InteliCare recently received an AU $ 100,000 (approximately $ 77,000) grant from the New South Wales Smart Sensing Network to improve its machine learning ability. It received the scholarship together with partners Macquarie University and the University of Sydney.
The listed developer of geriatric care technologies will work on a year-long project with NSSN and the IT departments of both universities.
In a company announcement, InteliCare said it has formed a multidisciplinary research team made up of experts in the Internet of Things, machine learning, business analysis, and aging and health.
The team will develop machine learning algorithms “to predict and prevent events that can affect the quality of life of older people.”
WHY IT IS IMPORTANT
With the new funds, InteliCare can accelerate its machine learning capability. The company has focused on recognizing events rather than predicting them.
The resulting product increases the accuracy of InteliCare artificial intelligence technology in predicting the risks of chronic disease and mental health deterioration that lead to loss of independence, injury, infection, and dementia.
“The project will result in an improved notification system that will enable caregivers and online operators to better understand when to intervene,” said Jane Evans, MedTech theme leader at NSSN.
InteliCare said it will own the intellectual property of the product, which will “provide a significant competitive advantage over outdated assistive technology, particularly forced or alarm wearables.”
In addition to the NSSN funding, InteliCare will provide AU $ 152,898 (approximately US $ 118,000) in cash and the universities will provide AU $ 161,021 (approximately US $ 124,600) in kind.
THE BIGGER TREND
In a recent report, nonprofit research group Global Center for Modern Aging recommended, among other things, that the Australian healthcare industry must receive grants “to finance assistive technology and remodeling that promote independence in daily life”.
According to Jason Waller, CEO and General Manager of InteliCare, there is potential for revenue from new forecasting technologies, particularly from the Australian government’s investment in AU $ 7.5 billion ($ 5.8 billion) for home care for the elderly.
Intelicare received binding commitments in separate messages Collect A $ 2.5 million from new and existing investors earlier this month.
ON THE RECORDING
“This funding is an excellent opportunity to work with a world-class machine learning team in a very cost-effective manner. From the very beginning, InteliCare’s strategy was not just to use AI to detect critical events, but to use our data to predict events, to prevent them [from] occur primarily, “explained Intelicare Waller.