The healthcare industry, known for its solution-oriented approach, grapples with challenges brought to light by the pandemic. Health tech startups, a swiftly expanding sector, play a vital role in introducing automation and enhancing efficiency. The continuous creation and funding of health startups underscore the industry’s dynamic nature.
What is Artificial Intelligence in Healthcare?
AI Healthcare Startups have reshaped the industry. They enable early disease detection through image analysis, provide personalised treatment based on genetic data, and enhance operational efficiency. By integrating AI and advanced algorithms, a process that empowers healthcare systems, efficiency is boosted, costs are reduced, and patient care accessibility is improved. The pandemic underscored AI’s indispensable role in not just convenience but as a necessary component for constructing a resilient healthcare system.
Precision medicine, natural language processing (NLP), and virtual health assistants represent key applications of AI. In interpreting clinical notes and enhancing quality, NLP assumes a vital role. Likewise, virtual assistants such as Sensely’s Molly support patients grappling with chronic illnesses. Furthermore, AI-driven healthcare apps like those designed for Amazon Alexa provide critical health information and evaluate symptoms. Automation and digital capabilities are increasingly being adopted, ushering in solutions that save time, cut costs and improve accuracy. These innovations effectively tackle a diverse range of challenges within the healthcare field.
What are the Benefits of Ai in Healthcare?
AI is transforming healthcare by boosting efficiency and cutting costs. AI tools analyse patient data for early diagnosis and predict future health issues, improving the speed and cost-effectiveness of healthcare processes. AI algorithms identify disease biomarkers, streamlining manual work. In surgery, AI-powered robots execute precise movements, minimising side effects and enhancing recovery.
AI enhances human abilities, with robotic exoskeletons aiding mobility and smart prostheses offering responsive solutions. Companion robots driven by AI conduct health checks, contributing to enhanced patient care and mental health support.
Best AI Healthcare Startups in 2024
The most promising AI Healthcare Startups in 2024 are listed below:
1. Pieces Technologies
Irving-based startup Pieces Technologies, founded in 2015 by Ruben Amarasingham, secured $61.5 million in Series B funding. Specialising in healthcare, the company employs AI to interpret real-time patient data, fostering collaboration between community organisations and health systems. Their software products, Pieces Connect and Pieces Predict, utilise clinically-based natural language processing and supervised AI and machine learning, offering a comprehensive solution for community health connectivity. Investors include Concord Health Partners, Jump Capital, and Pacific Advantage Capital.
2. BrainSight AI
BrainSightAI, founded in 2019 in Bangalore, India, is an MRI-based SaaS platform specialising in neurological and psychiatric investigation. Founded by Dr. Rimjhim Agrawal and Laina Emmanuel, the AI-enabled application suite utilises fMRI, sMRI, and digital phenotypes for precise diagnosis and prognosis. It offers evidence-based treatment support for healthcare professionals and serves as a private and empathetic digital aid for patients.
3. Olive AI
Olive AI, based in the USA, offers an advanced AI tool for healthcare organisations, automating tasks like order management, eligibility, and claims processing. Its modern architecture and powerful intelligence engine, driven by AI and machine learning, empower providers to reduce patient leakage, minimise denials, and optimise revenue capture proactively.
Founded in 2018, Nairobi’s Viebeg Technologies, co-founded by Tobias Reiter and Alex Musyoka, combines artificial intelligence and healthcare by utilising AI for a data-driven procurement platform. With $1.9M in funding, it optimises healthcare supply chains, serving 500+ customers in Kenya, Burundi, and the Democratic Republic of the Congo, targeting a $4B+ market in East and Central Africa, accentuated by the COVID-19 pandemic.
San Francisco-based Akasa, established in 2018 by Andy Atwal, Benjamin Beadle-Ryby, Malinka Walaliyadde, and Varun Ganapathi, secured $85 million in Series B funding from investors including Bond, Andreessen Horowitz, and Costanoa Ventures. Akasa specialises in AI-powered automation for healthcare revenue cycle management, offering Unified Automation services within existing electronic health records to enhance efficiency and minimise errors for medical centres.
The intersection of artificial intelligence and healthcare is reshaping the industry, addressing challenges and providing innovative solutions. As showcased by promising startups like Pieces Technologies, BrainSightAI, Olive AI, Viebeg Technologies, and Akasa, AI is driving advancements in early disease detection, personalised treatment, and operational efficiency.
Significant funding and the continuous creation of health startups mark the dynamic landscape, highlighting AI’s pivotal role in healthcare evolution. These endeavours bolster patient care improvement. Moreover, they contribute to a more resilient and responsive healthcare system which is an imperative factor in the post-pandemic era.