Latest news with #Abridge
Axios
7 days ago
- Business
- Axios
Pittsburgh aims to power AI future
Tech leaders in the Steel City see a big opening to expand. Why it matters: National figures are converging on the city Tuesday to pitch Pennsylvania as a future hub for energy-powered AI — and local companies, civic leaders and lawmakers want to lead the charge. Context: President Trump and Sen. Dave McCormick will be in Pittsburgh on Tuesday to promote a $70 billion plan to boost natural gas and data center development across Pennsylvania. What they're saying: Shiv Rao, CEO of AI medical documentation platform Abridge, said at the AI Horizons Summit event in the Strip District that Pittsburgh was key in launching his fast-growing company because the local talent was primed to be early in development of AI technology. Zoom in: Nicholas Robinson of Cerberus Capital Management said AI driven by domestic power is a national security matter and leaders like Sen. McCormick told him he is intent on making that point. Carnegie Robotics CEO John Barnes said he wants to see autonomous technologies expanded into the military, saying commercial companies like his are set up well to operate with the Department of Defense. Alan Shepard, president and CFO of natural gas company CNX Resources, said the Appalachian region has "everything that is needed for AI, including the power right under our feet." Pennsylvania held 106 trillion cubic feet of natural gas reserves as of 2022, the second most in the nation, just behind Texas, according to the U.S. Energy Information Administration. Gecko Robotics CEO Jake Loosararian said AI and robotics can help aging power plants in the Pittsburgh and Ohio Valley region run more efficiently and increase output. Caveat: Efforts to reinvent Pittsburgh after the collapse of the steel industry have come and gone. Fracking expanded in the 2010s, but the promised downstream manufacturing jobs never materialized. Autonomous vehicle companies boomed starting in 2015, and then moved, sold off or shut down by 2022. State of play: Monday's preview event came across as a sales pitch to national investors, with leaders trying to make the case that Pittsburgh is a smart bet for AI — and that the $70 billion investment is only the beginning.
Cision Canada
30-06-2025
- Business
- Cision Canada
AI Is Quietly Reinventing Healthcare--And Real Deployments Are Now Underway
Issued on behalf of Avant Technologies Inc. VANCOUVER, BC, June 30, 2025 /CNW/ -- Several experts are seeing that value of AI's total overhaul of healthcare, including beneficial additions such as generative AI apps demonstrating real value. The next wave of AI's healthcare transformation is already taking shape—led by intelligent agents, next-gen diagnostics, and predictive drug discovery platforms. Behind the scenes, a new class of innovators is making tangible progress, with companies like Avant Technologies, Inc. (OTCQB: AVAI), Tempus Ai, Inc. (NASDAQ: TEM), OmniAb, Inc. (NASDAQ: OABI), Tevogen Bio Holdings Inc. (NASDAQ: TVGN), and Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX). ResearchAndMarkets projects the AI medical diagnostics market to surge to $46.59 billion by 2034, driven by a blistering 33.72% CAGR. Private equity firms believe 2025 could eclipse 2024 as the biggest year yet for AI-powered health tech. Recent raises include $300 million for Abridge (AI medical transcription), $101 million for Tennr (automated patient referrals), and $45 million for Ellipsis Health, which is developing emotionally intelligent AI for mental health. Meanwhile, in the public markets, several companies are moving beyond hype with real-world AI deployments already underway. Avant Technologies, Inc. (OTCQB: AVAI) and joint-venture partner Ainnova Tech are preparing for a pivotal milestone: their pre-submission meeting with the U.S. FDA, scheduled for July 7. This session will shape the clinical pathway for Vision AI, the companies' flagship disease-screening platform, as they seek 510(k) clearance for U.S. marketing approval—a move that could unlock major commercial potential. With experienced regulatory advisors and a global CRO, Fortrea, assisting in final preparations, the team is aiming for an efficient regulatory process that leads to large-scale diabetic screening capabilities across the U.S. "We're approaching a key milestone," said Vinicio Vargas, CEO at Ainnova and a member of the Board of Directors of Ai-nova Acquisition Corp. (AAC), the company formed by the partnership between Avant and Ainnova to advance and commercialize Ainnova's technology portfolio. "We've been preparing thoroughly with the support of an experienced CRO and expert regulatory advisors, and we're optimistic about the outcome. Diabetic retinopathy is the number one cause of preventable blindness worldwide. That's unacceptable—and we believe technology can change that. But this is just the beginning. Retinal screening offers a gateway to detecting many systemic conditions early—like Alzheimer's, cardiovascular disease, and more." Avant's broader diabetes push is now entering a critical phase. It has signaled intentions to launch a standalone company to develop a potential treatment for diabetes, complementing its screening and detection suite. This would streamline its structure by integrating data, IP, and leadership under one roof, eliminating the holding-company inefficiencies currently in place. Over 30% of those living with diabetes will develop diabetic retinopathy, a disease that can be prevented with