Various hospitals, pharmaceutical companies, research institutions, and universities have been longing for a model of collaborative research and development which restricts sharing of any actual data. A breakthrough in this model realization has now been achieved by New York based Owkin Inc.
The company, which deploys federated learning and artificial intelligence for medical research, has announced generating USD 25 million from a team of investors including Cathy Innovation, Bpifrance Large Venture, and the French Pension Fund for Clinicians- MACSF. Along with the aforementioned, GV, Eight Roads, and F-Prime Capital have also been investing considerably for the development of its novel secure healthcare network.
The main motive behind this fund raising its to build a secure network for healthcare research and analysis while offering the data scientists, academics, clinical doctors, and pharmaceutical companies an ease to log in to the virtual lab that the company addresses as the Owkin studio. Moreover, improvement of patient outcomes has also been one of the main goals of the company through this initiative.
It has been reported that this initiative would offer an easy access to anonymized data sets and models to all the parties with an intent to refining their own research and studies.
In order to including more companies and institutions to open up and share information via the company’s virtual lab, Owkin is currently duplicating work that other companies are following in sectors right from healthcare to financial services and beyond.
Speaking on the matter, the chief executive of Owkin, Dr. Thomas Clozel stated that the company currently has a huge team of academic universities that have access to the data and develop algorithms for the company to share the information. He further adds that this is expected to help in developing better drugs and offering privacy which has become the need of the hour today than ever before.
Besides, contributing in the ongoing COVID-19 pandemic treatment and research, Owkin has unveiled the COVID-19 Open Consortium and is using the platform to develop collaborative research and accelerating the clinical development of effective treatments for patients infected with the virus.
According to official sources, investment from the company’s new and existing investors have taken the company to USD 55 million in the total capital raised via extension of its Series A round, amounting to a total of USD 52 million.