When we first started talking about AI and all that it could do, healthcare was one of the many sectors to come to mind. Artificial Intelligence has been part of discussions, articles, and forum talks for a long time. Humans have long been preparing for the intelligent future, and now that we are finally stepping into it, there are no shortages in funds and trust.
As mentioned above, healthcare was always recognized as one sector that could gain a lot from widespread AI implementation. While this notion sounds good, it was only put to test during the past five years after the early AI adaption. The results have been good and have motivated many entrepreneurs into moving towards AI investment in healthcare.
Startups that are thinking of ideas to improve healthcare with assistance from AI have generated a record amount of money during this second quarter.
AI healthcare startups have raised over $864 million in funding and venture capital-backed deals and financing during the second quarter of the year 2019. These stats were revealed by CB insights in a research paper posted in July.
The potential for AI is hidden from none, and experts believe that AI can play a key role in reviewing medical images, facilitating large scale data analysis, and making healthcare a lot more efficient than it is right now.
Even with this huge potential, the funding given to AI startups decreased during the last year. The last 2 quarters of the year 2018 saw a decrease in overall investment in AI healthcare, as funds fell from $764 million to $517 million.
The second quarter of 2019 has put to rest all the questions that were being raised over investor interest in AI investment. With funding of around $864 million, AI is going to change the healthcare landscape for the better in the upcoming future.
Out of the investments raised, a majority of the funds were gathered by Tempus, which makes use of artificial intelligence to monitor and analyze clinical and molecular data. Tempus raised over $200 million in the period. Following Tempus was PathAI, which is an AI-powered pathology startup. PathAI raised a massive $60 million from private investors during the period.
With the digital health sector maturing, the investment in AI for healthcare is only going to increase in the future. Be prepared to see further increases down the line.