There were 17 deals totaling nearly $300 million in 2022 for digital health companies developing clinical trial technology, according to Digital Health Business & Technology’s database.
Digital Diagnostics, which uses an autonomous AI diagnostic system to detect diabetic retinopathy, has benefited as well. The company landed a $75 million funding round in August and signed a deal with the Kingdom of Saudi Arabia to develop the company’s AI technology within the country. It also has seen significant growth in the U.S. as more providers accept the use of clinical algorithms, said CEO John Bertrand.
“This [technology] has become mainstream. This isn’t like a little widget you can play with and then write a paper about,” Bertrand said.