HEALWELL AI Announces Strategic Investment and Commercialization Agreement with Abstractive Health to Advance Generative AI-Powered Clinical Documentation Solutions
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) has announced a strategic investment of USD$250,000 in Abstractive Health, a healthcare AI company specializing in automated patient summaries using proprietary generative AI technology. The investment is part of a broader funding round led by Rho Capital Partners. Concurrent with the investment, HEALWELL has entered into a commercial agreement with Abstractive Health, securing exclusive distribution rights for the Canadian outpatient healthcare market.
Abstractive Health's AI software leverages LLMs and generative AI to automate medical record summaries, streamlining healthcare documentation processes. HEALWELL plans to integrate Abstractive Health's technology into WELL Health Technologies' apps.health marketplace, expanding its suite of AI-enabled co-pilot technologies for healthcare providers.
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ha annunciato un investimento strategico di 250.000 USD in Abstractive Health, un'azienda di intelligenza artificiale nel settore sanitario specializzata in riepiloghi automatizzati dei pazienti utilizzando una tecnologia generativa proprietaria. L'investimento fa parte di un round di finanziamento più ampio guidato da Rho Capital Partners. In concomitanza con l'investimento, HEALWELL ha stipulato un accordo commerciale con Abstractive Health, garantendo i diritti di distribuzione esclusiva per il mercato canadese della salute ambulatoriale.
Il software di intelligenza artificiale di Abstractive Health sfrutta i LLM e l'intelligenza artificiale generativa per automatizzare i riepiloghi delle cartelle cliniche, semplificando i processi di documentazione sanitaria. HEALWELL prevede di integrare la tecnologia di Abstractive Health nelle app del marketplace di WELL Health Technologies', ampliando la sua suite di tecnologie di co-pilota abilitate all'IA per i fornitori di servizi sanitari.
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ha anunciado una inversión estratégica de 250,000 USD en Abstractive Health, una compañía de IA en salud especializada en resúmenes automatizados de pacientes utilizando tecnología generativa propia. La inversión forma parte de una ronda de financiamiento más amplia liderada por Rho Capital Partners. Concurrentemente con la inversión, HEALWELL ha firmado un acuerdo comercial con Abstractive Health, asegurando derechos de distribución exclusiva para el mercado de atención ambulatoria en Canadá.
El software de IA de Abstractive Health aprovecha LLM y IA generativa para automatizar los resúmenes de historias clínicas, agilizando los procesos de documentación sanitaria. HEALWELL planea integrar la tecnología de Abstractive Health en las aplicaciones del marketplace de WELL Health Technologies', ampliando su suite de tecnologías de co-piloto habilitadas por IA para los proveedores de salud.
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF)는 Abstractive Health에 대한 250,000 USD의 전략적 투자를 발표했습니다. Abstractive Health는 독자적인 생성 AI 기술을 사용하여 자동화된 환자 요약을 전문으로 하는 의료 AI 회사입니다. 이 투자는 Rho Capital Partners가 주도하는 더 큰 자금 조달 라운드의 일환입니다. 이 투자와 동시에 HEALWELL은 Abstractive Health와 상업 계약을 체결하여 캐나다 외래 환자 의료 시장에 대한 독점 유통 권리를 확보했습니다.
Abstractive Health의 AI 소프트웨어는 LLM과 생성 AI를 활용하여 의료 기록 요약을 자동화하고, 의료 문서화 프로세스를 간소화합니다. HEALWELL은 Abstractive Health의 기술을 WELL Health Technologies'의 앱 마켓플레이스에 통합하여 의료 제공자를 위한 AI 기반 공동 파일럿 기술의 범위를 확장할 계획입니다.
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) a annoncé un investissement stratégique de 250 000 USD dans Abstractive Health, une entreprise d'intelligence artificielle dans le secteur de la santé spécialisée dans les résumés automatisés des patients grâce à une technologie générative propriétaire. Cet investissement s'inscrit dans un tour de financement plus large dirigé par Rho Capital Partners. En parallèle de cet investissement, HEALWELL a conclu un accord commercial avec Abstractive Health, garantissant des droits de distribution exclusifs pour le marché canadien des soins de santé ambulatoires.
Le logiciel d'IA d'Abstractive Health exploite des LLM et de l'IA générative pour automatiser les résumés des dossiers médicaux, simplifiant ainsi les processus de documentation dans le secteur de la santé. HEALWELL prévoit d'intégrer la technologie d'Abstractive Health dans le marché des applications de WELL Health Technologies', élargissant ainsi sa suite de technologies de co-pilotes activées par l'IA pour les prestataires de soins de santé.
HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) hat eine strategische Investition in Höhe von 250.000 USD in Abstractive Health angekündigt, ein Unternehmen für Gesundheits-KI, das sich auf automatisierte Patienten-Zusammenfassungen mit proprietärer generativer KI-Technologie spezialisiert hat. Die Investition ist Teil einer umfassenderen Finanzierungsrunde, die von Rho Capital Partners geleitet wird. Gleichzeitig mit der Investition hat HEALWELL einen Handelsvertrag mit Abstractive Health abgeschlossen, der exklusive Vertriebsrechte für den kanadischen Ambulanzt Gesundheitsmarkt sichert.
Die KI-Software von Abstractive Health nutzt LLMs und generative KI, um medizinische Aufzeichnungen zusammenzufassen und die Dokumentationsprozesse im Gesundheitswesen zu optimieren. HEALWELL plant, die Technologie von Abstractive Health in WELL Health Technologies' Apps.health-Marktplatz zu integrieren und so das Angebot an KI-gestützten Co-Pilot-Technologien für Gesundheitsdienstleister zu erweitern.
