Vancouver, BC – November 12, 2024 – USA News Group News Commentary – According to a new report from the World Economic Forum, artificial intelligence (AI) holds great potential for improving the world’s overburdened healthcare systems, pointing to the early adoption of Mayo Clinic that’s moving things further and faster. Even Elon Musk is suggesting that his company’s Grok AI has a role in healthcare for analyzing medical images. Tech giants Nvidia, Google, and Microsoft all took part in this year’s HLTH conference in Las Vegas to tout health-care AI tools. Behind the scenes are several ambitious tech companies looking to make their mark in the growing AI-healthcare scene with recent developments coming from Avant Technologies, Inc. (OTCQB: AVAI), Butterfly Network, Inc. (NYSE: BFLY), Tempus AI, Inc. (NASDAQ: TEM), GE HealthCare Technologies Inc. (NASDAQ: GEHC), and RadNet, Inc. (NASDAQ: RDNT).
The article continued: Cleveland Clinic is touting projections that AI in healthcare will become a $188 billion industry worldwide by 2030, citing potential in diagnostics, triage, complex measurements, and managing tasks and patient services. A recent article from Forbes predicts that we can expect important advancements in the next few years, including Predictive Healthcare, Natural Language Processing (NLP), AI-Driven Telehealth and Remote Monitoring, AI-Assisted Robotic Surgery, Precision Medicine and Gene Editing, and AI-driven Clinical Research and Medical Devices.
Avant Technologies and Ainnova Tech Form Joint Venture to Advance Early Disease Detection Using Artificial Intelligence
Avant Technologies, Inc. (OTCQB: AVAI), an emerging technology company developing solutions in artificial intelligence (AI) infrastructure while exploring additional technologies in the biotechnology and healthcare sectors, today announced it has entered into a Joint Venture and License Agreement with Ainnova Tech Inc. (AINN), a leading healthcare technology (healthtech) company, to form a new Nevada Corporation called “Ai-nova Acquisition Corp” (AAC). The partnership was formed to advance and commercialize Ainnova’s technology portfolio, including its “VisionAI” platform and its “Versatile Retinal Cameras.”
VisionAI is a cutting-edge, AI-driven platform that can detect diabetic retinopathy and other retinal diseases, as well as diseases unrelated to the retina like cardiovascular disease and potentially even Alzheimer’s with high accuracy and speed using retinal scans. Meanwhile, Ainnova’s next-generation versatile retinal cameras are seamlessly integrated with VisionAI for precise retinal scans. Along with the VisionAI software, Ainnova’s retinal cameras, offer AAC SaaS + retinal camera commercialization opportunities with opticians and eye care centers in two extremely profitable markets, North America and Europe.
“This joint venture aligns perfectly with our long-term goals, and as we work together to push the boundaries of what’s possible in the healthtech sector, we look forward to setting new standards and bringing transformative solutions to patients around the world in an accessible way,” said Vinicio Vargas, CEO of Ainnova.
Ainnova will contribute to AAC its proprietary technology portfolio, including VisionAI and its retinal camera technology, and the licensing rights for AAC to develop, maintain, and commercialize the technology portfolio in both North America (United States and Canada) and Europe, while Avant will be responsible for the capital requirements to operate AAC.
Ainnova and Avant’s partnership seeks to make retinal scanning a new standard in primary care and basic health services by diagnosing a host of diseases early through a simple visual test that AAC can offer as a scalable and accessible solution.
With over 500 million people living with diabetes globally, VisionAI is designed to detect the early markers of diseases like diabetic retinopathy, which is the leading cause of blindness among working age adults. Over 30% of those living with diabetes will develop diabetic retinopathy, a disease that can be prevented with an accurate diagnosis.
Unfortunately, there aren’t enough ophthalmologists globally. And 95% of cases of blindness due to diabetic retinopathy can easily be prevented with an early and accurate diagnosis. Using advanced algorithms to analyze retinal images with precision, reliability, and speed, VisionAI can bridge the gap between too few ophthalmologists and tens of thousands of people who need to get tested.
According to Ainnova, the diagnostic error rate in diabetic retinopathy is about 49% and this is where VisionAI offers a positive impact for patients. VisionAI is a powerful tool to support the physician and give their patients accurate information that can improve their lives.
