Bridgend-based AI technology firm Clinithink is helping to improve patient care, relieve workloads for stretched clinicians and deliver significant savings to the NHS with investment from the Development Bank of Wales.
Having first supported Clinithink with an equity investment in 2012, the Development Bank has since made five follow-on investments with the latest funding round taking the total capital to over £5 million. Clinithink also has the backing of major specialist health funds in the US.
Clinithink’s Clinical Natural Language Processing (CNLP) solution, CLiX® intelligence extracts valuable data from lengthy, unstructured patient notes. The patented technology uses market-leading AI technology to accurately ‘read’ and interpret up to two million clinical documents an hour generating invaluable insights in a fraction of the time it would take clinicians to review manually. In doing so, Clinithink is helping to solve some of the most complex challenges in healthcare today. Its global clients include AstraZeneca, University of Utah, Mount Sinai, Premier Inc, and Northwell Health. Marc Goldman, Chief Product Officer of Clinithink said: “Clinithink is a tech company built around CLiX, the world’s first Healthcare AI capable of truly understanding unstructured medical notes.
“CLiX reveals important patterns and signals in large volumes of unstructured healthcare data that cannot be found manually . It frees up thousands of hours of clinician time, when rising workloads and staff shortages are placing health care professionals under greater pressure.
“The Development Bank has backed the business from the very early days, supporting us through various fundraising rounds on the journey to becoming an established global health-tech brand. It’s an exciting time as we grow our team and expand our position in the US market with our platform being adopted by life science, healthcare and government organisations who want to use electronic medical data to improve patient care, clinical outcomes and resource allocation. We are also encouraged by the recent announcement that the UK Government is investing £3.4 billion in digital initiatives to help improve NHS productivity.”
Andy Morris is a Senior Investment Executive with the Development Bank’s tech venture team. He said: “As a long-standing customer of the Development Bank with a clear purpose, we’ve worked with Clinithink over the last 11 years as one of their first investors to help them achieve their goal of providing healthcare decision-makers with better information to improve patient care. Our continued support, which now totals over £5 million, is helping the Clinithink team build a successful healthcare AI technology business that can change how the world manages patient care, by harnessing the power of healthcare data with proven AI technology. We’re delighted to be on the journey with them as they focus on the next stage of growth. ”
The funding for Clinithink came from the fully invested Wales Business Fund.