an accurate diagnosis. More recently, Avant and joint-venture partner Ainnova Tech have begun offering free Vision AI scans inside Grupo Dökka's Fischel and La Bomba pharmacy chains. Avant's Vision AI platform uses retinal imaging and artificial intelligence to rapidly detect diabetic retinopathy and other retinal diseases, as well as systemic conditions like fatty liver, chronic kidney disease, and cardiovascular risk. The team is finalizing a low-cost, cloud-connected retinal camera that could operate in clinics and rural settings without specialist staff. And with new disease modules in the pipeline—including a blood test-linked dementia screening tool— Avant is steadily building out a scalable, multi-condition platform designed to close the loop between early detection and timely intervention. "We're committed to pushing the boundaries of preventive care, improving both life expectancy and quality of life for people around the world," added Vargas. "That's the mission behind everything we do." Recently, Avant signed a non-binding letter of intent to acquire 100% of Ainnova Tech —bringing leadership, data, and intellectual property together ahead of a scheduled FDA pre-submission meeting in July. Folding the joint venture into a single public entity would remove the current holding-company structure, streamlining everything from regulatory filings to revenue recognition. Tempus Ai, Inc. (NASDAQ: TEM) is expanding its clinical impact through the validated performance of the CARE Program, a digital health platform from its subsidiary Ambry Genetics. Published data shows the tool identifies hereditary cancer risk with 99.5% accuracy by interpreting NCCN Guidelines—simplifying complex decision-making for non-specialist clinicians. "CARE offers healthcare systems a quality, end-to-end solution that transforms how they identify the need for, implement, and scale genetic testing," said Tom Schoenherr, CEO of Ambry Genetics. "Because clinicians can trust CARE's comprehensive history collection and accurate risk assessment, they can feel confident expanding access to genetic services, improving outcomes for more patients, and making genetic testing a seamless part of their patient care and population health strategies." The system integrates directly with EHRs and collects patient histories via mobile devices, flagging those eligible for further genetic testing or enhanced screening. This marks another step forward in Tempus' mission to make AI-powered precision medicine more accessible, scalable, and proactive. OmniAb, Inc. (NASDAQ: OABI) unveiled new case studies demonstrating the power of its xPloration® platform—an AI-driven, high-throughput B-cell screening system that accelerates therapeutic antibody discovery. "Thorough mining of primary B-cells from immunized animals presents a major challenge in therapeutic antibody discovery," said Dr. Bob Chen, Ph.D., Vice President, Discovery Systems, who gave the presentation, titled xPloration: Simplifying Deep Antibody Mining for Maximum Impact. "Traditional methods often restrict antibody diversity and require weeks to complete. In contrast, the xPloration platform processes millions of single B-cells and recovers thousands of antibody variants within hours, achieving impactful results." The platform boosts both speed and diversity, giving partners a powerful edge in mining immune repertoires, and boosts the effectiveness of discovery programs by screening 10 times more single cells per day than other spatial separation techniques. Tevogen Bio Holdings Inc. (NASDAQ: TVGN) is advancing development of an EBV-specific T cell therapy using its proprietary ExacTcell™ platform, with AI playing a central role in target selection. "The mechanisms behind EBV-induced tumorigenesis, which includes the disruption of cellular pathways and the promotion of malignant growth by EBV proteins, have become increasingly clear in recent years," said Neal Flomenberg, MD, Chief Scientific Officer of Tevogen Bio. "Targeting these proteins with highly specific CTLs presents an exciting research frontier and the potential for meaningful therapeutic breakthroughs in EBV-driven cancers." The company's internal AI division, is helping identify immunologically active peptides across the Epstein-Barr virus genome to guide cytotoxic T lymphocyte development. This program could open the door to a new class of precision-engineered cell therapies for virus-induced cancers. Recursion Pharmaceuticals, Inc. (NASDAQ: RXRX) and MIT have open-sourced Boltz-2, a next-generation biomolecular AI model that predicts both structure and binding affinity with unprecedented accuracy and speed. Trained on Recursion's NVIDIA -powered BioHive-2 supercomputer, Boltz-2 delivers near–free energy perturbation accuracy—at 1000x faster speeds—making it a breakthrough in AI-enabled drug discovery. "Selecting the right molecules early is one of the most fundamental challenges in drug discovery, with implications for whether R&D programs succeed or fail," said Najat Khan, Chief R&D Officer and Chief Commercial Officer at Recursion. "Collaborations like this, bridging academic innovation and industry application, play an important role in advancing the field and, ultimately, improving how we develop and deliver medicines for patients." The platform could drastically reduce time and cost barriers in virtual screening workflows across pharma and biotech. CONTACT: Equity Insider [email protected] (604) 265-2873 DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity Insider is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Avant Technologies Inc. advertising and digital media from the company directly. There may be 3rd parties who may have shares Avant Technologies Inc., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. 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Technical.ly