- Strategic investment of USD$250,000 in Abstractive Health, a healthcare AI company
- Exclusive distribution rights for Abstractive Health's technology in the Canadian outpatient healthcare market
- Potential to leverage WELL Health Technologies' extensive network for distribution
- Expansion of HEALWELL's AI-enabled co-pilot technology suite
- None.
- HEALWELL AI completes a strategic investment in NY-based Abstractive Health, alongside lead investor Rho Capital Partners, to support the development of AI-driven clinical documentation technology.
- Concurrent with the investment, HEALWELL also entered into a commercial agreement with Abstractive Health that provides HEALWELL with exclusive distribution rights to the Canadian outpatient healthcare market.
- Abstractive Health's AI software leverages LLMs and other generative AI technology to automate medical record summaries for physicians and clinicians, streamlining healthcare documentation processes.
- HEALWELL expects to leverage its strategic relationship with WELL Health Technologies (TSX: WELL) and add Abstractive Health to WELL's apps.health marketplace and grow its cadre of co-pilot technologies to further tech enable healthcare providers.
Toronto, Ontario--(Newsfile Corp. - October 22, 2024) - HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) ("HEALWELL" or the "Company"), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce its USD
Founded in 2022 and based in New York, Abstractive Health is a pioneer in healthcare AI led by co-founder and CEO Vince Hartman. Abstractive Health is transforming the healthcare industry by automating the summarization of patient medical records through its AI-powered software, designed to assist physicians and clinicians in reducing time spent on documentation while improving efficiency. This AI-driven solution provides comprehensive patient summaries, akin to a one-page brief on a patient's health, offering doctors and healthcare practitioners valuable insights. This value-added service streamlines the review of patient records and healthcare data of all kinds, enabling healthcare professionals to focus more on patient care.
Dr. Alexander Dobranowski, CEO of HEALWELL, commented, "We are excited to invest in Abstractive Health, whose technology aligns with our vision of enhancing healthcare through the power of AI. Abstractive Health is more than just another digital tool in the tech stack making clinics more efficient. It is an essential link between all the data being ingested by electronic medical records (EMRs) and a physician's ability to consume it. This strategic investment strengthens HEALWELL's commitment to leveraging AI to improve clinical workflows and patient outcomes. The automation of clinical documentation is a crucial advancement in healthcare, and we believe Abstractive Health is poised to make a significant impact in this space."
Abstractive Health has developed HIPAA-compliant, proprietary generative AI technology that provides physicians with accurate, medically relevant patient summaries. Unlike competitors that rely on widely available large language models (LLMs), Abstractive Health has built its solutions in-house, ensuring greater control over the quality and security of its AI-driven tools. Their platform has already gained early traction with prestigious medical centers, including New York Presbyterian and Cleveland Clinic of Abu Dhabi.
Vince Hartman, CEO of Abstractive Health, added, "We are excited to be working with HEALWELL and to have them as partners in Abstractive Health's journey as we share a similar mission in leveraging the power of AI to improve healthcare and patient outcomes. While ambient scribes have been revolutionary in reducing clinical workload, they are still adding data to a growing pool, requiring increasingly sophisticated technology to summarize, analyze, and simplify. Our solutions go a step further enabling meaningful insights to be drawn from this ever-expanding 'data lake'. Ultimately, our AI-powered solution is the connective tissue between the ever-growing amounts of patient data and the actionable insights physicians need to provide quality care."
HEALWELL AI is investing US
As part of the investment, HEALWELL AI and Abstractive Health have also entered into a partnership and commercialization agreement in the form of a four-year strategic alliance agreement (the "SAA") providing HEALWELL the exclusive right to distribute Abstractive Health's technology in the outpatient healthcare space across Canada. The SAA will ensure that Abstractive Health's cutting-edge technology is made available across HEALWELL and WELL Health Technologies' extensive Canadian distribution networks.
Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company's road map. HEALWELL is publicly traded on the Toronto Stock Exchange (the "TSX") under the symbol "AIDX" and on the OTC Exchange under the symbol "HWAIF". To learn more about HEALWELL, please visit https://healwell.ai/.
Forward-Looking Statements
Certain statements in this press release, constitute "forward-looking information" and "forward looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements in this press release include statements with respect to, among other things, the potential synergies and opportunities afforded to the Company through its investment in Abstractive Health. Forward-looking statements are often, but not always, identified by words or phrases such as "seek", "opportunity", "potential", "improve", "expect", "future", "plan", "position", "opportunity" or variations of such words and phrases or statements that certain future conditions, actions, events or results "will", "may", "could", "would", "should", "might" or "can" be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management's perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL's control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: HEALWELL's ability to foster and maintain its business relationships, including with Abstractive Health; HEALWELL's ability to access and leverage Abstractive Health's technology, datasets and expertise; trends in customer growth; HEALWELL's ability to develop new technologies and the timelines on which they can be developed; new technologies functioning as expected; customers adopting and using new technologies and services as expected; the need to develop increasingly innovative products and services; competition in the industry; the stability of general economic and market conditions; HEALWELL's ability to comply with applicable laws and regulations; HEALWELL's continued compliance with third party intellectual property rights; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL's business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled "Risk Factors" in HEALWELL's most recent annual information form dated April 1, 2024, which is available under HEALWELL's SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
For more information:
Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227408
FAQ
What is the amount of HEALWELL AI's investment in Abstractive Health?
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