HEALWELL AI has completed a strategic investment in New York-based Abstractive Health with lead investor Rho Capital Partners to support the development of AI-driven clinical documentation technology.
Concurrent with this investment, HEALWELL entered into a commercial agreement with Abstractive Health, providing HEALWELL with exclusive distribution rights to the Canadian ambulatory care market.
Abstractive Health’s AI software leverages LLM and other generative AI technologies to automate the summarization of medical records for physicians and clinicians and streamline the medical documentation process.
HEALWELL leverages strategic relationship with WELL Health Technologies (TSX: WELL) to add Abstractive Health to WELL’s apps.health marketplace and co-pilot technology executives to further leverage technology for healthcare providers I look forward to growing the.
TORONTO, ON — (Newsfile Corp. – October 22, 2024) – HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (“HEALWELL” or the “Company”), an AI and data-focused company Healthcare technology company Science for Prevention Care is pleased to announce a $250,000 strategic investment in Abstractive Health (“Abstractive Health”). The company is a healthcare AI company focused on providing physicians with automated, accurate, and medically relevant AI assistants that provide patient summaries using proprietary generative AI. technology. This investment is part of a broader funding round led by Law Capital Partners as lead investor and Cornell University through Cornell Technology as existing investor. Leveraging HEALWELL’s current offering of conditional decision support CoPilot, the company is offering Abstractive’s products as an extension of its existing AI-enabled CoPilot technology suite through WELL Health Technologies’ extensive network of outpatient medical clinics. You will have exclusive rights to distribute it.
Founded in 2022 and based in New York, Abstractive Health is a healthcare AI pioneer led by co-founder and CEO Vince Hartman. Abstractive Health is transforming the healthcare industry by automating the summarization of patient medical records through AI-powered software designed to help doctors and clinicians reduce time spent on documentation while increasing efficiency. It’s transforming. This AI-driven solution provides a comprehensive patient overview, similar to a one-page summary of a patient’s health, providing valuable insights for physicians and healthcare professionals. This value-added service streamlines the review of patient records and all types of medical data, allowing healthcare professionals to focus more on patient care.
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Dr. Alexander Dobranowski, CEO of HEALWELL, said: “We are excited about our investment in Abstractive Health. Its technology aligns with our vision of enhancing healthcare through the power of AI. It’s not just a digital tool to create something.” It is a critical link between all the data captured by electronic medical records (EMR) and physicians’ ability to utilize it, and this strategic investment will help improve clinical workflows and patient outcomes. HEALWELL efforts will be strengthened. Clinical documentation is a significant advancement in healthcare, and we believe Abstractive Health is poised to make a major impact in this field. ”
Abstractive Health has developed proprietary HIPAA-compliant generative AI technology to provide physicians with accurate, medically relevant patient summaries. Unlike competitors that rely on widely available large language models (LLMs), Abstract Health builds its solutions in-house to better control the quality and security of its AI-driven tools. Their platform has already gained early attention at prestigious medical centers such as New York Presbyterian and the Cleveland Clinic in Abu Dhabi.
“We are excited to collaborate with HEALWELL and partner on Abstractive Health’s efforts because we share a similar mission of harnessing the power of AI to improve healthcare and patient outcomes,” said Vince Hartman, CEO of Abstractive Health. I’m excited to be able to do it,” he added. While Scribe has been revolutionary in reducing clinical workload, we are still adding to the growing volume of data that requires increasingly sophisticated technology to summarize, analyze, and simplify, and our solutions will continue to You can go one step further and extract meaningful insights from this ever-growing amount of “data.” Ultimately, our AI-powered solutions will be the connective tissue between ever-growing patient data and the actionable insights physicians need to deliver quality care. ”
HEALWELL AI is investing USD 250,000 through a SAFE Note structure with a post-valuation cap of USD 10 million. This is part of a broader funding round that includes Rho Capital Partners and Pear VC via Cornell University and Cornell University as lead investors. Technology is a hot topic among existing investors.
