Health AI startup Signal 1 Announces Vollaboration with Unity Health Toronto and TD Bank Group to bring Clinically-validated AI Applications to Hospitals Worldwide
Signal 1, a health AI startup integrating AI-driven insights into hospital workflows to improve patient outcomes, enhance hospital flow and reduce stress on front-line workers, announced strategic collaborations with Unity Health Toronto, a leading health network in Ontario, and with TD Bank Group (TD) and its world-leading applied AI division, Layer 6. Tomi Poutanen, a Co-founder of Layer 6, will serve as the CEO of Signal 1. Signal 1 launches with $10 million (USD) in seed funding led by Inovia Capital. Other investors in the round include TD, AI pioneer Geoffrey Hinton and Radical Ventures, where Poutanen is a Co-founder and Partner.
Through its collaboration with Unity Health, Signal 1 will build on leading-edge AI systems already in use by clinicians at St. Michael’s Hospital, part of Unity Health. Signal 1’s agreement with TD will provide $4 million (USD) in seed funding from TD and will enable the venture to leverage the award-winning AI technology platform that has been developed by TD’s Layer 6 team.
Signal 1 launches its clinical AI solution at a moment when the healthcare system faces unprecedented challenges. Emerging from the COVID-19 pandemic, hospitals face a multi-year backlog of deferred procedures combined with a burnt-out workforce. Healthcare decisions are highly data and information-driven. AI has the potential to dramatically improve the way hospital data is used to guide providers and institutions in delivering the best care and outcomes for their patients.
“While the potential for AI to transform healthcare is enormous, progress to date has been limited to a few select places, like St. Michael’s Hospital. By combining St. Michael’s clinically validated and deployed AI applications with the power of Layer 6’s enterprise-grade AI platform, Signal 1 is positioned to be the company that responsibly deploys clinical AI, at scale,” said Poutanen.
“Inovia’s mission is to actively support founders to build global sustainable companies – and we could not be happier than to partner with Tomi, Mara Lederman, Co-founder and COO, and their amazing team to seize the opportunity to leverage AI in healthcare and improve patient experience and alleviate labor shortages,” says Steven Woods, Inovia Capital Partner. “We are looking forward to accompanying them on their journey.”
Signal 1’s first application will be a real-time patient risk predictor called CHARTWatch. Using commonly collected data and a machine-learning algorithm, CHARTWatch accurately predicts which hospital patients are likely to deteriorate and which are clinically stable. CHARTWatch’s predictions can be integrated into a variety of clinical workflows enabling earlier interventions, reducing excess length-of-stay and improving the allocation of patients to front-line staff.
“At Unity Health, we have seen the power of AI to improve patient outcomes,” said Dr. Tim Rutledge, president and CEO, Unity Health Toronto. “Now, through our strategic collaboration with Signal 1, we will be able to strengthen and scale the solutions developed by our in-house AI team to benefit patients across Canada and around the world.”
Poutanen will continue to advise TD’s AI strategy and talent recruitment efforts as the Bank further develops its market-leading AI capabilities.
“TD is proud to extend its leadership in AI. Our investment in Signal 1, along with our long-standing support of the Vector Institute and other leading organizations, reinforce our commitment to help support and develop Canada’s innovation ecosystem,” said Christine Morris, Senior Executive Vice President, Transformation, Enablement and Customer Experience, TD Bank Group. “Signal 1’s focus on better health outcomes will contribute directly to world-leading AI innovation that will benefit all. TD is excited to participate in this groundbreaking work.”
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