Connect with us

Technology

Health insurtech startup Qantev raises €30 million to outperform LLMs with small AI models

Published

on

Health insurtech startup Qantev raises €30 million to outperform LLMs with small AI models

Health and life insurance providers face a rising volume of claims due to chronic disease and aging populations, but their processes lack scalability. AI automation can help, but it takes more tailoring than for other insurance types.

Automating property and casualty insurance, for instance, gave rise to public company Guidewire decades ago, but health insurance is a tougher vertical. “You can’t automate in a simplistic way, like you could for a broken car windshield,” Paris-based entrepreneur Tarik Dadi told TechCrunch. 

His startup, Qantev, is hoping to solve this. It provides clients like AXA and Generali with software that helps them manage claims via AI models that go through the same checks as in-house medical staff currently do: “Is the care medically necessary? Is the price right? Is the bill fraudulent?” But it does it much faster, which helps reduce costs and customer churn.

Dadi saw that need while working as a senior data scientist at AXA, while now-CTO Hadrien de March, a doctorate and former quant, had the math chops to address it. The two of them joined forces at Entrepreneur First in late 2018. “EF’s concept is ‘pre-idea, pre-team,’ but I cheated and brought the idea,” Dadi said.

Advertisement

Armed with an idea and a small team, Qantev went on to raise a €1.7 million seed round led by Elaia in 2020, followed by a €10 million Series A round led by Omnes and Raise Ventures in 2022. These three VC firms are now participating in Qantev’s €30 million Series B round, which happened sooner than planned, Dadi said.

“Our topics are quite hot at the moment, and we saw that YC, at the beginning of the year, included at least three of our topics in their wishlist,” he said, referring to Y Combinator’s Request for Startups and to what he calls the “LLM craze.” “We started to see lots of small startups popping up in the U.S. and just throwing an LLM at the problem. […] We know that it’s a hard problem and that we have an asset.”

One conviction Qantev developed over the last five years is that one large model is not enough; its software relies on a collection of AI models trained on historical data from its clients and aiming for accuracy. “You can’t have hallucinations or anything like that. It’s human health; you can’t refuse care for someone’s cancer. That’s why we are still a big AI shop. We have many PhD and ML experts in our team because we have to create small AI models that are highly specialized in our topics,” Dadi said.

Qantev is aware it could still get leapfrogged by newcomers, and the company plans to use its new funding to recruit the AI and engineering talent it needs to maintain a technical advantage. Its goal is to double its headcount by the end of the year. 

Advertisement

Led by Blossom Capital, the Series B round will also support Qantev’s international expansion; it plans to grow its Asia-focused Hong Kong office and make a strong push in North America.

While it has competitors there, such as Alaffia Health and Anomaly, other Blossom portfolio companies have made strong headways in the U.S. in recent years, and Qantev has an advantage of its own: Its customers are large and global, generating organic expansion when a new subsidiary adopts its software.

The downside of targeting such large clients is that sales cycles are long and complicated. “But the upside is that they’re big-ticket items,” Dadi said. He liked Blossom’s understanding of enterprise software as a category, and of Qantev’s ambition to become an operating system for health insurance. “We like saying it is a platform, because it’s going to be multiple products.”

What these products might be remains to be confirmed, although underwriting seems to be a strong candidate. For now, Qantev prioritizes claims management, but it is easy to see how it could leverage the legitimacy and data access it is gaining from its early customers to help them streamline other operations, as it is already doing with fraud detection. Looking at the big picture, this would tie back to the trend of AI as a way to fight rising healthcare costs.

Advertisement

Source link

Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Technology

MiLaboratories gets $10M for a platform play to accelerate genomic research

Published

on

MiLaboratories computational biology platform for analyzing genomic data-sets

Advances in DNA sequencing and the vast amounts of genomic data being produced by next-generation sequencing (NGS) technology have created a startup opportunity to build software for biologists so they can more easily analyze this big data and take the next leap. It could help when it comes to developing new vaccines, cancer treatments and so on.

For the last four years, MiLaboratories, a San Francisco-based startup with an R&D facility in Bilbao, Spain, has been building a computational biology platform to make it easier for biologists to process, analyze and aggregate their data. It incorporates features like data visualization and generative AI to boost usability.

