InteliCare has been awarded a $100,000 grant from the New South Wales Smart Sensing Network (“NSSN”) to develop its machine learning (ML) capability in conjunction with the University of Sydney (USyd) and Macquarie University (MU).
The company is negotiating an agreement with USyd, MU and the NSSN to use these funds to help fund a one-year joint project delivered by the universities’ Computer Science Departments.
The goal is to build ML algorithms that can predict and prevent chronic disease and mental health deterioration that can lead to a loss of independence and an increased risk of injury.
In addition to the NSSN funds, InteliCare will provide a co-contribution of $152,898 in cash and the universities will provide $161,021 of in-kind support. Ongoing development beyond the initial project will require the company to budget from working capital.
Intellicare will own the resulting product IP which it hopes will replace duress/alert wearables and other outdated assistive tech.
The researchers are experts on the internet of things (IoT), ML, business analytics, and ageing and health.
“This funding is an excellent opportunity to work with a world-class machine learning team in a highly cost-effective way. From the outset, Intelicare’s strategy has been to not only use AI to detect critical events but to harness our data to predict events so as to prevent them occurring in the first place,” InteliCare chief executive and managing director Jason Waller said
“This is the first step on that journey and has significant potential to accelerate adoption of our technology. It can also provide additional revenue from value-added products, especially via the recently committed $7.5 billion to support older Australians to remain at home, and unlock new markets in health and care management workflows, such as remote patient monitoring (RMP) which is expected to reach around US$ 4.8 Billion by 2030 with a CAGR of 20.01%.”
NSSN MedTech Lead Jane Evans said, “The NSSN Grand Challenges Fund was established to support innovative research collaborations addressing the NSSN’s Grand Challenges in water, ageing, bushfires and COVID-19.
“The NSSN is delighted to be working with the University of Sydney, Macquarie University and the company InteliCare on this project that aligns with NSSN Ageing Grand Challenge. The project will result in an improved notification system that enables caregivers and online operators to have a better understanding of when to intervene.”
Credit: Google News