Brainworks seeks Series A after closing seed round last month
BRAINWORKS SEEKS SERIES A AFTER CLOSING SEED ROUND LAST MONTH
Brainworks, the Emeryville, California-based AI company commercializing healthcare technology, plans to close a Series A financing by the end of the year, according to a person familiar with the matter.
The company closed a seed round in June. The person declined to comment on the size of either round.
Brainworks declined to comment.
Brainworks, which was founded in 2017, has developed AI technology to read vital signs, such as blood pressure, heart rate and respiration, through the camera of laptops and mobile devices.
The company is in “validation and trial stage” with several hospitals and clinics, including Johns Hopkins, and in the middle of regulatory approvals. It is not currently generating revenue.
The person said Brainworks can track hundreds of patients for the same price, about USD 300, as it currently costs a hospital to check the vital signs of one patient.
The company plans to hire business development, technical and clinical staff to bring headcount to about 15 by the end of the year. It currently employs seven full-time staff.
Some of those hires may come in Australia where experienced AI talent is at least a third cheaper than California’s Bay Area, the person said. “There’s strong technical talent in AI [in Australia] and neighboring disciplines like math that is untapped.”
The company’s three step vital sign process reaches U.S. Federal Drug Administration standards 20-30% of the time on any one test but since the system can constantly monitor a patient a compliant result is not difficult to reach, the person said.