H|T: The Healthtech Times – Recent hospital research undercuts AI’s timesaving promises

doctor, health
Plus: Drug discovery startup from controversial ex-Stanford president raises $1B.

The Healthtech Times is a weekly newsletter covering healthtech news from Canada and around the globe.

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Generative AI is supposed to save doctors from burnout. New data show it needs more training

After stratospheric levels of hype, early evidence may be bringing generative artificial intelligence down to Earth.

A series of recent research papers by academic hospitals has revealed significant limitations of large language models in medical settings, undercutting common industry talking points that they will save time and money, and soon liberate clinicians from the drudgery of documentation.


Forcen closes $8.35 million in funding to develop its touch-tech for robots

Toronto-based robotics sensing company Forcen has closed an $8.35 million CAD funding round as it looks to scale up its prototype production facilities.

Forcen went through the Biomedical Zone incubator at Ryerson University (now Toronto Metropolitan University), which aims to help early-stage health technology companies validate their need-based solutions directly in the hospital setting. Forcen says its technology is already moving into production with customers in surgical, logistics, and space robotics.


Ex-Stanford President’s AI Drug Startup Pulls In $1 Billion in Commitments

Marc Tessier-Lavigne, the former president of Stanford University who resigned last year after questions arose about his scientific research, has a new job as chief executive officer of a drug development startup.

The company, Xaira Therapeutics, launched this week with $1 billion in capital commitments from some of Silicon Valley’s biggest firms, including Sequoia Capital and Lightspeed Venture Partners. The company aims to use artificial intelligence models to find new drugs to treat diseases.

(BNN Bloomberg)

Tech hub watch: Edmonton Unlimited welcomes a new CEO

Edmonton Unlimited has announced the appointment of Tom Viinikka as its new CEO.

The companys board chair Lindsay Dodd told Taproot in January that Warren did “nothing wrong,” but that the board wanted “a new set of leadership skills and experience to take Edmonton Unlimited to the next level of growth and success in the community.”


Legrand to Buy Dutch Health-Tech Firm for Over €500 Million

French electrical-equipment maker Legrand agreed to acquire Dutch health-software company Enovation from private equity firm Main Capital Partners.

The deal is valued at more than €500 million ($533 million), according to people familiar with the matter, who asked not to be identified discussing confidential information. Legrand and Main Capital Partners declined to comment on the valuation.

The sale of Enovation, which makes digital platforms for the health-care sector, marks the largest exit for Main Capital Partners, the firm said in a statement that didn’t disclose financial details.

(BNN Bloomberg)

How Canada’s capital gains tax changes might impact Canadian tech

Last week, Canada’s Liberal government announced capital gains tax changes that, for the technology sector, have overshadowed all other items in Budget 2024.

As these proposed changes stand to have a significant impact on Canada’s tech sector, BetaKit thought it worthy to take a deep dive to explain what they are and what they might mean for various industry stakeholders once they begin to come into effect on June 25 of this year.


BetaKit launches new program for Innovation Leaders

We are pleased to announce BetaKit Innovation Leaders, a new program designed to provide Canada’s top innovation organizations with exclusive programming and insights.

BetaKit Innovation Leaders will benefit from exclusive programming streams, tailored insights, and increased visibility of their work across the ecosystem through our partner offerings. Most importantly, their investment will help expand our coverage of Canadian tech and innovation, benefitting our readers and the sector at large.


Women’s virtual care clinic Midi Health raises $60M

Midlife women’s health clinic Midi Health announced it secured $60 million in a Series B funding round led by Emerson Collective, bringing its total raise to $100 million.

The California-based virtual care company focuses on women 40 years and above going through perimenopause and menopause. It offers a network of nurse practitioners overseen by physicians and researchers, and provides interventions from lifestyle coaching to prescription medication.


Changemakers: Did the SEC just help Manifest Climate scale?

Greenhouse gas levels are at an all-time high, more than a million species face extinction, and we currently use more of the earth’s resources than we can renew.

If that’s not enough to keep you up at night, the Securities and Exchange Commission in the US just made climate reporting mandatory for public companies, following repeated commitments from Ottawa to introduce mandatory climate-related reporting requirements for Canadian companies as well.

To regulators, these changes present an opportunity to advance global climate goals and mitigate investor risk.


Oracle is moving its world headquarters to Nashville to be closer to health-care industry

Oracle Chairman Larry Ellison said Tuesday that the company is moving its world headquarters to Nashville, Tennessee, to be closer to a major health-care epicenter.

The company has been making a major push into health care in recent years, most notably with its $28 billion acquisition of Cerner.

Nashville is home to a vibrant network of health systems, health-tech startups and investment firms.


Photo by National Cancer Institute via Unsplash.

Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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