25-06-2025
- Business
- Technical.ly
Abridge secures $300M, doubling valuation and fueling national expansion
Health transcription giant Abridge has secured a $300 million raise backed by high-profile investors. Venture capital firms Andreessen Horowitz and Khosla Ventures led the round, the Pittsburgh-based startup announced yesterday, bringing Abridge's valuation to roughly $5.3 billion. The multimillion-dollar investment will power its partnerships with over 150 health corporations across the US. Abridge's product, an AI tool that it says it hopes to reduce burnout by simplifying medical discussions with patients, will support around 50 million medical conversations this year, according to a blog post announcing the raise. 'Every medical conversation is rich with the signals our healthcare system depends on,' CEO and co-founder Shiv Rao said in the post. 'Abridge activates those signals in the background, silently handling the complexity so clinicians can focus on the human moments that matter.' The additional funding will be used to scale its AI platform, spokesperson Emily Eng said on behalf of Abridge. It hopes to eliminate the need for coordination between clinicians and billing teams and ultimately make revenue cycle management teams' jobs more efficient, among other things. The news comes after a Series D raise of $250 million brought the company's value to $2.75 billion in February. Abridge doubles its valuation in just four months Given its massive jump in funding since its Series D round in February, Abridge has shown steady growth. The latest round nearly doubled the company's valuation in just a four-month span. In total, the company has raised more than $800 million since it was founded in 2018, according to PitchBook. Abridge has so far been at the top of Pittsburgh's venture capital raises in recent years, raking in nearly half of Pittsburgh's decade-high $689 million raised in Q1 2025. In the first quarter of 2024, Abridge was also leading Pittsburgh's fundraising. It was responsible for more than half of all regional venture capital raised in Q1 of that year. Prior to that, Abridge was among the top five earners in the final quarter of 2023. Since significantly boosting Pittsburgh's startup fundraising scene, Abridge has been open about looking to other cities for new hires. The most recent raise announcement comes after Abridge said in March that it was moving to hire in San Francisco, citing a need to hire 'hundreds' to meet current demand. 'Pittsburgh continues to be a hub,' Eng said, 'for key cross-functional talent in machine learning, clinical science and partner success at Abridge.'
Wall Street Journal
24-06-2025
- Business
- Wall Street Journal
TNB Tech Minute: Amazon Expands Prime Services to Rural America - Tech News Briefing
Full Transcript This transcript was prepared by a transcription service. This version may not be in its final form and may be updated. Speaker 1: Here's your TNB Tech minute for Tuesday, June 24th. I'm Victoria Craig for the Wall Street Journal. 4,000 small towns and cities across the US will be able to order same and next-day delivery from Amazon by the end of this year. The announcement comes after the company said in April that it's investing more than $4 billion to expand its rural delivery network. Over in the UK, Amazon says it plans to invest $54 billion over the next three years to expand its warehouse network and AI infrastructure to bulk up ecommerce and cloud operations. That, the company says, will create thousands of jobs. Elsewhere, artificial intelligence startup, Abridge, which automates doctor's note-taking, said it raised $300 million in its latest funding round. That values the company at $5.3 billion. Abridge's technology is used in more than 150 large health systems nationwide and has been lauded for reducing physician burnout. The company says the funding will allow it to hire scientists, machine learning experts, and software developers who will focus on new product development and building advanced AI infrastructure to support large customers. And finally, Britain's antitrust regulator said today it's proposing to designate Google as having strategic market status in general search and search advertising. The move paves the way for measures that could change how the tech giant operates. If confirmed, after a consultation, early priorities for the regulator would include requiring giving users choice between search providers, ensuring businesses that appear on Google Search are treated with fair ranking principles. A final decision will be made in October. And Google said it will continue to work constructively with the regulator. For a deeper dive into what's happening in tech, check out Wednesday's Tech News Briefing podcast.
Forbes
24-06-2025
- Business
- Forbes
AI Today And Tomorrow: A Conversation With AI 50 Honorees
| Jun 24, 2025, 04:16PM EDT Forbes Technology Senior Writer Richard Nieva sits down with Luminance CEO Eleanor Lightbody, Abridge Cofounder & CTO Zachary Lipton, and Together AI Cofounder & CTO Ce Zhang to gain insights about the AI revolution - from foundational models and enterprise platforms to breakthrough innovations shaping the future.
