enables AI telehealth hubs to support dermatologists with triage, directing patients to the right next step. This will help speed up diagnosis, and patients with benign skin lesions can be identified earlier, redirecting them away from dermatology departments that are at full capacity due to the COVID-19 backlog.
Cancer Research has called the impact of the pandemic on cancer services "devastating", with a 42% drop in the number of people starting cancer treatment after screening.
DERM is already in use at University Hospitals Birmingham and Mid and South Essex Health & Care Partnership, where it has led to a significant reduction in unnecessary referrals to hospital.
Now NHSX have granted it the Phase 4 AI in Health and Care Award, making DERM available to clinicians across the country. Overall this award makes £140 million available over four years to accelerate the use of artificial intelligence technologies which meet the aims of the NHS Long Term Plan.
Dr Lucy Thomas, Consultant Dermatologist at Chelsea & Westminster Hospital, said: “Skin Analytics’ receipt of this award is great news for the NHS and dermatology departments. It will allow us to gather real-world data to demonstrate the benefits of AI on patient pathways and workforce challenges.
"Like many services, dermatology has severe backlogs due to the COVID-19 pandemic. This award couldn't have come at a better time to aid recovery and give us more time with the patients most in need of our help.”