BOSTON, MA / ACCESSWIRE / October 11, 2022 / Rhino Health today announced a $6.7 million extension to its seed series financing round, bringing the total capital raised to-date to $11.7M. Fusion Fund and LionBird Ventures co-led the round, which was also joined by Qiming Venture Partners, Maccabi Health Services, and Arkin Holdings. LionBird and Arkin's investments are follow-ons from their earlier investments in the company. Rhino Health will use this funding to further the mission of unlocking data collaborations in healthcare.
The Rhino Health Platform is an end-to-end distributed computation platform, with Federated Learning capabilities, enabling healthcare innovators to collaborate across institutions in a secure manner without moving data. With its unique privacy-preserving capabilities, the Rhino Health Platform solves the challenges of scaling data collaborations to multiple institutions and provides the foundations for real-time, rapidly refreshing Artificial Intelligence in healthcare.
Rhino Health is already collaborating with dozens of medical centers, professional societies and industry players around the world, in accelerating the translation of research into clinically impactful diagnostics and decision-support tools. The Rhino Health Platform is being used in a variety of disciplines including neurology, oncology, pediatrics, and radiology. Researchers are using the Rhino Platform to predict respiratory illness outcomes, diagnose brain vascular malformations, detect pancreatic cancer, extract patient symptoms from unstructured notes, and improve diagnosis of rare diseases in the pediatric population. Rhino Health is also creating an open collaborative network with leading researchers and large-scale data custodians.
"While healthcare innovators continue to make strides in data analysis through the use of AI and ML techniques, the bottleneck for model performance and generalizability has become the availability and safe access to high-quality data," said Ivneet Bhullar, Principal at Fusion Fund. "This is particularly accentuated when dealing with sensitive healthcare data that sits in various silos and must be protected. We are excited for the potential of the Rhino Health Platform to be the missing piece that leverages a federated network to align the interests of healthcare data stakeholders, thus unlocking insights that may lead to the most pivotal medical breakthroughs of the future."
"We've completed this additional capital raise following a strong signal from participants in the healthcare ecosystem, demanding to lower barriers to data collaborations, while alleviating the need to share data and to put patient privacy at risk. This comes in a time where regulation on data privacy and data sharing is becoming increasingly rigorous, creating a strong contradiction between the need to innovate and accelerate product deployment, while remaining compliant. The Rhino Health Platform solves that contradiction. We are also excited to announce a new partnership with Maccabi KSM (Kahn-Sagol-Maccabi), Israel's leading HMO Research and Innovation Center, and several leading US medical centers. We will use this additional capital to continue evolving and proving the value of our privacy-preserving approach in support of stakeholders in hospitals, academia and the life sciences industry," said Rhino Health co-founder and CEO, Ittai Dayan.
"The Rhino Health Platform solves a real need in the healthcare AI industry - access to larger, more diverse, and evolving datasets. The progress we've made with our partners so far gives us great confidence that distributed computing and federated learning are a game changer for healthcare. Allowing healthcare organizations to keep data within their data systems, while providing developers a distributed computing platform to securely work with this data, will accelerate the next wave of healthcare innovation", said co-founder and CTO, Yuval Baror.
About Rhino Health
Rhino Health offers healthcare organizations and data scientists an end-to-end distributed computing platform, which enables data collaboration while protecting patient data privacy. Rhino Health's Platform utilizes Federated Learning, leaving data at rest at each site, thus lowering the barrier to wider adoption of AI in healthcare and making multi-site collaboration seamless. Users can tap into a network of over a dozen leading medical centers around the world, centrally performing data pre-processing, harmonization, model training & validation, and results analysis with no data ever leaving any medical center's firewall. The Rhino Health Platform is being used in a variety of disciplines including neurology, oncology, pediatrics, and radiology. The company is headquartered in Boston, with an R&D center in Tel Aviv.
SOURCE: Rhino Health
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