Michal Meiri

Agamon secures £2.43 million Series A investment led by MMC Ventures

Healthcare AI startup Agamon raises $3m to automate hospitals’ processes by transforming clinical text into data 

Agamon’s AI software trains hospital computers to ‘read’ doctor’s unique language, a long-standing barrier for healthcare advancements 

London, 22 JUNE 2020: Agamon, a healthcare AI startup, announced today a $3M seed round, led by MMC Ventures, with the participation of InHealth Ventures, Seedcamp, and Bayer G4A. Agamon is already working with leading U.S hospitals including Philadelphia-based Jefferson Health System, Detroit-based Henry Ford Health System, and other hospitals outside the US. Agamon plans to use the funding to scale their deployments with more hospitals globally and further train the AI and widen its clinical spectrum. 

Hospitals run like a relay race, where many procedures and work stations must exchange real-time clinical information to ensure patient care runs smoothly. Today, this optimal patient care is threatened by something seemingly trivial, and that is textual clinical reporting, exposing hospitals to human error and lack of coordination. 

“The inability of today’s computers to understand doctors’ unique way of writing has been a major issue. Doctors can correctly describe an ‘infiltrating mass’ without writing the word ‘tumor’ or write ‘bilateral ground glass peripheral opacity’ without explicitly indicating a suspicion for COVID-19” says Michal Meiri, the CEO and Co-founder of Agamon.

“This language is effective for fast and efficient note-taking, which is critical, but makes tracking and managing treatments impossible for a computer. This is where our Natural Language Understanding and AI come in; our software accurately and rapidly trains hospital computers to “read” doctors’ clinical reports” 

Agamon is already used at some of the world’s busiest hospitals. “Agamon has built advanced AI and NLP that assess the significance of findings extracted from unstructured medical text, starting with radiology reports. This helps us make sure no important clinical recommendation ever falls through the cracks, and will assist with automating timely review of large report volumes”, says Dr. Danie Siegal, Vice Chair of Radiology at Henry Ford Health System

Tom Moon, physician and investor at MMC Ventures, comments: “We’re delighted to back Michal and the Agamon team as we continue to invest in data driven healthcare start-ups. We’re excited by Agamon’s ability to automate the interpretation of medical text and therefore enable products such as automatic follow up and patient friendly reports. Applications at the intersection of machine learning and healthcare data are helping drive much needed change in our healthcare systems and are a core part of our investment thesis at MMC.”

With its strong suite of products already live in some of the world’s busiest hospitals and $3 million in funding, Agamon is well positioned to drive the world’s next wave of healthcare innovation, one clinical text at a time. 

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About MMC Ventures

MMC invests in and helps to scale technology companies that are transforming today’s markets from the inside-out.

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Transformative technology companies MMC has backed to date include Gousto, Interactive Investor, NewVoiceMedia, Signal AI, Bloom & Wild and Peak.

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About Agamon

Agamon is a healthcare AI startup based in Tel Aviv with global operations and hospital customers in the U.S, U.K and Israel. Agamon’s proprietary technology uses advanced techniques to structure clinical texts and unlock critical insights. Founded in 2018 by a team of intellectually curious technologists, doctors and entrepreneurs, Agamon is powering innovation in the healthcare industry, united by a single mission: to transform clinical data into knowledge.

Manoj Ranaweera

Manoj has founded, failed and successfully exited from a number of technology product companies as well as support organisations since 2004. Among them, Northern Tech Awards and edocr.com were acquired by GP Bullhound and Accusoft, Inc respectively. Today, Manoj is building a trusted support network for technology companies. He is working with founding teams to help them accelerate including raising investment and M&A.