Augmented Insights – turning care data into actionable insight
CareTec.AI from Augmented Insights is a web-based data analytics-as-a-service platform that uses artificial intelligence and machine learning techniques to enable predictive and preventative care by providing early detection and prediction to allow emerging problems to be spotted early and preventative action to be taken.
Augmented Insights was founded in 2018 as a spinout from University of Warwick’s School of Engineering. The founders, Dr James Amor and Professor Christopher James also took part in the ICURe programme, which supports university researchers to validate their ideas in the marketplace. Meetings with over 100 potential customers, end users, potential competitors and other stakeholders helped to refine the value proposition for CareTec.AI and ensure that the company met a genuine market need.
Market research from Frost & Sullivan shows that that there is a global and growing market for TEC (technology enabled care) of $6.7bn in 2017 and CAGR of 27%, and a strong demand for predictive modelling of the type Augmented Insights provides.
Technology for social care creates vast quantities of data that care providers lack the time and expertise to use, and current systems are reactive when there is an urgent and growing need for proactive systems for care planning and management. CareTec.AI takes data from multiple data sources, including multi-sensor smart home systems and digital care management platforms, and extracts user behaviour patterns. Once patterns are identified and CareTec.AI can detect when behaviour differs from established normal patterns, it builds a model of normal health and behaviour for each individual person. Using that model, new data can be evaluated and changes in health or behaviour identified, allowing users to spot possible problems much earlier, with reporting that is easy to interpret by carers or family.
Augmented Insights is beta testing the Care.AI product and has a partner contract in place with a Scandinavian care management software provider. It is seeking more beta partners and plans to launch the Caretec.AI beta online in 2019 Q3..
The Innovate UK funding grant is currently facilitating beta testing with a limited number of partners over 12 months and the expansion of the Augmented Insights team. With full commercial availability planned for 2020 Q31onwards. Augmented Insights will be seeking investor funding during 2019 Q3.
For further information please visit www.augmentedinsights.co.uk
FUNDING TO DATE
2018 – University of Warwick I2I Funding £37k
2018 – ICURe funding £35k
2019 – Innovate UK grant £193k
2019 – Angel Investment £85k
Blackfinch Ventures has invested £700,000 in innovative tech start-up Warwick Analytics. Founded in 2011, this London-based firm is an Artificial Intelligence (AI) based data spin-out from the University of Warwick. Warwick Analytics delivers powerful text analytics for contact centres based on proprietary machine learning.
Getting accurate, meaningful information from unstructured datasets such as customer reviews can be a challenging prospect. However, Warwick Analytics has achieved this by using AI technology not only to identify and label topics and concepts, but also to account for the subtleties of sentiment and context, heralding a major development in text analysis.
This will help contact centres and service providers gain more accurate customer insights and see flagged issues before they escalate, enabling them to implement solutions sooner.
For example, a large travel operator recently applied the technology from Warwick Analytics to its incoming customer data. It improved customer satisfaction by 18% and reduced its Average Handling Time by 8%, all within a few weeks.
Richard Cook, CEO and Founder, Blackfinch, said: “The platform’s ability to analyse customer sentiment is impressive. We’re delighted to invest at this crucial stage in the company’s development.”
Warwick Analytics is on a mission to make machine learning easy, accurate and omnipresent. It is working with leading global brands across hospitality, retail, finance and telecommunication industries to automate processes and advance the deployment of AI.
Dan Somers, CEO at Warwick Analytics, said: “As we move the proposition forward, we need larger institutions with deeper pockets and richer networks. Blackfinch really understands where we are in our lifecycle and has the financial clout, expertise and connections to help take us to the next level.”
Blackfinch Ventures provides investment to innovative technology start-ups. The team applies its extensive experience and broad network of relationships to deliver end-to-end support for companies, throughout the investment process and beyond. It works with founders over the long term, developing businesses that can transform some of the biggest markets in the world.
Dr Reuben Wilcock, Ventures Director at Blackfinch, said: “We were highly impressed with the experienced and dedicated team at Warwick Analytics and are looking forward to being part of its rapid growth and market expansion in the future.”
Blackfinch Ventures is a specialist in Enterprise Investment Schemes, recognised for structured risk mitigation, robust processes and adaptation to legislative change. Blackfinch Ventures continues to enable investment in fast-growing UK companies and is looking to expand its portfolio and invest in further firms.