Its platform is also designed to be a marketplace for other scientists so that they can distribute more specialized computation tools in the form of apps to keep expanding the utility for the genomics research community. MiLaboratories target scientists whose skillsets span biology, computer science and math — so-called bioinformaticians.

“It’s a ‘no code’ style approach for biologists and we also release an [open source] SDK — software development kit — allowing bioinformaticians to build real applications,” CEO Stan Poslavsky tells TechCrunch.

Advertisement

“During my and our founders’ scientific career, we saw a huge inefficiency . . . in how modern therapies, how modern drugs, are developed,” he explains. “Because of this friction between the data — the big data, generated by the biologists, the sequencing data — and the data analysis which is not available for them.”

While there are “thousands” of software programs and tools that can do analysis of NGS data, he says most have been developed within academia, where the focus tends to be on utility rather than usability.

There’s also a need for biologists to aggregate and integrate results from multiple analyses, he says. “In a unified picture, allowing you to understand what’s going on. And that’s the place where our platform helps dramatically,” he suggests.

The startup hopes its platform will free up bioinformaticians from being called upon to deal with the grunt work of genomic data processing so these multidisciplinary scientists can apply their skillset to the more complex tasks of building algorithms that might help advance cutting-edge science.

Advertisement

“Bioinformaticians are actually spending a lot of time just doing a monkey job of running the software for biologists,” says Poslavsky. “To process this data, you need to have Linux machines, go over SSH, run complicated software tools to get the analysis done and get the insight from the data.”

“[A doctor] has no skills to do this on Linux, on HPC [high performance computing] cluster, because he has other things to do. And that’s what most bioinformaticians in the companies and academia are doing, actually, just this monthly job of running the tools.”

MiLaboratories founding team, with Stan Poslavsky second from leftImage Credits:MiLaboratories

On Thursday, MiLaboratories officially took the wraps off its SDK, Platforma.bio, which lets third-party developers contribute apps — although it’s been in alpha and beta testing for several years. (Poslavsky says “around 300 labs” have been using the beta, and “around 20” apps have been made available through the platform, so far.)

“The first applications that are available in the platform are built around our biological and bioinformatic applications, which are very popular . . . [with] companies and people involved in immune therapy developments. But we already have . . . a good selection of collaborations and people willing to bring their applications on the platform, both from academia and from the industry,” he adds.

The 2021-founded startup is also announcing a $10 million Series A funding round to continue development, with a focus on investing in community building.

Advertisement

“The key reason for raising money is just to plug more hands into the development of our platform. We are hiring more engineers. We are hiring what is called developer advocates, who are propagating the technology around — primarily — the academic community, because most bioinformatics software is developed in academia.”

“For the upcoming year [we will] focus on the propagation of the technology around the community, and engaging community to build their apps, to wrap their existing software, to deliver them through the platform,” he adds.

MiLaboratories’ Series A is led by Madrid-based Kfund, with participation from Acrobator Ventures, EGB Capital, Courtyard Ventures, Somersault Ventures, Speedinvest and Ten13.

Commenting in a statement, Miguel Arias, general partner of Kfund, said: “Investing in platforms that bridge the gap between developers (in this case bioinformaticians) and business users (in this case biologists) is at the core of what we want to do in our fund. There is tremendous potential in democratizing access to complex data enabling the delivery of immunological insights.”

Advertisement

MiLaboratories offers its software for free to academics but it’s also taking revenue via a paid model for commercial users. Per Poslavsky the startup is approaching 100 paying customers at this stage.

“Many of the big pharma companies — like Moderna, Bristol-Myers Squibb — they are our customers,” he notes, adding: “We have revenue — good revenue — allowing us to not be so dependent on venture money.”

At the start of 2022, the startup raised a $2.5 million seed round. It also previously took in a small pre-seed from a few angels.

Discussing the challenges of developing the computational biology platform, Poslavsky says the staggering amount of data being generated by NGS meant startup had to pay very careful attention to ensuring processing efficiency to avoid generating “crazy costs”.

Advertisement

“The amount of data generated in the space are actually, well, crazy,” he emphasizes. “Big pharma companies, our customers . . . they have petabytes of genetic data generated so far. So that’s huge scale.”

