While my colleagues have been struck by hay fever this summer, I have been struck by significant recent investment secured by three pioneering UK-based artificial intelligence (AI)-driven healthcare businesses in the last three months.
YourMD is an innovative AI-driven health information app that provides free medical advice to your smartphone when you cannot get to a doctor. Last month it raised $10m venture funding to help enhance the capabilities of its online ‘chatbot’ medics.
Manchester-based Now Healthcare, a telehealth business operating through mobile apps ‘Dr Now’ (cloud-based medical consultations) and ‘Now GP’ (virtual GP services) and its online pharmacy operation ‘Now Pharmacy’, similarly raised £4m last month, valuing the business at £24m.
London-based babylon (offering automated medical diagnoses through a smartphone app to 800,000 users) raised $60m back in April to develop its next generation technology to enable faster and more sophisticated diagnoses and to predict diseases ahead of time. babylon is working with the NHS to explore partial replacement of the NHS’ 111 service; it seems clear that our smartphones are becoming increasingly capable of taking care of us.
The various investors supporting these UK digital healthcare innovators can see the scale of the opportunity in this market and I foresee continued M&A activity in this area as private sector innovators ease the increasing pressure on the NHS.
Your.MD, an AI-driven health information service delivered via a bot, has raised $10 million in new funding