This partnership makes sense for Avant and its shareholders given the AI in healthcare market is projected to grow from $6.9 billion just 3 years ago to $67.4 billion by 2027, at a CAGR of 46.2% during the forecast period. Ainnova currently has commercial agreements with Pharma companies, clinics, insurance companies, and medical service companies. These relationships should offer AAC guidance into the North American and European markets. CONTINUED… Read this and more news for Avant Technologies Inc.: https://ir.avanttechnologies.com/press-releases
FOR A MORE IN-DEPTH LOOK INTO AVANT TECHNOLOGIES (AVAI) AND THEIR ACCOMPLISHMENTS, PLEASE VISIT: https://usanewsgroup.com/2023/10/26/unlocking-the-trillion-dollar-ai-market-what-investors-need-to-know/
Other recent industry developments and happenings in the market include:
Butterfly Network, Inc. (NYSE: BFLY), a digital health company transforming care through the power of portable, semiconductor-based ultrasound technology and intuitive software, recently announced that Butterfly iQ3
, its third-generation handheld ultrasound device, was the recipient of the Best Medical Technology Award at the 2024 Prix Galien USA Awards by the Galien Foundation—often regarded as the “Nobel Prize of Life Sciences,” and the highest accolade for healthcare research and development.
“Winning the Prix Galien Award for Best Medical Technology is an extraordinary testament to the hard work and dedication of our team that brought iQ3 to market this year,” said Joseph DeVivo, President, CEO, and Board Chairman of Butterfly Network. “Our Ultrasound-on-Chip technology harnesses the exponential advancements of Moore’s Law, allowing us to deliver increasingly powerful and cost-effective imaging tools. By leveraging this innovation, we are democratizing ultrasound, enabling practitioners everywhere to make faster, more accurate decisions, and ultimately transforming patient care on a global scale.”
The prestigious recognition highlighted Butterfly’s commitment to making ultrasound imaging more affordable, sustainable, and scalable through its pioneering Ultrasound-on-Chip technology.
Tempus AI, Inc. (NASDAQ: TEM), a tech company leading the adoption of AI to advance precision medicine and patient care, recently announced publication of its study, “Actionable structural variant detection via RNA-NGS and DNA-NGS in patients with advanced non-small cell lung cancer,” in JAMA Network Open. The study involved over 5,500 patients with advanced lung cancer and found that using both RNA- and DNA-based sequencing methods together helped detect more actionable genetic changes than DNA testing alone.
“This large study underscores the importance of using both RNA- and DNA-based comprehensive genomic profiling as a standard of care in advanced NSCLC, and more broadly in solid tumors,” said Halla Nimeiri, MD, Chief Development Officer at Tempus. “By integrating RNA and DNA sequencing, we can detect a wider range of actionable alterations that might otherwise go undetected by DNA testing alone. This combined approach enhances clinicians’ ability to provide more personalized treatment options for patients.”
Within the publication, 8.8% of patients showed at least one key genetic variant linked to targeted treatments, such as ALK, RET, ROS1 fusions, or specific MET alterations. Using both RNA and DNA tests increased the detection rate of actionable variants by 15.3% and more than doubled the identification of rare genetic changes. These results suggest that combining RNA and DNA testing could improve genetic detection and help guide treatment choices.
GE HealthCare Technologies Inc. (NASDAQ: GEHC), a leading global medical technology, pharmaceutical diagnostics, and digital solutions innovator, recently announced a strategic collaboration with DeepHealth, Inc., a global leader in AI-powered health informatics and a wholly-owned subsidiary of and RadNet, Inc. (NASDAQ: RDNT), to further the innovation, commercialization, and adoption of AI in imaging.
Together, the two companies aim to develop SmartTechnology solutions that harness the transformative power of AI to address key challenges across the imaging value chain, including helping increase the efficiency of imaging interpretation and reporting, enabling collaboration across care teams, improving the clinical interpretation of images, and enhancing operational efficiency and productivity.
“This new collaboration with DeepHealth harnesses our combined strengths to address critical challenges in healthcare today,” said Roland Rott, President and CEO of Imaging for GE HealthCare. “As we look to make more personalized, patient-centered breast care a reality – AI continues to show great promise in breast cancer screening from early detection and risk prediction, to reduced callbacks and more efficient workflows for breast imaging providers. We are excited to bring the power of imaging and AI together to elevate personalized breast care for those facing this difficult diagnosis.”
These new SmartTechnology solutions will seek to combine GE HealthCare’s imaging expertise and scale, RadNet’s deep experience in care delivery, and DeepHealth’s AI-powered health informatics portfolio to elevate patient care through improved end-to-end clinical and operational workflows.
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