The company has named Andrew Ritter, the co-founder and former CEO of Ritter Pharmaceuticals
Artificial intelligence is transforming the healthcare industry as the global AI market is projected to grow from $ 4.9 billion in 2020 to $ 45.2 billion in 2026. The technology has a number of different use cases. For example, artificial intelligence is used by companies like Aidoc to analyze CT images of the head, chest, spine and abdomen so that radiologists can better identify abnormalities.
Docbot takes a similar approach to using AI in its solution, but instead targets the gut.
The company, which uses artificial intelligence to help gastroenterologists detect abnormalities, announced on Monday a $ 4 million Series A funding round from Khosla Ventures, with the participation of Bold Capital Partners, Collaborative Fund and Boutique Venture Partners was carried out for $ 8.5 million.
The company also announced that it has appointed Andrew J. Ritter, former CEO of Ritter Pharmaceuticals, as its new CEO. Former CEO Andrew Ninh will take on a new role as Docbot’s Chief Strategic Officer, where he will lead business development, strategic partnerships and innovation.
While there is not so much talk about other diseases like heart disease or diabetes, gastrointestinal problems are common and expensive. More than 22 million people visit the doctor’s office with digestive disorders as their primary diagnosis, costing the system nearly $ 136 billion a year.
Founded in 2014, Docbot’s flagship product, UltivisionAI, uses technology to highlight potential problem areas that may be overlooked by the human eye. It offers actionable real-time computer vision detection, automated reporting, and data-driven analytical tools to improve patient care and clinical workflows.
“UltivisionAI uses machine learning and computer vision to highlight areas of the screen that the AI predicts as suspicious and instructs gastroenterologists to examine specific areas of the colon to identify lesions that would otherwise have been missed,” so explained knight.
“Docbot uses artificial intelligence to improve gastroenterologists’ detection and diagnostic accuracy in gastrointestinal endoscopy procedures. The UltivisionAI software platform is trained to be applied across the GI tract.”
The company’s main customers are healthcare facilities that perform colonoscopies, such as: B. Outpatient surgery centers and hospitals. Life science companies looking for more objective ways to diagnose digestive diseases are also potential customers.
While UltivisionAI primarily focuses on polyp detection for the prevention of colon cancer, it develops detection algorithms for Barrett’s esophageal dysplasia and ulcerative colitis, among other things. Currently tThe platform reduces over $ 1 billion in treatment and maintenance costs associated with colon cancer caused directly by missing polyps.
A new CEO
Although his appointment has just been announced, Ritter notes on his LinkedIn profile that he took up the job as CEO in January.
What drove him to lead Docbot in the future, he told me, was his previous experience as the co-founder and CEO of Ritter Pharmaceuticals, a leading biotech company developing gut microbiome therapies for the treatment of gastrointestinal disorders.
“I led the company from proof of concept to late phase 3 clinical development, helping manage the company’s listing on NASDAQ, raising over $ 100 million in institutional capital and led the successful acquisition by Qualigen Therapeutics. “
Including his time at Ritter Pharmaceuticals, he has more than 16 years of experience in the field of GI disease.
“One of the biggest challenges in GI today is reliably detecting and diagnosing a patient. AI technology offers immeasurable potential for identifying and diagnosing patients more objectively. I am fascinated by the potential that the UltivisionAI has for transforming.” The practice of GI and especially of the creation has an impact on the GI health of patients, “he explained.
The new funds will be used to start a new clinical trial and expand the development team. It is also used so that Docbot can Apply for FDA approval for UltivisionAI. The company is cA clinical study is currently being conducted to prospectively validate the technology to aid in the detection of polyps during a colonoscopy procedure. However, in writing, I was unable to get any information about when the company might get this approval.
Ultimately, it is Docbot’s mission to provide the most powerful AI-based image analysis solutions to revolutionize GI care.
“We want to transform gastroenterology practice with AI. If you can capture it, we can detect it with UltivisionAI. Empower clinicians to more reliably and objectively identify and diagnose GI conditions.”