WEST LAFAYETTE, Ind.--(BUSINESS WIRE)--#AI--A Purdue University–affiliated company using artificial intelligence to improve health care delivery has received a $500,000 investment from Purdue Research Foundation’s Foundry Investment Fund to help them advance medical technology.
physIQ, founded by Gary Conkright, an alumnus of Purdue’s College of Engineering, develops solutions to improve healthcare outcomes by applying AI to real-time physiological data from wearable sensors. The physIQ solution provides health care specialists with tools to proactively engage at-risk patients, as well as to provide pharmaceutical companies with powerful data-driven support to demonstrate the efficacy of their products using Real World Data.
“This investment is an incredible show of support and confidence in our technology and our vision from the Purdue Research Foundation,” Conkright said. “The Foundation’s support will help us continue to lead the way in changing how healthcare is developed and delivered through FDA-cleared physiology analytics.”
The Foundry Investment Fund was established in 2014 through a partnership between Purdue Research Foundation and Cook Medical. The goal of the fund is to add critical capital for the transition from the discovery of a promising technology to founding a viable life sciences company. The funds are partial matching investments made in the companies by institutional and other investors.
“The Foundry Investment Fund plays an important role in attracting interest in Purdue-affiliated life sciences companies,” said John Hanak, managing director of Purdue Ventures. “Gary Conkright’s team at physIQ offers a great example of the kinds of technology and products that align perfectly with the goals of the fund.” The Foundry Investment Fund has invested nearly $5 million to 13 companies in the past five years. Those companies have secured capital from venture funds and other institutional and professional investment sources.
PhysIQ is looking forward to further ties with Purdue’s Weldon School of Biomedical Engineering. Together, they are exploring collaboration opportunities with signal processing and AI-based data analysis from wearable biosensors, as well as data analysis from multiple-axis accelerometers.
“Among the many exciting reasons about this collaboration is that it facilitates a closer alignment with some of Purdue’s experts,” said Conkright. “One specific example is the direct collaboration with the school of biomedical engineering, which will accelerate physIQ’s work in areas in which they excel. In tandem, we are providing real-world use cases to the school’s research efforts.”
About Purdue Foundry Investment Fund
The Foundry Investment Fund was established in 2014 through a partnership between Purdue Research Foundation and Cook Medical. The $12 million fund invests in Purdue-based or Purdue-connected companies commercializing select life science technologies. The fund co-invests or otherwise stimulates outside parties to invest in Purdue-based life sciences businesses; provides critical capital funds to entrepreneurial ventures that originate from Purdue innovation or expertise; and aim to become self-sustaining through returns from prudent investments. Non-Purdue entities, such as venture capital firms, corporations, angel groups or qualified individuals, are encouraged to be matching investors. For more information, contact Purdue Venture’s managing director, John Hanak, at firstname.lastname@example.org.
About Purdue Research Foundation
The Purdue Research Foundation is a private, nonprofit foundation created to advance the mission of Purdue University. Established in 1930, the foundation accepts gifts; administers trusts; funds scholarships and grants; acquires property; protects Purdue's intellectual property; and promotes entrepreneurial activities on behalf of Purdue. The foundation manages the Purdue Foundry, Purdue Office of Technology Commercialization, Purdue Research Park and Purdue Technology Centers. The foundation received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. For more information on licensing a Purdue innovation, contact the Purdue Office of Technology Commercialization at email@example.com.
PhysIQ is a company dedicated to enabling proactive care delivery models through its highly scalable cloud-based platform for personalized physiology analytics. Their FDA 510(k)-cleared data analytics platform is designed to process multiple vital signs from wearable sensors to create a personalized dynamic baseline for each individual. By mapping vital sign relationships this way, physIQ’s analytics detect subtle deviations that may be a precursor to disease exacerbation or change in health. With applications in both healthcare and clinical trial support, physIQ is transforming continuous physiological data into insight for providers, health systems, payers and pharmaceutical and medical device companies. For more information, please visit www.physIQ.com. Follow physIQ on Twitter and LinkedIn.