Montréal-based digital health company Aifred Health has secured more than C$490,000 in financing. The round was backed by Anges Québec, other angel investors based in Ontario and the United Kingdom, and Consortium MEDTEQ. Founded in 2017, Aifred specializes in clinical decision support for the treatment of depression and other mental conditions. It is developing an artificial intelligence-enabled tool to help physicians visualize a patient’s data and support the decision process. The financing’s proceeds will be used to validate Aifred’s business model and launch its first application in partnership with local hospitals.
Montreal, August 27, 2019 – Aifred Health, the Montreal start-up specialized in providing clinical decision support for physicians treating patients with depression, announced today the closing of a new round of funding of more than $490,000. The funding that comes from Anges Québec, other angels in Ontario and England as well as Consortium MEDTEQ, will enable Aifred Health to validate its business model to further its expansion and launch the first generation of its application.
“We are very proud to be locally supported by the Anges Québec innovation community as well as by other investors in Canada and the UK. This comes at an important moment for Aifred Health as we are getting ready to launch in the North American market following the many distinctions we have received recently”, said Marina Massingham, Chief Executive Officer for Aifred Health.
Tackling an Affliction on the Rise
While depression entails an important burden on society, accounting for US$125 billion in direct costs every year in the United States only, Aifred Health’s interdisciplinary team of physicians, neuroscientists and computer scientists is developing a patient-physician app to provide treatment guidance to physicians at every stage of the clinical journey to help get patients better faster.
Aifred Health has initiated a pilot with the Montreal Jewish General Hospital, and just concluded an agreement with the Gatineau Hospital, that will see its tool placed in the hands of physicians to assist them in the treatment of patients with depression, while many other sites are in development in Montreal and elsewhere such as in the United States.
A Montreal Champion
After ranking No. 1 last year among 30 teams participating in the IBM Watson AI XPRIZE 4-year competition, Aifred Health continues its progression to win the prestigious 5 million dollars worth recognition.
Last fall, Robert Fratila, Co-Founder and CTO for Aifred Health was chosen by Forbes Magazine among the five entrepreneurs to keep an eye on over the coming years.
Thanks to Anges Québec, Consortium MEDTEQ ans private angel investors, Aifred Health has secured $490,000 to market its tool using AI to increase the efficacy of depression treatment.
Funding will enable Aifred Health to launch its application beginning with the Montreal Jewish General Hospital and with the Gatineau Hospital, as well as to consolidate its team of experts.
While continuing its advancement in the 4-year prestigious IBM Watson AI XPRIZE global competition, in which Aifred is currently positioned as #1 in the world, Aifred Health’s Co-Founder and CTO was chosen among 5 entrepreneurs on the rise in AI by Forbes Magazine.
About Aifred Health
Aifred Health is a digital health firm founded in August 2017 which specializes in clinical decision support for the treatment of mental health conditions, starting with depression. With its team of interdisciplinary and passionate professionals made of physicians, neuroscientists and computer scientists, the firm is creating a tool to help physicians visualize a patient’s data and support the clinical decision process. Aifred Health is also developing a second generation of product using AI and deep learning to increase the ability to predict a patient’s unique response to psychiatric treatment and bring personalized medicine to psychiatry. At its core, Aifred is leveraging the collective intelligence of the scientific and medical community to bring better healthcare to all. Aifred Health is a proud official IBM Watson AI XPRIZE team, headquartered in Montreal, Canada.
About Anges Québec
In operation since 2009, Anges Québec is a network of more than 230 angel investors who invest time and capital in innovative Quebec companies with high growth potential. The members of the Anges Québec network have, to date, invested more than $80 million in the Québec economy, with more than 210 investments in more than 115 innovative companies. Thanks to its professional development center, Anges Québec supports its members in the constant acquisition of new knowledge and skills inherent in the investment.