Slovak-Israeli start-up Powerful Medical closed a $6.8 million seed round on Tuesday for its artificial intelligence-driven (AI) clinical assistant PMcardio. The successful round was led by Arieli Capital, which also led a prior funding stage. Following those, Powerful Medical is currently in the advanced stages of negotiating a collaboration with one of the biggest hospital chains in the US.
Powerful Medical’s PMcardio uses AI to glean knowledge from millions of previous cases to help medical professionals in ECG (electrocardiogram) interpretation, patient management and treatment options. By automating basic processes, PMcardio acts to save medical professionals valuable time and allows them to put their energy into devising effective treatment plans and prioritizing accordingly.
“We leverage the power of big data and artificial intelligence to empower every physician with the right tools to give patients the most reliable diagnosis and treatment. This will result in better healthcare outcomes for patients and ultimately reduce the cost of care,” said co-founder Martin Herman.
The founders of the company recognize the importance of accurate diagnoses due to first-hand experience: co-founders and siblings Martin Herman and Dr. Robert Herman as well as chairman of the board Roy Ramon have all experienced the difficulties presented by misdiagnosis, with Ramon having lost an immediate family member due to an incorrect diagnosis of cardiovascular disease. With these experiences in mind, they aim to save lives and prevent other families from experiencing unnecessary grief.
“Arieli Capital is proud to perform our part in promoting Powerful Medical’s life-saving technology,” said Eric Bentov, the investment firm’s co-founder and managing partner. “With heart disease causing approximately 20% of deaths every year in the US alone, MedTech developments are a cornerstone in ensuring a better quality of life and life expectancy. As we grow and expand our global reach, Arieli Capital puts its impact investments at the top of our priorities, and we trust that Powerful Medical’s cutting-edge innovation, backed by a devoted and experienced team, will support our goal.”
“With heart disease causing approximately 20% of deaths every year in the US alone, med-tech developments are a cornerstone in ensuring a better quality of life and life expectancy."Eric Bentov
I need a scalpel, some gauze and an advanced AI surgery platform
Powerful Medical is one in a constantly growing field of MedTech start-ups leveraging AI in their products. “Introducing AI will grant the ability to be more efficient and to do more procedures more accurately,” said Dr. Joseph Nathan, chief medical officer for ForSight Robotics, a MedTech start-up responsible for developing an AI-driven cataract surgery platform.
He noted that there is little chance AI tech will serve as a replacement for medical experts any time soon, and in the meantime, it acts as a tremendous boon to the medical industry at large. Overall, the use of AI in the MedTech sector has the potential to significantly improve patient care and outcomes, as well as to streamline healthcare processes and reduce costs. As such, it is likely that AI’s adoption in the sector will continue to grow in the coming year.
Referring to ForSight’s platform, Nathan remarked: “We’re kind of breaking boundaries and silos, giving surgeons the ability to learn through AI and perfect their procedure. And we’re saving time and money, empowering surgeons to give better outcomes for patients.”