Factors Affecting Venture Funding of Healthcare AI Companies

Olli Halminen; Henni Tenhunen; Antti Heliste; Timo Seppälä

doi:10.3233/SHTI190070

Factors Affecting Venture Funding of Healthcare AI Companies

Olli Halminen^*, Henni Tenhunen, Antti Heliste, Timo Seppälä

^*Tämän työn vastaava kirjoittaja

Tuotantotalouden laitos

Tutkimustuotos: Artikkeli kirjassa/konferenssijulkaisussa › Conference contribution › Scientific › vertaisarvioitu

4 Sitaatiot (Scopus)

45 Lataukset (Pure)

Abstrakti

Venture Capital (VC) funding raised by companies producing Artificial Intelligence (AI) or Machine Learning (ML) solutions is on the rise and a driver of technology development. In healthcare, VC funding is distributed unevenly and certain technologies have attracted significantly more funding than others have. We analyzed a database of 106 Healthcare AI companies collected from open online sources to understand factors affecting the VC funding of AI companies operating in different areas of healthcare. The results suggest that there is a significant connection between higher funding and having research organizations or pharmaceutical companies as the customer of the product or service. In addition, focusing on AI solutions that are applied to direct patient care delivery is associated with lower funding. We discuss the implications of our findings for public health technology funding institutions.

Alkuperäiskieli	Englanti
Otsikko	Health Informatics Vision
Alaotsikko	From Data via Information to Knowledge
Toimittajat	John Mantas, Arie Hasman, Parisis Gallos, Aikaterini Kolokathi, Mowafa S. Househ, Joseph Liaskos
Kustantaja	IOS PRESS
Sivut	268-271
Sivumäärä	4
ISBN (elektroninen)	978-1-61499-987-4
ISBN (painettu)	978-1-61499-986-7
DOI - pysyväislinkit	https://doi.org/10.3233/SHTI190070
Tila	Julkaistu - 8 heinäkuuta 2019
OKM-julkaisutyyppi	A4 Artikkeli konferenssijulkaisuussa
Tapahtuma	International Conference on Informatics, Management and Technology in Healthcare - Athens, Kreikka Kesto: 5 heinäkuuta 2019 → 7 heinäkuuta 2019 Konferenssinumero: 17

Julkaisusarja

Nimi	Studies in Health Technology and Informatics
Kustantaja	IOS PRESS
Vuosikerta	262
ISSN (painettu)	0926-9630
ISSN (elektroninen)	1879-8365

Conference

Conference	International Conference on Informatics, Management and Technology in Healthcare
Lyhennettä	ICIMTH
Maa/Alue	Kreikka
Kaupunki	Athens
Ajanjakso	05/07/2019 → 07/07/2019

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10.3233/SHTI190070

SCI_Halminen_Tenhunen_et.al_Factors_AffectingAccepted author manuscript, 78,1 KB

http://ebooks.iospress.nl/volumearticle/51732

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Halminen, O., Tenhunen, H., Heliste, A., & Seppälä, T. (2019). Factors Affecting Venture Funding of Healthcare AI Companies. teoksessa J. Mantas, A. Hasman, P. Gallos, A. Kolokathi, M. S. Househ, & J. Liaskos (Toimittajat), Health Informatics Vision: From Data via Information to Knowledge (Sivut 268-271). (Studies in Health Technology and Informatics; Vuosikerta 262). IOS PRESS. https://doi.org/10.3233/SHTI190070

Halminen, Olli ; Tenhunen, Henni ; Heliste, Antti ; Seppälä, Timo. / Factors Affecting Venture Funding of Healthcare AI Companies. Health Informatics Vision: From Data via Information to Knowledge. Toimittaja / John Mantas ; Arie Hasman ; Parisis Gallos ; Aikaterini Kolokathi ; Mowafa S. Househ ; Joseph Liaskos. IOS PRESS, 2019. Sivut 268-271 (Studies in Health Technology and Informatics).

