- WELL Health Technologies (TSX:WELL) has locked in C$15.3 million in funding for a $44 million project to develop artificial intelligence health technology
- Funding will come from DIGITAL to support research and development investments and commercialization from other partners for phase 2 of the Health Compass project
- The $15.3 million investment is DIGITAL’s largest investment to date
- Shares of WELL Health are up 2.67 per cent to $4.82 as of 11:17 am ET
WELL Health Technologies (TSX:WELL) reveals that it has locked in C$15.3 million in funding for a $44-million project to develop artificial intelligence (AI) technology.
In a news release, the company stated that funding will come from DIGITAL to support research and development investments and commercialization from other partners for phase 2 of the Health Compass project.
DIGITAL is a Vancouver-based company that distributes federal government capital. The $15.3 million investment is also its largest investment to date.
“This is a monumental milestone and we are honoured and grateful to DIGITAL and (Innovation, Science and Industry) Minister (François-Philippe) Champagne’s office for their commitment to supporting healthcare innovation and responsible AI research,” Hamed Shahbazi, CEO of WELL Health, said in a statement. “Projects like Health Compass II directly support this mission and are essential in fuelling healthcare’s digital transformation.”
As part of the funding, WELL Health will provide its expertise to each partner in order to develop new AI tools to support healthcare providers in improving patient outcomes.
DIGITAL will also fund a little more than one-third of all project costs for a period of four years and has been approved by the Canadian federal government in support of technology innovation.
Health Compass II partners in tandem with WELL Health includes ORX, HEALWELL AI (TSX: AIDX), Tali AI, Phelix and Simon Fraser University.
The goal of Health Compass II is to improve the healthcare industry by enhancing interoperability and leveraging AI that will reduce healthcare provider burdens.
Health Compass II will introduce roughly four AI-driven modules integrated through an EMR-agnostic mobile app. This aims to increase patient engagement, automate administrative tasks, assist healthcare providers with documentation, and enhance clinical decision-making.
Health Compass II is also projected to reach a 25 per cent reduction in healthcare delivery costs for clinics and improve by 20 per cent patient satisfaction within the first two years of its implementation.
WELL Health develops technologies to ensure healthcare providers are empowered to positively impact patient outcomes. Its business units include Canadian Patient Services, WELL Health USA Patient Services and SaaS and Technology Services.
Shares of WELL Health (TSX:WELL) are up 2.67 per cent to $4.82 as of 11:17 am ET.
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