In a funding round led by General Catalyst, the AI startup Phare Health has secured £2.5 million to develop AI solutions for healthcare facilities, focusing on cost and cashflow management.
Founded by former members of DeepMind, Google Health, and Stanford, Phare Health leverages AI for non-medical administrative tasks, aiming to optimize staff efficiency and resource allocation.
Despite significant strain on healthcare systems, over a quarter of integrated care methods are facing deficits according to NHS England.
Phare Health’s initial product utilizes advanced speech models to help hospitals gather detailed treatment data, enabling better resource management, cost recovery, and enhanced patient care standards.
Dr. Martin Seneviratne, a co-founder of Phare Health and former physician in Sydney and London, emphasized the importance of AI in streamlining administrative tasks to allow healthcare professionals to focus on patient care.
The company plans to utilize the funding to expand its AI program by hiring AI and medical experts, aiming to develop a real-time, data-driven knowledge engine for healthcare systems.
In addition to General Catalyst, strategic investors KHP Ventures and Bertelsmann Investments participated in the funding round, supporting Phare Health’s vision for innovative healthcare solutions.
Dr. Martin Seneviratne and Lee Kupferman, co-founders of Phare Health, bring valuable experience from their time at DeepMind Health and Google Health, collaborating on projects like the AI-powered robotMedPaLM.
