AUSTIN, Texas--(BUSINESS WIRE)--Autonomize AI, the trusted artificial intelligence (AI) company for healthcare and life sciences, today announced it has closed a $4 million seed round to support the development and scaling of the company’s AI platform. Asset Management Ventures led the round, with participation from ATX Venture Partners, Loop Ventures and The Next Practices Group.
“Despite the abundance of data and the availability of cutting-edge technology like AI, healthcare is broken for the patient,” said Ganesh Padmanabhan, Autonomize AI founder and CEO. “We are putting the patient back in the center of the healthcare ecosystem by empowering every knowledge worker with insights, content and context to do their best work and drive 100-times better patient outcomes. We are assembling some of the best scientists, researchers and engineers to solve this critical problem.”
Autonomize AI will use the seed funding to boost its R&D and commercialization efforts. Launched in 2022, Autonomize AI provides software products to lower costs and improve operational efficiencies for healthcare and life sciences organizations. Its products include:
- Autonomize Pixel, which accelerates clinical trials through more efficient workflows and optimal protocol design, feasibility studies and patient matching.
- Autonomize Wizard, which augments clinical decisions by providing multi-modal chart insights for research, payer administration, registries and decision-making.
- Generative AI, which offers conversational, search and summarization capabilities for secure internal data sources, contextualized for different user types.
"We believe that Autonomize AI holds the key to unlocking the vast potential of artificial intelligence in revolutionizing healthcare,” said Skip Fleshman, Asset Management Ventures General Partner. “While there is a lot of talk about AI in healthcare, extracting the insights buried within unstructured medical data in various silos is essential for fostering breakthroughs in patient care and overall health outcomes. We are thrilled to partner with this seasoned team, as they lead the charge in harnessing the power of AI to create a healthier future for all."
Autonomize AI’s solutions are built on a secure cloud-based platform optimized for the healthcare industry that supports multi-modal data types and uses pre-trained medical large language models (LLMs). These LLMs may be fine-tuned to private data and deployed into virtual private cloud environments. Autonomize AI’s privacy filter automatically identifies and anonymizes personally identifiable information and personal health information. The company’s platform ensures organizations can use AI capabilities without compromising patient-data privacy and security. By focusing on human-centered workflows, Autonomize AI is building the equivalent of the J.A.R.V.I.S. system (featured in Marvel’s Iron Man movies) for all healthcare workers to augment and empower their expertise.
Cutting costs, eliminating inefficiencies
Human administrative overhead is responsible for about $765 billion annually in unnecessary costs. Additionally, drug launches take 10 to 15 years and cost more than $2 billion due to inefficiencies in recruiting and retaining patients during clinical trials.
The problem? Ninety percent of the data relied upon for clinical decisioning is unstructured and impossible to analyze at scale. As a result, most processes remain manual and inefficient. Organizing that data so it is instead structured and contextually linked is critical to assist often non-technical knowledge workers make decisions based on data. Padmanabhan founded Autonomize AI precisely to surmount this challenge.
“We evaluated several vendors building vertical solutions for patient matching and medical records review, but they offered limited solutions,” said Ivor Clarke, SubjectWell Chief Operating Officer. “Almost no existing platform consumes unstructured data and serves multiple contextual use cases. Autonomize AI has added tremendous value to SubjectWell in a short period of time by making our medical records review for clinical trials 10 times more efficient and accurate.”
Autonomize AI’s products can be integrated into existing workflows through APIs. Current customers already have realized a strong return on investment within months.
Customers may request a demo of Autonomize AI products here.
About Autonomize AI
Founded in 2022, Autonomize AI specializes in AI solutions for healthcare and life-sciences organizations. Headquartered in Austin, Texas, the company boasts ready-to-deploy AI products designed with baked-in trust and security. Its platform uses large language models to analyze and interpret unstructured data, with evidence and explainability, and offers key generative AI capabilities to summarize and visualize information in a clear and concise manner. Learn more at autonomize.ai.
SubjectWell, the audience engagement platform for healthcare, is raising awareness of clinical research in the general population – providing patients more choices and easy access to innovative treatment options. Visit SubjectWell.com to find out more.
About Asset Management Ventures
Founded in Palo Alto in 1965, Asset Management Ventures is an early-stage venture capital firm investing in technology and life sciences, with a primary interest in the burgeoning digital health sector. The partnership team, all former entrepreneurs with broad operating backgrounds, combines deep domain knowledge with extensive investment experience in technology and healthcare. Every day, the team is focused on one thing: helping founders create opportunities and navigate challenges en route to building truly transformational companies. Learn more at https://assetman.com/.
About ATX Venture Partners
ATX Venture Partners is Austin's premier institutional early-stage venture capital firm, investing in high-growth companies raising Seed and Series A rounds. ATX is veteran- and female-owned, and is driven by a mission to add meaningful value to founders and investors. The firm manages more than $500 million in assets and runs a rigorous global co-investment platform for augmented returns. The firm recently launched its fourth flagship fund, ATX Venture Partners IV, which continues ATX's focus on supporting exceptional entrepreneurs to build market-defining companies. To learn more, contact the ATX Team.
About Loop Ventures
Loop is an early-stage fund that identifies and supports trailblazing founders who are developing the most disruptive and impactful technologies in health and bio. From speedier clinical trials to better patient experiences, our founders are turning health and bio into data-driven industries. Learn more at loop.vc.
About The Next Practices Group
The Next Practices Group is a founder-driven network of firms with 180 team members who work together to solve problems and utilize proprietary media and analytics models to craft the right solution for each client. Firms within the network specialize in communications, marketing, public affairs, security, software, analytics, brand purpose, digital transformation and PESO digital media. For more information, please visit https://nextpracticegroup.com/.