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Aidoc Aims to Help Hospitals Uncover Insights From Data
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By Brian Gormley, WSJ Pro
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Good day. Startup Aidoc wants to use artificial intelligence to help health systems imagine and implement new ways of caring for patients.
Aidoc, which in June of last year disclosed a $110 million expansion funding led by TCV and Alpha Intelligence Capital, launched in 2016 to use its AI-based software to help radiologists quickly identify serious cases such as strokes and lung clots.
But it found health systems wanted more. They wanted help connecting the dots, so that if a radiologist identified a complex case, a specialist who could treat it would be alerted. About 18 months ago, Aidoc began widening its focus. Instead of focusing only on radiologists, it would also work with health systems to streamline care.
Health systems, using Aidoc’s AI-based operating system, created protocols for treating specific types of patients. Aidoc calls them care pathways. A care pathway, for example, might call for alerting specialists in cases where a dangerous lung clot or abdominal aortic aneurysm was found, according to Chief Executive Elad Walach.
“All of it is around ‘how do we make sure all the protocols are adhered to and the right information is sent to the right physician at the right time,’” he added.
Now Aidoc seeks to help health systems to make better use of data to treat patients. Hospitals only capitalize on a fraction of the data they generate, Walach said. The company has committed $30 million initially from its internal budget to building technology to help health systems transform this unstructured data into medical insights. From these insights, they could develop new care pathways, according to Walach.
And now on to the news...
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A Shein pop-up shop in New York City. PHOTO: ADRIENNE GRUNWALD FOR THE WALL STREET JOURNAL
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Shein files to go public. Shein, the China-founded online fashion company that won over hundreds of millions of shoppers around the world, has confidentially filed to go public in the U.S. in what could be one of biggest IPOs in years, The Wall Street Journal reports. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024, people familiar with the matter said.
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Shein, now based in Singapore, was valued at around $66 billion in a fundraising round in May and is likely to aim for an even higher valuation in an initial public offering.
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PSG Equity Backs Emissions-Gauging Software Maker One Click
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Growth investor PSG Equity led an investment in software maker One Click LCA, whose applications help construction companies and manufacturers measure carbon emissions, with plans to help the business expand, WSJ Pro reports. European private-equity firm InfraVia Capital Partners also participated in the €40 million investment, equivalent to about $43.8 million, in Helsinki-based One Click. The company’s software measures the carbon footprint of each stage of a construction project or manufacturing process.
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Deal for iRobot May Restrict Competition, European Commission Says
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The European Commission said Monday that Amazon’s proposed deal to buy Roomba-maker iRobot may limit competition in the robot vacuum cleaner market, WSJ reports. European regulators said that they had informed Amazon of the commission’s preliminary view following an investigation of the proposed acquisition. The EC said that the deal may restrict competition in the making of robot vacuum cleaners and could allow Amazon to fortify its position as an online marketplace services provider.
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Wall Street is gearing up for rate cuts. Twenty months after the Federal Reserve began a historic campaign against inflation, investors now believe there is a much greater chance that the central bank will cut rates in just four months than raise them again in the foreseeable future, WSJ reports. Interest-rate futures indicated Monday a 52% chance the Fed will lower rates by at least a quarter-of-a-percentage point by its May 2024 policy meeting, up from 29% at the end of October, according to CME Group data. The same data pointed to four cuts by the end of the year.
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People
SignalFire made several recent appointments including Sooah Cho as partner, Lisa Liu and Bradford Jones as principal, and Veronica Mercado as principal and chief of staff to CEO Chris Farmer.
Growth Warrior Capital appointed Rachel Baruch as principal, and promoted Alexa Payton from chief of staff to head of investor relations. Baruch was previously an investor at Anthos Capital.
Deals
European tech-focused venture capital firm Molten Ventures agreed to acquire Forward Partners Group through an all-share offer in a deal that values the business at around £41.4 million ($52.2 million), according to Dow Jones Newswires. The London-listed company also said it has raised around £55 million through a placing and subscription of 20.4 million new shares at a price of 270 pence a share.
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Candex, a vendor management provider, landed $45 million in Series B funding led by the Growth Equity business within Goldman Sachs Asset Management. Clare Greenan of Goldman Sachs will join the company’s board.
Second Front Systems, a Wilmington, Del.-based startup that helps fast track government access to software-as-a-service applications for national security missions, picked up $40 million in Series B funding. New Enterprise Associates led the round, with Partner Aaron Jacobson joining the board.
PhysicsX, a U.K.-based startup building artificial intelligence and simulation engineering technologies for sectors including aerospace, automotive, renewables and materials production, scored $32 million in Series A funding led by General Catalyst. Jim Baum, executive in residence at General Catalyst, joined the PhysicsX board.
Flow48, a United Arab Emirates-based small and medium-sized enterprise lender, secured $25 million in pre-Series A equity and debt financing from investors including Speedinvest and Endeavor Catalyst.
Mozaic.io, a payments platform for the creator economy, closed a $20 million Series A round from Volition Capital. The company has offices in Chicago and Nashville, Tenn.
Hololight, an augmented reality and virtual reality technology startup, added $12 million in funding led by Flatz Hoffmann. The company has offices in Germany, Austria and Durham, N.C.
Birdseye, a Toronto-based artificial intelligence startup focusing on the retail and e-commerce industry, was seeded with a $3 million investment from Drive Capital.
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PHOTO ILLUSTRATION: DAISY KORPICS FOR THE WALL STREET JOURNAL
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