Investors are increasingly seeing potential in digital healthcare
From $1.1 billion invested in digital health, to $6.5 billion in 2017, companies are continually investing in new health technologies and platforms in order to revolutionise traditional industry practices. This is in alignment with increased demand placed on healthcare services as a result of booming populations globally, where there is now an urgent need to address how patients are cared for, and provide new, innovative ways in which to ensure patients continue to adopt a healthy, high quality of life.
In 2017, the investment within digital health has grown exponentially in terms of funding, according to a recent report by StartUp Health. With investors looking to source new ways in which to deploy capital, approximately 300 funding deals have now been agreed, totalling $6.5 billion. This includes $3.8 billion in Q2, with 10 deals topping over $100 million halfway through this year alone.
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The largest investments have been highlighted in data and analytics, with $914 million invested by Grail. A close second is within education and training, with $600 million invested by Outline Health. Other areas featured were: personalised health ($360 million), wellness ($325 million), electronic medical records (EMR), ($231 million), patient / consumer experience ($200 million), personalised health ($161 million), insurance ($160 million), and workflow ($115 million).
A number of Startup Health companies are also placing increased funding in a number of areas, with seed funding rising in prominence. These are:
- Children’s Health – Pathfinder Health Innovations, seed funding, $1,000,000
- Cost to Zero -Vheda Health - decreases hospital expenses for those with long-term conditions – seed funding, $1,500,000. Additionally, mondopoint aims to empower health organisations to measure the financial value of products through seed funding ($200,000)
- Brain Health (treatment of brain injury through cloud based tools) – RC21x has been involved through seed funding, $200,000
- Longevity (HelloMd is supporting through investing in the uses of medical marijuana) – with seed funding reaching $1,000,000, and monitoring patient at home (Oxitone) – seed funding, $1,500,000
- Access to Care – provides increased access to healthcare providers - seed funding, $1,000,000
This is alongside a high number of Series A investments.
For further information: https://www.startuphealth.com/marketing/insights
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.”