Intelcare was recently awarded a AU $ 100,000 (approximately डलर 1,000) grant from the New South Wales Smart Sensing Network to enhance its machine learning capabilities. It received grants from partner Macquarie University and the University of Sydney.
The listed elderly care technology developer will work on a one-year project in the computer science units of both NSSN and the university.
What is it about
In a corporate disclosure, Intelcare said it has formed a multi-disciplinary research team that includes experts on Internet of Things, Machine Learning, Business Analytics and Aging and Health.
The team builds machine learning algorithms to “predict and prevent events that are likely to affect the quality of life of the elderly.”
Why is that
With fresh money, InteliCare can speed up its machine learning capabilities. The company is more focused on detecting events than predicting.
As a result, the product will increase the accuracy of Intelicare’s artificial intelligence technology to predict the risk of chronic disease and mental health deterioration, leading to loss of independence, injury, infection and dementia.
“This project will result in an improved information system that will enable caregivers and online operators to have a better understanding of when to intervene,” said Jane Evans, NSSN’s Medtech theme.
Intelcare said it would own the intellectual property of the product, which it said offers “significant competitive advantages over older auxiliary technology, especially remote or ultra wearable”.
In addition to the NSSN fund, Intelcare will provide AU $ 122,898 (approximately ११ 8,118,000) in cash and universities will provide AU $ 111,021 (approximately 4 4,124,600) in grants.
In a recent report, the for-profit research group Global Center for Modern Aging Recommended, among others, is that the healthcare industry in Australia “should receive a grant” to fund supportive technologies and home modifications that promote freedom in daily life.
According to Jason Waller, CEO and Managing Director of Intelcare, new forecasting technology has the potential to generate revenue, especially from Australian government investment. AU. billion billion ($ 8. billion) for home care for senior citizens.
In separate news, Intelicare received binding commitments A $ 2. Raise a million From both new and existing investors earlier this month.
“This fund is an excellent opportunity to work with a world-class machine learning team in a highly cost-effective way. From the beginning, InteliCare’s strategy was not only to use AI to detect critical events, but to predict our data to prevent them from occurring. [from] “In the first place,” said Walker, of Intelcare.