medical
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Lucence Diagnostics, a genomic medicine startup that develops non-invasive tests for cancer screening, announced today that it has raised a $20 million Series A led by IHH Healthcare, one of the world’s largest integrated private healthcare groups. Other participants included SGInnovate and returning investors Heliconia Capital (a subsidiary of Temasek Holdings), Lim Kaling and Koh Boon Hwee.
The round will be used for scaling Lucence’s labs, hiring and making its products commercially available to more patients in Asia and North America.
The funding will also support two prospective clinical trials. One will focus on its technology’s sensitivity to actionable variables in late-stage cancer patients, while the other will evaluate its use for early-stage detection in several types of cancer, including lung, colorectal, breast and pancreatic. Lucence is currently designing a study that will involve 100,000 participants to validate its early-stage detection test. It will recruit its first patient in the middle of next year and launch in the United States and Asia.
Together with its seed funding, this round brings Lucence’s total raised so far to $29.2 million.
Lucence’s tests are currently used by physicians in Southeast Asia and Hong Kong, and it plans to expand further in North America and East Asia. Its lab in Singapore has received both CLIA certification and CAP accreditation, which means its tests can be used by doctors and patients in the United States. It is also currently building a lab in the Bay Area to decrease turnaround times for patients.
Headquartered in Singapore, with offices in San Francisco, Hong Kong and Suzhou, China, Lucence was founded by CEO Dr. Min-Han Tan, an oncologist, and spun out from Singapore’s Agency of Science, Technology and Research (A*STAR) in 2016. Two years later, it launched LiquidHALLMARK, which the company describes as “the first and only clinical sequencing blood test that detects both cancer-related genetic mutations and cancer-causing viruses with a single assay” and looks for signs of fourteen types of cancer. The company says LiquidHALLMARK has been used by oncologists for 1,000 patients in Asia so far.
Other genomic sequencing startups that have developed tests that screen for cancer risks and signs include Sanomics, Prenetics, Guardant and Grail. Lucence’s differentiators include its proprietary amplicon-sequencing, which examines specific genomic regions for variations, including mutations linked to cancer. The company describes its tests as a “Swiss Army knife,” because it can be used for cancer screening, diagnoses, treatment selections and monitoring.
In a statement, Dr. Kelvin Loh, the CEO-designate of IHH Healthcare, said “liquid biopsy is a game-changer in our endeavor to provide cancer treatments with better, value-driven outcomes through precise treatment selections and more affordable care. Our investment in Lucence will provide IHH patients with better access to this advanced technology.”
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Electrification in the automotive industry isn’t just about consumer cars: There are plenty of commercial and specialist vehicles that are prime candidates for EVs, including in the healthcare industry. Take the new UCLA mobile surgical lab developed by Winnebago, for instance — it’s a zero-emission, all-electric vehicle that will move back and forth between two UCLA campuses, collecting, sterilizing and repairing surgical instruments for the medical staff there.
Why is that even needed? The usual process is sending out surgical instruments for this kind of service by a third-party, and it’s handled in a dedicated facility at a significant annual cost. UCLA Health Center estimates that it can save as much as $750,000 per year using the EV lab from Winnebago instead.
The traveling lab can operate for around eight hours, including round-trips between the two hospital campuses, or for a total distance traveled of between 85 and 125 miles on a single charge of its battery, depending on usage. It also offers “the same level of performance, productivity and compliance” as a lab in a fixed-location building, according to Winnebago.
Aside from annual savings on operating costs, UCLA also got some discounts toward the purchase of the lab from a few grant programs, including the Hybrid and Zero-Emission Truck and and Bus Voucher Incentive Project (an admitted mouthful, but it does have its own acronym luckily — HVIP). These programs all encourage the adoption of electric vehicles through financial incentives that help defray the upfront costs, which is yet another good reason for industries like healthcare to look at EVs as a way to not only reduce costs long term, but upfront as well.
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Health at Scale, a startup with founders who have both medical and engineering expertise, wants to bring machine learning to bear on healthcare treatment options to produce outcomes with better results and less aftercare. Today the company announced a $16 million Series A. Optum, which is part of the UnitedHealth Group, was the sole investor.
Today, when people look at treatment options, they may look at a particular surgeon or hospital, or simply what the insurance company will cover, but they typically lack the data to make truly informed decisions. This is true across every part of the healthcare system, particularly in the U.S. The company believes using machine learning, it can produce better results.
“We are a machine learning shop, and we focus on what I would describe as precision delivery. So in other words, we look at this question of how do we match patients to the right treatments, by the right providers, at the right time,” Zeeshan Syed, Health at Scale CEO told TechCrunch.
The founders see the current system as fundamentally flawed, and while they see their customers as insurance companies, hospital systems and self-insured employers, they say the tools they are putting into the system should help everyone in the loop get a better outcome.
The idea is to make treatment decisions more data-driven. While they aren’t sharing their data sources, they say they have information, from patients with a given condition, to doctors who treat that condition, to facilities where the treatment happens. By looking at a patient’s individual treatment needs and medical history, they believe they can do a better job of matching that person to the best doctor and hospital for the job. They say this will result in the fewest post-operative treatment requirements, whether that involves trips to the emergency room or time in a skilled nursing facility, all of which would end up adding significant additional cost.
If you’re thinking this is strictly about cost savings for these large institutions, Mohammed Saeed, who is the company’s chief medical officer and has an MD from Harvard and a PhD in electrical engineering from MIT, insists that isn’t the case. “From our perspective, it’s a win-win situation since we provide the best recommendations that have the patient interest at heart, but from a payer or provider perspective, when you have lower complication rates you have better outcomes and you lower your total cost of care long term,” he said.
The company says the solution is being used by large hospital systems and insurer customers, although it couldn’t share any. The founders also said it has studied the outcomes after using its software and the machine learning models have produced better outcomes, although it couldn’t provide the data to back that up at that point at this time.
The company was founded in 2015 and currently has 11 employees. It plans to use today’s funding to build out sales and marketing to bring the solution to a wider customer set.
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Portea Medical, one of India’s biggest platforms for home healthcare visits, has raised $26 million in Series C funding to expand its service range. The round was led by Sabre Partners and MEMG CDC, with participation from returning investors Accel (which led Portea’s Series B two years ago), the World Bank Group’s International Finance Corporation and Qualcomm Ventures. Read More
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The festivities have wrapped for Microsoft’s Imagine Cup, a global competition among students and young people to create new software and devices. The winner this year was ENTy, a polished and highly practical hardware solution for tracking posture, helping with diagnosis and possibly treatment of diseases that affect balance. Read More
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Sometimes you see an application of technology that’s so innovative and helpful you can’t believe it exists in this age of narcissistic and short-sighted startups. SpiroCall, a service that lets anyone in the world call a toll-free number and have their lung health evaluated over the phone, seems too good to be real — but it’s real, and it’s good. Read More
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