Medical Research Future Fund injects $3.25 million across four medtech startups
The Medical Research Future Fund has invested $3.25M in four medtech startups integrating AI & machine learning into their tech stacks.
Medical Research Future Fund (MRFF) has invested $3.25 million in non-dilutive funding for four Australian medtech startups integrating AI and machine learning into their healthcare solutions.
The funding recipients, selected through the digital health commercialisation program ANDHealth+, include Macuject, Baymatob, Neurotologix, and WeGuide.
Since 2017, ANDHealth+ has raised $149.8 million across 19 Australian medtech companies. This has resulted in 920 commercial pilots, the commencement of 69 clinical studies or trials, and 30 international market launches.
Both Macuject and Baymatob leverage AI to address critical health challenges. Macuject is focused on the early detection of macular degeneration through AI analysis of ocular scans, while Baymatob’s AI-supported wearable ‘Oli’ aims to mitigate the risk of birth complications by monitoring vital physiological indicators.
Neurotologix meanwhile makes a range of devices for the assessment of neurological disorders that cause the likes of dizziness and vertigo. Part of its suite of products is a portable device for remote assessments.
The last recipient is WeGuide, creators of a no-code health platform enabling the custom development of digital health applications.
The cash injection from the MRFF is intended to aid the startups in achieving key clinical and commercial milestones, as well as expand market presence globally.
Baymatob’s ‘Oli’ has already achieved FDA breakthrough device designation, underscoring its potential to elevate maternal care standards. Macuject aims to follow in these footsteps, utilising the funds for FDA pre-submission activities and pilot programs in the US.
WeGuide will also be focusing on customer acquisition and feature development to enhance its digital health application platform.
Bronwyn Le Grice, CEO and managing director of ANDHealth, highlighted the significance of this investment, pointing out that at present 19% of Australian health companies list AI and machine learning as their primary technology.
“The fact that this funding allocation is being assigned to AI and machine-learning focused companies supports the potential AI has to offer within healthcare, in augmenting technologies and processes to help health clinicians, providers and patients alike,” Le Grice said.
“Baymatob, Macuject, Neurotologix, and WeGuide are perfect examples of how Australian digital health businesses are using new technologies to solve real health problems. And we know that when sufficiently supported through investment and clear reimbursement pathways, Australian-made technologies can generate economic benefits by achieving healthcare efficiencies and growing our export portfolio.”
