Well Health Technologies Corp. has recently secured a substantial funding of £15.3 million for its ambitious £44 million venture aimed at spearheading a consortium of companies in the development of artificial intelligence (AI) technology to assist physicians in saving valuable time. This Vancouver-based healthcare provider and technology developer received the financial boost from Digital: Canada’s Global Innovation Cluster, an organization based in Vancouver responsible for the allocation of federal government funds.
The funding is part of Digital’s strategic initiative to co-invest with Canadian technology companies, having allocated over £200 million to deserving candidates since 2018. Digital has granted Canadian healthcare-technology companies a total of £25.8 million for AI-related projects. Furthermore, the £15.3 million investment represents Digital’s largest financial commitment to date and is specifically designed to support the £44 million Health Compass II project. It is worth mentioning that Digital had previously invested in Well Health for the initial phase of the Health Compass project.
The consortium partners collaborating with Well Health include Orx.ai, Healwell AI Inc., Tali AI, Phelix, and Simon Fraser University. This collaboration was publicly acknowledged during a press conference and technology demonstration attended by federal Minister of Innovation, Science, and Industry François-Philippe Champagne, among other distinguished figures.
One of the pivotal highlights of the technology demonstration was the real-time interaction between Well Health’s medical director, Stephen MacDonald, and Minister Champagne. In a live demonstration, MacDonald engaged in a brief conversation with Champagne using AI-powered technology to transcribe their dialogue, subsequently generating a structured summary of the exchange along with potential assessments of Champagne’s recent health condition.
Following the demonstration, Minister Champagne expressed his optimism, stating, “We are living at the time of a Renaissance in life sciences. Vancouver is now a global hub for life sciences and bio-manufacturing, and I would say it’s in great part to people and what we’ve done with scale, the digital cluster here, and what we’ve done with artificial intelligence and obviously with people as well.”
Furthermore, Well Health’s COO, Amir Javidan, provided an in-depth overview of the Health Compass technology, showcasing its capabilities in automating back-office tasks in medical clinics. Additionally, Well Health’s chief medical officer, Michael Frankel, praised the technology for its efficient time-saving capacity, enabling physicians to allocate more time towards patient care and personal activities.
Notable figures within Well Health include its CEO Hamed Shahbazi, renowned for his pivotal role in founding Tio Networks Corp. before its acquisition by PayPal Holdings Inc. for £304 million in 2017. With an impressive track record of success, Shahbazi continues to lead Well Health in its innovative pursuits, whilst being supported by significant investors such as Chinese billionaire Li Ka-shing, who has an almost 11% stake in the company through his venture capital firm, Horizon Ventures.
As Well Health Technologies Corp. continues to advance its AI healthcare technologies, the recent funding injection will undoubtedly propel the company towards achieving groundbreaking milestones in the healthcare industry. The innovation showcased by Well Health and its consortium partners not only contributes to the evolution of healthcare but also reinforces Vancouver’s prominence as a global leader in technological advancements and life sciences.