MiLaboratories has developed what Poslavsky couches as a “very sophisticated” and “mathematically proven” technology which allows for many sorts of calculations to be performed in “a very optimized way.” He suggests this tech — which it has patented — enables the platform to reach 10x efficiency compared to some other types of computational workflow.

“That’s a very important thing. It’s hidden from the eyes of the biologist — because the valuable proposition for the biologist is ‘I want to click buttons and get insight’ — but it’s very important for the business owners.”

Competition wise, Poslavsky names Seqera (and its Nextflow software) as the closest rival — in terms of popularity and value proposition. There are also open source tools for NGS processing, such as Galaxy, but MiLaboratories reckons its platform offers researchers a more accessible route to data insights.

Advertisement

Source link

Continue Reading

Servers computers

Network server rack 15U management patch panel installation & network cable management installation

Published

on

Network server rack 15U management patch panel installation & network cable management installation



#youtubechannel
#youtube
#youtuber
#youtubers
#subscribe
#youtubevideos
#sub
#youtubevideo
#like
#ultimatedigitalsolutions
#tech lovers
#newtechviedos
#submychannel
#biotime
#dahua
#soundsystem
#networking
#network
#subscribe
#youtubecreator
#youtubecommunity
#follow #video
#securitysystem
#cctv
#networkswitches
#Network server rack 15U .

source

Continue Reading

Technology

The best Prime Day deals you can get on some of our home office go-tos

Published

on

The best Prime Day deals you can get on some of our home office go-tos

One of the favorite series on this site — at least, as far as many of our staff are concerned — is “What’s on your desk?” where we look at the home workspace of some of the people here at The Verge. (For one thing, it’s reassuring to know that most of us share the same clutter syndrome, and that’s after cleaning the space up for the photos!)

We checked to see if any of the interesting stuff we have found in the home office setups of our staff — office chairs, string lights, drawing tablets, etc. — was on sale during this fall’s Amazon Prime Day event, and we came up with these.

I just had to look up the name on Amazon: it’s the “HON Office Chair Black | Ignition 2.0 | Ergonomic | Adjustable Tilt, Swivel Wheels, Comfortable for Long Hours,” which should tell you basically everything you need to know about how good and fancy it is. I bought it in 2021 for $332, after a huge amount of research because I just couldn’t splash out on a properly high-end desk chair. I’ve had back problems forever, and this one has actually served me quite well — it’s starting to tatter a bit, and one of the arms just split open a few weeks ago, but I sit in this thing for too many hours a week, and I’m living to tell the tale.

I have an Amazon Echo Dot smart speaker. We have several around the flat to control various smart home settings, but having one in my office also keeps me alerted to any deliveries. I even use it as a speaker output for my PC when I can’t be bothered to wear headphones.

Advertisement

I’ve got a Logitech MX Vertical ergonomic mouse. I’ve been a vertical mouse evangelist for years, and of all the ones I’ve tried, I like this one best. It’s not overly complicated, and it dramatically reduced my wrist pain.

I’ve also got the Insta360 Link webcam because I was tired of looking like a blurry potato on calls. This one is neat because it tracks your position, though sometimes it doesn’t always work the way it’s supposed to and my coworkers get to look at a close-up of my forehead.

I almost always have either Apple’s AirPods Pro or Max headphones on throughout the day, either to take calls or listen to music.

Update, October 9th: Adjusted prices and added new deals, including those for the AirPods Max.

Advertisement

Source link

Continue Reading

Technology

US Department of Justice wants to break up Google over monopoly concerns — and Google Chrome and Android are on the chopping block

Published

on

Person using Google Search on laptop

The US Department of Justice has released its proposals for breaking up Google’s alleged monopoly, and Google is not happy with the suggestions.

Among the proposed changes offered by the Department of Justice (DOJ), as reported by Ars Technica, is forcing Google to share its search data with rivals, blocking existing distribution agreements with browser developers like Mozilla Firefox and Apple Safari, and even forcing the spinning off of Google Chrome and Google Android into separate companies.

Source link

Continue Reading

Servers computers

19" Rackmount Servers Gotta Go!

Published

on

19" Rackmount Servers Gotta Go!



