US-based Northwell Health and start-up studio Aegis Ventures are set to form an artificial intelligence (AI) joint venture (JV) to address the challenges in the healthcare segment.
The JV will ideate, launch, and scale AI-driven companies to address quality, equity, and cost issues in the healthcare sector.
Aegis Ventures chairman Bill Schoenfeld said: “Aegis’ experience in commercialisation and Northwell’s experience in clinical care complement each other perfectly.
“Our joint platform will bring together the medical, technological, and investment talent to launch new companies that address healthcare’s most pressing challenges.”
Additionally, Aegis plans to invest at least $100m of seed-stage funds through the platform to accelerate investments from venture capital firms and investment companies.
The JV will work with medical, technology, and business resources to develop platform for healthcare innovation.
Furthermore, it will work with Northwell stakeholders and clinicians to create new patient care solutions, develop AI-based innovations for predicting, diagnosing, and managing health conditions.
The two companies have already started work on developing solutions to improve maternal health outcomes and predict chronic diseases.
The JV will also use the AI to detect and eliminate operational inefficiencies in healthcare delivery.
The solutions designed and developed will be validated within the Northwell environment.
Northwell Health president and CEO Michael Dowling said: “New York was at the epicentre of the Covid-19 crisis, and today’s announcement places it at the epicentre of innovation that will tackle health care’s most pressing problems.
“This JV will leverage data from Northwell’s patient population, one of the most diverse in the world, along with Northwell’s intellectual capital in AI technology. Working together, Northwell and Aegis will create companies that bring higher quality, lower-cost health care to those who need it most.”