As part of the investment, HEALWELL AI and Abstractive Health have entered into a partnership and commercialization agreement in the form of a four-year Strategic Alliance Agreement (“SAA”), giving HEALWELL exclusive access to distribute Abstractive Health’s technology to outpatient settings. provided the rights. Healthcare spaces across Canada. SAA ensures that Abstractive Health’s cutting-edge technology is available through HEALWELL and WELL Health Technologies’ extensive Canadian distribution network.
Dr. Alexander Dobranovsky
chief executive officer
Hellwell AI Co., Ltd.
About Health Well AI
HEALWELL is a healthcare technology company focused on AI and data science for preventive care. Its mission is to improve health care and save lives through early detection and detection of disease. The company uses its proprietary technology to develop advanced clinical decision support systems that help healthcare providers detect rare and chronic diseases, improve practice efficiency, and ultimately improve patient health outcomes. We are developing and commercializing. HEALWELL is implementing a strategy centered on developing and acquiring technical and clinical science capabilities that complement the company’s roadmap. HEALWELL is listed on the Toronto Stock Exchange (the “TSX”) under the symbol “AIDX” and on OTC exchanges under the symbol “HWAIF.” For more information 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. constitutes and is based on assumptions, expectations, estimates and projections, including: Date of this press release. Forward-looking statements in this press release include, among other things, statements regarding the potential synergies and opportunities available to us through our investment in Abstractive Health. Forward-looking statements often, but not always, refer to statements such as “pursuits,” “opportunities,” “potentials,” “improvements,” “expectations,” “futures,” “plans,” “positions,” or similar statements. Identified by a word or phrase. “Opportunity” or “will”, “might”, “could”, “will”, “should”, or “a certain future condition, action, event or result” variations of the word, phrase, or statement “may” or “possible.” obtained, occurring, accomplished, or the negation of any of these terms. Forward-looking statements necessarily include management’s knowledge of historical trends, current conditions and expected future developments, which HEALWELL believes to be reasonable as of the date of such statements; It is based on many specific factors and assumptions that are beyond the scope of HEALWELL. They are inherently subject to significant business, economic and competitive uncertainties and contingencies that could cause forward-looking statements to end up being inaccurate or false, in whole or in part. Possibly. The 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 business relationships with Abstractive Health; HEALWELL’s ability to access and leverage Abstractive Health technology, datasets and expertise; Trend of customer increase. HEALWELL’s ability to develop new technology and its development schedule; New technology works as expected. that customers are adopting and using new technologies and services as expected; the need to develop increasingly innovative products and services; Competition within the industry. stability of general economic and market conditions; HEALWELL’S ABILITY TO COMPLY WITH APPLICABLE LAWS AND REGULATIONS; HEALWELL continues to comply with third party intellectual property rights. and that the risk factors described below, in the aggregate, will not have a material impact on HEALWELL’s business, operations, revenues and/or results. Forward-looking statements, by their nature, are subject to inherent risks and uncertainties, both general and specific, and involve the possibility that expectations, projections, forecasts, projections, or conclusions may prove to be incorrect and that assumptions may prove to be incorrect. There is a possibility that there is no possibility. If not, your objectives, strategic goals, and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond HEALWELL’s control, may cause HEALWELL’s actual results to differ from the results, performance, performance or developments expressed or implied by such forward-looking statements. may differ significantly. Such risk factors include, but are not limited to, the factors described in the section titled “Risk Factors” of HEALWELL’s most recent Annual Information Form dated April 1, 2024. yeah. This form is available on HEALWELL’s SEDAR+ profile at www.sedarplus.com. RISK FACTORS ARE NOT INTENDED TO REPRESENT A COMPLETE LIST OF FACTORS THAT MAY AFFECT HEALWELL. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to place 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 regarding management’s expectations and plans regarding the future. Except to the extent necessary, HEALWELL does not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or if subsequent actual events materially differ from such forward-looking statements. We disclaim any intention or obligation to account for any differences. According to applicable law. All forward-looking statements contained in this press release are subject to these cautionary statements.
For more information:
Pardeep S. Sangha
HEALWELL AI Co., Ltd. Investor Information
Phone: 604-572-6392
ir@healwell.ai
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227408.