Check out our other videos here — http://vid.io/xL #winning
So my old server equipment i used for clanlife and gameserver hosting is now up for sale, i wanted to shop around first to find cheaper co-location but it looks like everywhere is expensive to co-locate now. My equipment is therefore up for sale. ————— i’m using —————-

– apogee mic 96k professional microphone (£199) – http://amzn.to/25nGQbt
– logitech c920 web camera (£50) – http://amzn.to/25nPOFE

i love and i want (for bella, videodirect and me!)

– amazon fire tv game controller (£40) – http://amzn.to/25nJr5g (remote game playing)
– amazon fire tv 4k (£80) – http://amzn.to/1TCV2I2 (static for videodirect/ella)
– mis gs60 6qe ghost pro 4k – http://amzn.to/25nJIFs (need for mobile gaming!)
– nintendo handheld console 3ds XL (£170) – http://amzn.to/25nKkuF (she lost last one!)
– pokemon alpha sapphire (£40) – http://amzn.to/25nKfXL (new pokemon game!)
– panasonic dmc-g7 camera (£500) – http://amzn.to/1TCXQoC (4k camera for nomad pics)
– canon powershot g7x mark II (£620) – http://amzn.to/1TCYT7W (daily vlogging camera 60fps)
– canon xa xc10 full hd (£800-£1600) – http://amzn.to/1TCYCSo (4k static shots for nomad.video)
– lexar professional 64gb 3400x (£160) – http://amzn.to/1TD8snw (card for the camera above)
– samsung galaxy s7 32gb (£465) – http://amzn.to/1TD2Bi1 (that android life)

Advertisement

stuff you should check out

– anker powercore 1000 portable charger (£16) – http://amzn.to/25nJAWg
– anker powercore 20100 (£24) – http://amzn.to/1TCWrhR
– aukey bluetooth sport headphones (£13) – http://amzn.to/1TCYSRm (sound awesome too!)
– wakawaka base 5 (£99) – http://amzn.to/1XVtahS (great solar base for digital nomads)

things i’m getting soon and will review

– vanguard veo am-264tr (£80) – http://amzn.to/25nJNc5 (for vlogging/filming)
– apple iPhone SE 64gb (£465) – http://amzn.to/25nPs1L (4k, up to date, speedy, content making)
– uhuru rechargeable mouse, noiseless/silent click (£13) – http://amzn.to/1ZOyLG8 (course making)
– gopro hero session camera (£159) – http://amzn.to/1TD9qQv (time-lapse, b-roll)
– wakawaka base 10 (£140) – http://amzn.to/1XVsDga (solar charging on the road) .

source

Advertisement
Continue Reading

Technology

How to watch Crew-8 depart the space station on Sunday

Published

on

How to watch Crew-8 depart the space station on Sunday

NASA and SpaceX are preparing to bring home three American astronauts and a Russian cosmonaut from the International Space Station (ISS).

On Sunday, NASA’s Matthew Dominick, Michael Barratt, and Jeanette Epps, and Roscosmos cosmonaut Alexander Grebenkin, will fly home aboard the same Crew Dragon capsule that they arrived in back in March.

The four ISS inhabitants spent much of their time in orbit carrying out science research, including a number of studies aimed at improving human health.

The short video below offers a neat overview of Crew-8’s time aboard the station some 250 miles above Earth:

Advertisement

NASA’s SpaceX Crew-8: Science, Innovation, and Discovery

One of the astronauts, Matthew Dominick, also shared a steady stream of impressive photos and time-lapse videos during his first orbital mission.

How to watch

NASA is currently targeting 3:05 a.m. ET (12:03 a.m. PT) on Sunday, October 13, for the undocking of the Crew-8 mission from the space station, though it is monitoring the effects of Hurricane Milton across the Florida peninsula and close to the splashdown zone and will reschedule the flight home if necessary. The space agency’s next weather briefing is planned for 11 a.m. on Friday.

NASA will live-stream the undocking on its website, or you can watch the same footage via the video player that will appear later at the top of this page.

Advertisement

You’ll also be able to listen in on communications between the crew and Mission Control, and NASA is likely to provide a commentary to offer more insight into the spacecraft’s departure.

While the Crew Dragon will appear to edge away from the ISS at a very slow speed, keep in mind that both the spacecraft and the station are in fact orbiting Earth at a colossal 17,500 mph.

NASA will also live stream the splashdown off the coast of Florida, but the agency has yet to share a specific time for that.


Advertisement





Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com