AssistIQ is a medical technology startup that has developed a new artificial intelligence platform aimed at reducing medical waste created by hospitals. In late 2022, AssistIQ raised $2.5 million CAD in early-stage funding, which the startup plans to use for product development and expansion into new hospitals.
AssistIQ’s new technology targets the excessive use of disposable hospital supplies, which is harmful not only to the environment, but also to a hospital’s bottom line – disposable medical supplies and devices make up the largest variable cost a hospital must deal with after wages.
The startup’s artificial intelligence platform works in a series of ways, notably by tracking all disposable supplies (without reliance on barcodes or radio-frequency identification tags) and by uncovering opportunities to optimize supplies and reduce costs without affecting the quality of patient care. The data collected by the platform allows healthcare professionals to determine what supplies truly need to be opened prior to a procedure. Further, the platform improves procurement efficiency by allowing employees to adjust ordering volumes to reflect what is actually being used.
Given the ever-increasing costs involved in running a healthcare facility, hospitals today are looking to improve overall efficiency and reduce their waste. Investors are keenly aware of this, as demonstrated by AssistIQ’s recent funding round.
Bluesky, a social network competitor of X, Threads and other open networks including Mastodon, is revisiting its community guidelines and other user policies to provide more clarity around user safety…
AI startup Perplexity AI has made an unsolicited US $34.5 billion bid to acquire Google’s Chrome browser. With over three billion users, Chrome is currently the most popular browser in the world…
Students from Concordia University’s Gina Cody School of Engineering and Computer Science recently launched “Starsailor,” a rocket that a team of over 700 members developed over the past seven years…
4AG Robotics, a British Columbia-based start-up that uses robots to harvest commercially grown mushrooms, has received a C$40 million venture capital investment to further develop its fungi-focused…
With the increasing threat wildfires pose to the safety, health and economic wellbeing of Canadians and ecosystems across the country, the federal government has established the Wildfire Resilience…
With many Canadians lacking a will, Trusty, a Toronto-based startup, aims to revolutionize estate planning by leveraging artificial intelligence (“AI”) and technology. Founder Randy Frisch created the…
