IBM introduced state-of-the-art technology through specialty-specific electronic medical records (EMR) systems and other technologies that captures data, tracks outcomes and gives clinical decision support.
Aimed at speeding up the adoption of IBM’s Watson cognitive computing technology in the health care industry, it caps 20 million dollars in series D funding secured by Modernizing Medicine and increases its overall funding total to 49 million dollars.
IBM would not disclose the exact amount of its investment, only to say that the company was one of a few investors that contributed to the $20 million in the Series D round.
Funding from IBM and other investors will aid Modernizing Medicine to accelerate market expansion in eight medical facilities and also in increasing its suite of solutions.
“Modernizing Medicine is a great example of the breakthrough innovation we have seen from our partners who are building a new class of cognitive computing solutions powered by Watson,” Stephen Gold, vice president of IBM Watson, said in a statement. “IBM’s investment will help speed the introduction of their schEMA app and demonstrates how Watson can be used by medical professionals to improve how they practice evidence-based medicine.”
Available first in dermatology with future development planned for modernizing Medicine’s other medical specialties, scEMA enables dermatologists to ask questions in natural languages regarding possible symptoms and treatments, which results in an immediate evidence-based response, all of this being done without leaving the exam room, thanks to Watson’s ability to quickly query and identify relevant information stored in hundreds of medical journals, research studies and more.
“Today’s announcement is a milestone in our journey to deliver specialty-specific solutions to health care providers, including an entirely new class of cognitive-infused patient care apps powered by Watson,” said Daniel Cane, co-founder and CEO of Modernizing Medicine, in a statement. “After being selected to join the Watson Ecosystem last year, we’re honored that IBM and our other investors are committed to our vision for schEMA and its ability to help physicians transform dermatology and other specialties.”
Developed by practicing physicians, EMA is a cloud-based native application for iPad built using structured data technology plus specialty-specific knowledge and workflows.
In order to bring about more innovation in this field, IBM is pursuing direct investments in many organizations such as Modernizing Medicine that are making new cognitive apps and systems powered by Watson.