AI Technology Coming To The Healthcare Sector
The concept of Artificial Intelligence is fast becoming an essential part of every industry. It has revolutionized plenty of sectors already. Now it is all set to change the healthcare industry on a global scale. But how this form of technology is going to achieve this feat? This is a million dollar question we need to seek an answer to.
But seeking an answer to the question doesn’t guarantee the understanding of this form of technology. Therefore, it is essential that feed our brains with some vital information about it. For example:
What is Artificial Intelligence?
It is a branch of computer science that makes machines intelligent enough to be more productive. Like never before. This new form of highly advanced technology has quickly become an essential part of technology development industry.
Technology enthusiasts in all parts of the world are continually exploring the potential of AI in various industries through highly technical and specialized researches. The primary purpose of incorporating artificial technologies into machines to help them do specific tasks like humans. For example:
- Speech Recognition
- Problem Solving
- Ability to Move and Manipulate Objects
- Gather and Impart Knowledge
Highly technical, accurate and informational researches are an essential part of studies related to AI. It is because such informational, functional and accurate research act as robust base machines need to be smart.
Who invented Artificial Intelligence Technology?
Mr. John McCarthy is considered to be the father of Artificial Intelligence Technology. Born on September 4th, 1927, John McCarthy was a Boston based self-learner of mathematics. He completed his graduation from California Institute of Technology in 1948. He also attended a Symposium dedicated to “Cerebral Mechanisms that sparked his interest in the development of smart machines capable of understanding and behaving like humans. He then went to Dartmouth where he organized one of the ground-breaking conferences related to AI technology. This was the time when he met Marvin Minsky, a leading AI Theorist. Both of them worked together and played a crucial role in the invention of AI technology in their way.
Coming to the point, both separated after some time. This was when John McCarthy founded SAIL, abbreviation to Stanford’s AI Laboratory as the rival of MIT. He served as the director of SAIL from 1965 to 1980 and the organization went on to play a massive role in the development of machines capable of listening, learning, thinking, reasoning, moving and having visions like humans.
All in all, Mr. Johan McCarthy is the father of AI Technology. Mr. Marvin Minsky also played his role in the development of AI technology in his way. The contribution of John McCarthy in the event of AI technology is not limited to the development of smart machines only.
What is expected to be the futuristic form of Artificial Intelligence?
The emergence of concepts like Machine Learning, Neural Networks, Eliza, Statistical AI, Big Data and many more took the popularity application of AI to a whole new level. It is now being applied in different industries for better productivity and customer experiences. But technology survives only by the futuristic approach of its investors.
Therefore, technology enthusiasts have already started working on AI’s future form. It is called Artificial SuperIntelligence (ASI). Artificial SuperIntelligence is a form of technology that is capable of making machines exceed the capability of humans on every front. It makes devices superior to human.
The Impact of Incorporating Artificial Technology in Healthcare Industry:
Application of Artificial Intelligence technology revolutionizes the way patterns and abnormalities in diagnostic data healthcare reports and scans are identified, understood and processed. It is also capable of providing insights people need to know and understand for taking care of their health in the best possible manner.
It is because almost ocean of data related to health care is coming into existence on a daily basis. More than 60% information on healthcare has been generated only in the previous five to six years. This reason is enough to apply artificial intelligence for taking healthcare to a whole new level.
Why is AI Required in the Healthcare Industry?
It must be applied in the healthcare industry for many reasons. For example:
- Management of Data and Records Related to Healthcare
- For repetitive jobs
- Requirements of Digital Healthcare Consultants and Experts
- Hassle-free Management of Healthcare Treatment
- Healthcare Monitoring
- Healthcare System Analysis
The list of reasons doesn’t end here only.
Five Companies Investing in AI Technology to Revolutionize the Healthcare Industry:
Well, given above are some of the reasons AI technology is desperately required in the healthcare industry.
This is why organizations like Google’s DeepMind, Babylon Health and many are continually taking interest in the application of AI technology in the healthcare industry. Therefore, it will be good to know about the companies trying to revolutionize healthcare through AI technology’s use.