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title = "Factors Affecting Venture Funding of Healthcare AI Companies",

abstract = "Venture Capital (VC) funding raised by companies producing Artificial Intelligence (AI) or Machine Learning (ML) solutions is on the rise and a driver of technology development. In healthcare, VC funding is distributed unevenly and certain technologies have attracted significantly more funding than others have. We analyzed a database of 106 Healthcare AI companies collected from open online sources to understand factors affecting the VC funding of AI companies operating in different areas of healthcare. The results suggest that there is a significant connection between higher funding and having research organizations or pharmaceutical companies as the customer of the product or service. In addition, focusing on AI solutions that are applied to direct patient care delivery is associated with lower funding. We discuss the implications of our findings for public health technology funding institutions.",

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author = "Olli Halminen and Henni Tenhunen and Antti Heliste and Timo Sepp{\"a}l{\"a}",

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Halminen, O , Tenhunen, H, Heliste, A & Seppälä, T 2019, Factors Affecting Venture Funding of Healthcare AI Companies. julkaisussa J Mantas, A Hasman, P Gallos, A Kolokathi, MS Househ & J Liaskos (toim), Health Informatics Vision: From Data via Information to Knowledge. Studies in Health Technology and Informatics, Vuosikerta 262, IOS PRESS, Sivut 268-271, International Conference on Informatics, Management and Technology in Healthcare, Athens, Kreikka, 05/07/2019. https://doi.org/10.3233/SHTI190070

Factors Affecting Venture Funding of Healthcare AI Companies. / Halminen, Olli ; Tenhunen, Henni; Heliste, Antti; Seppälä, Timo.

Health Informatics Vision: From Data via Information to Knowledge. toim. / John Mantas; Arie Hasman; Parisis Gallos; Aikaterini Kolokathi; Mowafa S. Househ; Joseph Liaskos. IOS PRESS, 2019. s. 268-271 (Studies in Health Technology and Informatics; Vuosikerta 262).

Tutkimustuotos: Artikkeli kirjassa/konferenssijulkaisussa › Conference contribution › Scientific › vertaisarvioitu

TY - GEN

T1 - Factors Affecting Venture Funding of Healthcare AI Companies

AU - Halminen, Olli

AU - Tenhunen, Henni

AU - Heliste, Antti

AU - Seppälä, Timo

N1 - Conference code: 17

PY - 2019/7/8

Y1 - 2019/7/8

N2 - Venture Capital (VC) funding raised by companies producing Artificial Intelligence (AI) or Machine Learning (ML) solutions is on the rise and a driver of technology development. In healthcare, VC funding is distributed unevenly and certain technologies have attracted significantly more funding than others have. We analyzed a database of 106 Healthcare AI companies collected from open online sources to understand factors affecting the VC funding of AI companies operating in different areas of healthcare. The results suggest that there is a significant connection between higher funding and having research organizations or pharmaceutical companies as the customer of the product or service. In addition, focusing on AI solutions that are applied to direct patient care delivery is associated with lower funding. We discuss the implications of our findings for public health technology funding institutions.

AB - Venture Capital (VC) funding raised by companies producing Artificial Intelligence (AI) or Machine Learning (ML) solutions is on the rise and a driver of technology development. In healthcare, VC funding is distributed unevenly and certain technologies have attracted significantly more funding than others have. We analyzed a database of 106 Healthcare AI companies collected from open online sources to understand factors affecting the VC funding of AI companies operating in different areas of healthcare. The results suggest that there is a significant connection between higher funding and having research organizations or pharmaceutical companies as the customer of the product or service. In addition, focusing on AI solutions that are applied to direct patient care delivery is associated with lower funding. We discuss the implications of our findings for public health technology funding institutions.

KW - Artificial Intelligence

KW - Capital Funding

KW - Technology

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U2 - 10.3233/SHTI190070

DO - 10.3233/SHTI190070

M3 - Conference contribution

AN - SCOPUS:85068561947

SN - 978-1-61499-986-7

T3 - Studies in Health Technology and Informatics

SP - 268

EP - 271

BT - Health Informatics Vision

A2 - Mantas, John

A2 - Hasman, Arie

A2 - Gallos, Parisis

A2 - Kolokathi, Aikaterini

A2 - Househ, Mowafa S.

A2 - Liaskos, Joseph

PB - IOS PRESS

T2 - International Conference on Informatics, Management and Technology in Healthcare

Y2 - 5 July 2019 through 7 July 2019

ER -

Halminen O , Tenhunen H, Heliste A, Seppälä T. Factors Affecting Venture Funding of Healthcare AI Companies. julkaisussa Mantas J, Hasman A, Gallos P, Kolokathi A, Househ MS, Liaskos J, toimittajat, Health Informatics Vision: From Data via Information to Knowledge. IOS PRESS. 2019. s. 268-271. (Studies in Health Technology and Informatics). https://doi.org/10.3233/SHTI190070

Factors Affecting Venture Funding of Healthcare AI Companies

Abstrakti

Julkaisusarja

Conference

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