TeraRecon said yesterday that it acquired machine learning company McCoy Medical Technologies and promptly spun out a new artificial intelligence company to develop an image-sharing platform.
The new firm, WIA Corp., offers a developer platform and a vendor-neutral API interface designed to “streamline the distribution and hospital implementation of evidence-based practices and trained machine learning algorithms,” Foster City, Calif.-based TeraRecon said.
“The new company’s platform is open to everyone, from individual physician-inventors, to research institutions and the world’s largest PACS vendors alike. Together, this new company becomes a catalyst to join the various AI communities together,” president & CEO Jeff Sorenson said in prepared remarks. “Our goal is to incubate and accelerate a new kind of AI platform that allows a proven algorithm to be productized in 20 minutes.”
“This transaction results in a company with a unique combination of technology, healthcare-specific expertise and commercial reach. We look forward to meeting with potential collaborators and partners at [the Society for Imaging Informatics in Medicine’s annual meeting] and introducing these new possibilities,” added McCoy co-founder & CEO Misha Herscu.
McCoy Medical’s advisory board will stay on, the company said, including Drs. Eliot Siegel, Paul Chang and Khan Siddiqui.
“This decade has seen a proliferation of extremely impressive applications leveraging machine learning, especially for computer vision. Today, there is a real need for simpler, standards-based channels to socialize, access and apply these technologies. The TeraRecon and McCoy venture holds great potential to be among the first to develop and commercialize their offerings in the form of a truly open platform community. This kind of approach is exactly what is needed for the amazing innovations in AI to achieve widespread utilization,” Siegel said.
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