Diagnos (ADK.V) inked a multi-year agreement with IRIS The Visual Group 1990 to launch an artificial intelligence based testing platform to screen for vascular changes in the retina for optometry clinics today, according to a press release.
In a lot of ways, artificial intelligence is the new blockchain from 2017. It’s a little understood technology that’s generated a lot of hype, and caused a handful of companies to do exceptionally well based more on how well they market themselves rather than what they offer. But in other ways, it’s not quite like blockchain. It doesn’t have the broadbase media support that crypto and blockchain generate, and therefore, doesn’t get the same hype bumps.
One place where implementation of artificial intelligence can make a difference is in medical imaging. It’s changed the market dynamics in recent years and is anticipated to influence growth in the near future due to a demand for accuracy, efficiency and patient safety. It’s also what’s behind the demand to boost adoption of systems like Diagnos’ AI-enabled medical imaging suite, and why IRIS has taken an interest.
“Clinics, optical stores, and diagnostic and research centers are expected to emerge as crucial end users of our image analysis solutions, owing to rising demand for our extremely efficient solutions for better patient outcomes. In the future, these segments will account for larger DIAGNOS revenue shares as they increasingly rely on imaging services like CARA (Computer Assisted Retina Analysis), creating significant growth potential for DIAGNOS during its recently launched monetization strategy. Adoption of technologically advanced products such as our proprietary multimodality imaging platforms and benefits associated with the use of our systems, such as high-resolution imaging, convenient use, and flexibility, are contributing to constantly growing demand.” said Andre Larente, president of Diagnos.
Diagnos is a medical diagnostic company involved in early detection of critical health problems using its FLAIRE artificial intelligence. FLAIRE gives the company the ability to produce, modify and develop applications like their CARA.
CARA is a cost-effective tool for real-time screening of large volumes of patients, making it easier for lab techs and other science minded types to analyze retina images. It has the regulatory green-light from Health Canada, the FDA, the CE in Europe, COFEPRIS in Mexico and the Saudi Arabia FDA.
IRIS was founded in 1990 in Quebec and has since developed into the largest network of optometrists, opticians and ophthalmologists in Canada. The company’s locations provide both clinical optometry and optical retail.
It’s also noteworthy that Diagnos getting some assistance from the Government of Quebec. The INVEST-AI Program is managed by IVADO Labs, and enjoys regular infusions of cash from the Government of Quebec to push along the transfer of AI to industry. The implementation therefore will cover the entire province as per the agreement with the INVEST-AI program.
Here are four ways INVEST-AI helps companies:
- Financial support of the AI project by reimbursing partial project costs;
- Advice to properly identify and frame a project for the use of AI techniques;
- Connect with firms specializing in AI likely to participate in project implementation;
- Support the company with its project at the business and technical levels.
Diagnos also signed onto a seven-year agreement with New Look Vision Group, IRIS’ parent company. The New Look Vision network includes 406 locations across North America, an outside of the implementation, the agreement provides support for the development of AI across the network.
Algorithms installed in their data center in Montreal will be used to examine the retina images of patients. These images are transmitted using a secure internet connection, and the company then provides the results of the AI-assisted examination back to the optometrist in a report. The optometrist can decide to either use the results to help with treatment and/or a potential referral. Meanwhile, Diagnos gets paid on a click fee per patient, which includes two pictures of the retina, one for each eye.
Company shares have dropped $0.04 so far today, and are presently trading at $0.55.