Predictive analytics involves making predictions about future events through the use of various tools, including artificial intelligence (AI). OWKIN is a predictive analytics startup that was founded in 2016 in New York by Gilles Wainrib and Thomas Clozel. Earlier this week the company announced its latest funding efforts amounting to a staggering $11 million.
This latest funding round was led by Otium Venture and also included investors NJF Capital, Plug and Play, and Cathay Innovation. The company’s total investment now tops $13 million. Not bad for one year, eh? It just goes to show how much investors are willing to put in when it comes to decent AI ventures. OWKIN said it intends to use the funds to improve its innovative platform, OWKIN Socrates.
“We firmly believe that OWKIN is poised to transform how the healthcare community empowers its technology with transfer and federated learning, the next evolution of artificial intelligence, to generate critical insights that will serve as a foundation for discovering and developing the therapies of tomorrow,” said partner at Otium, Bruno Raillard. “OWKIN’s comprehensive platform improves healthcare delivery by building algorithms that enable researchers and clinicians to analyze vast patient datasets and predict treatment outcomes in real time.”
The company’s innovative platform, OWKIN Socrates, has been designed for the likes of pharmaceutical researchers at both the preclinical and clinical trial phase and hospital physician-researchers. The way it works is by using machine learning to look for patterns that are likely to cause disease. It also uses transfer learning too. This is a type of AI that concentrates on the ability of an algorithm to continually improve learning.
“I am proud of the substantial progress OWKIN has made over the last year, including building trust with our pharmaceutical and hospital partners,” said Clozel, CEO and co-founder of OWKIN. “We have created the right technology that is respectful of a patient’s data privacy while also allowing every user to safely transform any dataset into a unique discovery, which can help accelerate the discovery of new underlying disease mechanisms and the development of new therapies to treat it.”
Co-founder and CEO of Cathay Innovation, Dennis Barrier, is happy to be jumping on board with OWKIN. “We are proud to participate in this major step in OWKIN’s development as we have been following companies relying on artificial intelligence closely since the launch of our fund dedicated to innovation,” he said.