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Ferrum raises $6m to bring AI to healthcare
- January 17, 2023
- Steve Rogerson
California-based Ferrum Health has raised $6m to bring artificial intelligence (AI) into healthcare.
The funding round was led by Urban Innovation Fund, Cercano Management and Singtel Innov8.
“We are excited to have the support of Urban Innovation Fund, Singtel Innov8 and Cercano Management in our mission to bring AI to healthcare,” said Pelu Tran, CEO of Ferrum Health. “Our platform has already demonstrated its value to healthcare providers, and we believe it has the potential to revolutionise the way doctors deliver care to their patients.”
Ferrum has already seen traction for its enterprise AI platform, with major healthcare organisations such as Sutter Health and Carle Clinic adopting its technology. The company’s AI platform uses machine-learning algorithms to analyse medical data, providing doctors with insights and recommendations that can help improve patient care.
“With AI becoming standard of care across the clinical spectrum, Ferrum Health’s AI platform has been a valuable tool for our doctors,” said Jason Wiesner, chair of radiology at Sutter Health. “It helps us quickly and accurately ensure the quality of important diagnoses, providing insights that can help us improve patient care. We are excited to continue with Ferrum Health as their platform expands.”
The company will use the funds to continue developing its enterprise AI platform, designed to help healthcare providers improve patient care, and expand its health system customer base to make intelligent healthcare accessible to all.
“Ferrum Health is building the Plaid for AI in healthcare data,” said Julie Lein, managing partner of Urban Innovation Fund. “This powerful vision will transform the adoption of AI in clinical settings, reducing medical errors and saving millions of lives.”
The healthcare AI market is expected to experience significant growth in the coming years as more healthcare providers look for ways to improve patient care and reduce costs. However, adopting AI technology in healthcare can be difficult, as it requires significant investment and a willingness to embrace new technology.
Ferrum helps health systems overcome problems in the adoption of AI. Through a privately deployed platform, it offers data security along with a growing catalogue of AI applications across a multitude of therapeutic areas that drive early diagnosis and intervention.
AI widely impacts the care delivery system, from medical imaging interpretation to fostering equity in healthcare. Ferrum streamlines a health system’s AI strategy through a simplified integration and single contract making the implementation of healthcare AI easy and equitable for all.
“Ferrum Health is at the forefront of the healthcare AI revolution,” said Tran. “We are committed to helping healthcare providers overcome the challenges and costs associated with adopting AI technology, so they can focus on delivering the best possible care to their patients.”
Ferrum Health developed an enterprise AI deployment platform to improve patient outcomes by democratising health systems’ access to innovative and impactful clinical AI technologies. It provides end-to-end AI hubs able to run countless applications across many service lines and seamlessly integrate clinical imaging and administrative data. As of 2022, more than 750,000 unique patient records have been analysed via the platform.