SGInnovate announces investment in medical blockchain startup MediLOT Technologies
SGInnovate announced that it will be investing in the medical blockchain start-up, MediLOT Technologies. SGInnovate is now a Strategic Investor in the company, MediLOT, a blockchain healthcare platform that uses Artificial Intelligence and other technologies to bring the latest and most innovative advancements to patients and healthcare providers.
SGInnovate has invested in MediLOT as part of its Deep Tech Nexus strategy which focuses on adding tangible value to the Singapore deep tech start-up ecosystem in two key areas — development of Human Capital and deployment of Investment Capital. With the support of partners and co-investors, SGInnovate backs deeply technical founders through equity-based investments, access to talent, and support in building customer traction. Their efforts are prioritised around transformational technologies such as Artificial Intelligence, Blockchain, and MedTech, which represent impactful and scalable answers to global challenges. SGInnovate is a private limited company wholly owned by the Singapore Government.
MediLOT is a decentralised healthcare platform built on blockchain, Artificial Intelligence and database management system technologies for patients, healthcare providers, researchers and commercial companies. It has committed itself to the principles of patient centricity, privacy, and equitable data sharing. Integrating these principles, MediLOT leverages technologies with over 5 years of development that have been featured in numerous peer-reviewed scientific publications. Utilising the well tested blockchain-based GEMINI software stack, MediLOT allows patients and doctors to fully unlock the value of their health data for better diagnoses and more effective treatments.
MediLOT employs five main technologies:
i. GEMINI, a GEneralisable Medical Information aNalysis, and Integration Platform. The objective is to design and implement an integrative healthcare analytics system to address various kinds of healthcare problems. The systems integrated in GEMINI cover data acquisition, data cleaning, data integration, data processing, data analytics and data visualisation steps of the big data analytics pipeline;
ii. ForkBase, a system that supports high-level properties demanded in many modern applications, including data versioning, collaboration, and security. With its versatile programming interface, rich semantics and high performance, ForkBase enables rapid developments of many classes of scalable, distributed applications.
iii. BLOCKBENCH, the first evaluation framework for analysing private blockchains. It serves as a fair means of comparison for different platforms and enables a deeper understanding of different system design choices. BLOCKBENCH measures overall and component-wise performance in terms of throughput, latency, scalability, and fault-tolerance.
iv. Apache SINGA, an Apache Incubating project for developing an open source machine learning library. It provides a flexible architecture for scalable distributed training, is extensible to run over a wide range of hardware, and has a focus on healthcare applications.
v. Hyperledger++, an enhanced blockchain infrastructure of Hyperledger. It uses trusted hardware to improve the trust relation between nodes and its throughput by a wide margin.
MediLOT claims that by using a dual blockchain solution with a unique layered architecture, its platform is able to incorporate Artificial Intelligence and Data Analytics capabilities on top of its control and data layers. This allows for machine learning APIs and complex applications to be built on top of MediLOT platform.
SGInnovate backs deep tech start-ups through equity-based investments, access to talent, and support in building customer traction. MediLOT is honoured to be the first Blockchain and Healthcare Analytics company in Singapore that the company has invested in. It is focused on transformational technologies such as Artificial Intelligence (AI), blockchain and robotics that have horizontal applications to many industries, as well as MedTech which impacts the healthcare industry.
“MediLOT has assembled a great team with a vision to build an interoperable decentralised platform that can be used by all healthcare providers to extract greater value from healthcare records, affording patients better diagnoses and more effective treatments,” said Tong Hsien-Hui, Head of Venture Investing, SGInnovate. “Their vision is in line with SGInnovate’s mission to help develop high potential companies with products that will have global impact. We are proud to back MediLOT in their journey to transform the healthcare industry around the world,” he added.
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