Artificial Intelligence (AI) is easily one of the hottest areas of medical technology today, and investors are eager to place bets on companies that are turning to machine learning to help solve some of healthcare’s biggest problems. Two such companies announced funding rounds Wednesday.
An international syndicate of investors, including physicians, healthcare professionals, and medical device experts, kicked in $25 million to support Toronto, Ontario-based Analytics 4 Life, which is developing an AI-based cardiac diagnostic. The technology, under clinical investigation, is designed to help doctors assess the presence of coronary artery disease using intrinsic signals scanned from the body without radiation, contrast agents, or cardiac stress.
Meanwhile, Palo Alto, CA-based Cardinal Analytx Solutions clinched a $6.1 million financing to develop advanced machine learning solutions to improve healthcare by predicting costs. Cardinal Partners led the series A round, which also included Premera Blue Cross, and the Stanford-StartX Fund.