Coming to the point, Let’s know top five companies who are making efforts to introduce AI technology in the healthcare industry:
The company is headquartered in Jerusalem, Israel. This currently active venture marked inception in 2010. This For-Profit Company is now $86.4 million. Their CB rank is 2,037. The company falls in the category of healthcare, medical devices, and wearables. OrCam Technologies is one of the few groups of professionals utilizing the potential of AI technology to produce devices that are intuitive and smart enough to compensate for lost visual abilities. Organizations Intel Capitals, Clal Insurance Enterprises Holdings and Meitav Investment House are some of the lead investors in OrCam Technologies. OrCam Technologies has been able to become a boon for many needy people under the leadership of people like Ziv Aviram (Co-founder & CEO), Amnon Shashua (Co-Founder, Chairman of the Board & CTO), Lior Attias (Chief of Staff to the President & CEO) , Amit Man (VP Product), Yonatan Wexler (EVP & R&D), Fabio Rodriguez Santiago (head of Business Development – Spain), David Barnan (Director of Digital Marketing), Trudie Strauss (Senior Sales Director – UK) and Rotem Geslevich (Director of Business Development – Western Europe).
It is an active Personalized Medication Management Platform. This early stage series B venture is an app based platform. Their app collectively has 1.9 million iOS, Android and Tablets users. Founded in 2012, this company is now worth $21.5 million and is headquartered in Boston, Massachusetts, United States. The company also has its branches in Haifa, Israel, and London, UK. This For-Profit venture is helping peoples stay on top of their medications through AI technology. At least 75, 000 or more people have rated their app 4.5 out of 5 stars in app stores like iTunes and Google Play. The company has achieved all these feats under the leadership of people like Rotem Shor (Co-founder & CEO), Tamar Eisenberg (Marketing) Omri Shor (Founder), Yara Grinberg Dana (VP Partnerships), Jon Michaeli (EVP Marketing and Business Development), Avichay Nissenbaum (Investor) and Yuri Polyakov (Director of Mobile Development) and many more. Organizations like Microsoft Accelerator, Lool Ventures, Octopus Ventures, Avala Capitals and QUALCOMM ventures, etc. are some of the lead investors in this firm.
Founded in 2011 and headquartered from Los Altos, California, United States, this For-Profit Company has been acquired by Twist Bioscience on April 6th, 2016. Mr. Omri Amirav-Drory (Founder and CEO from 2011 to April 2016), Reese Jones (Founder, Chairman & President from May 17th, 2011 to May 24th, 2012) and Roy Nevo (Founder & CTO from 2011 to 2016) were the management members of this company before it was officially acquired by Twist Bioscience. This company is worth 5.8 million now and is known for providing integrated, intuitive software platform dedicated to the rapid engineering of biology through genomic manipulation tools as well as optimal design experience.
Headquartered in London, UK and set up in 2013, this active Series B early stage venture also has branches in Ireland and the United States. The company has CB rank of 1,203 and is worth $85 million. This For-Profit venture delivers AI based high-quality healthcare services to people through their smartphones. The company has been achieving this feat successfully since inception through a partnership with only the very best doctors. If needed, doctors are also provided industry-leading training and a lot more. Baby Health is working attracted investors like NNC Holdings, Hoxton Ventures, JamJar Investments, Vostok New ventures and many more. The whole credit goes to the leadership of people like Ali Parsa, (Founder & CEO), Gary Mudie (CTO / COO), Tracey McNeil (CEO, Rwanda) and many more.
Headquartered in Shenzhen, Guangdong Province, iCarbonX is a Chinese artificial intelligence based platform for companies seeking health data. Founded on October, 27th, 2015, this active Series A early stage venture being lead forward by Jun Wang (Founder & CEO), Hao Li (Co-founder & CIO), Yingrui Li (Co-founder and Chief Scientist), Chun Wu (Partner), Quang Yang (Partner) and Gloria AI (Partner). They are actively working towards achieving their goal and has successfully raised funding of CNY 1.3 billion. Here, CNY stands for Chinese Yuan (Chinese Currency). China Bridge Capital, Tencent Holdings and Zhongyuan Union Cell and Gene Egg are some of the leading investors in this company. The company has recently completed the acquisition of Image Vision Technologies. iCarbonX is brand that utilizes artificial intelligence technology, Internet and consumers’ big life data for building an ecosystem of digital life and a lot more.
Gone are the days when the application of AI in the healthcare industry was not much more than hype. Healthcare industry all over the world now realizes the potential of artificial intelligence in many ways. Above-mentioned companies are just an example of the same. This form of advanced technology is now proving its potential by helping healthcare experts deliver cost-effective, high quality and accurate diagnoses and services related to the treatment of their patients.