Unlocking access to research data in healthcare with AI, secured by $8 million in funding from Bitfount
In the realm of clinical research, data-sharing roadblocks have long been a hindrance to progress, particularly in the UK. However, a London-based AI platform, Bitfount, is set to change this narrative with its innovative federated AI platform. This platform is designed to address the key challenges in the industry, particularly in patient recruitment, lowering screen failure rates, and enabling data-driven site feasibility assessments.
### Improving Patient Recruitment
Bitfount's platform offers a unique solution by allowing for the analysis of large datasets across different healthcare settings without moving sensitive patient information. This comprehensive analysis helps identify eligible patients more efficiently. Furthermore, the platform facilitates secure collaboration between healthcare providers and researchers, leading to the sharing of insights that can aid in better patient identification for clinical trials.
### Lowering Screen Failure Rates
The federated AI approach used by Bitfount helps match patients with the most appropriate clinical trials by analysing detailed patient data in real-time. This reduces the likelihood of mismatched patients entering trials. Additionally, by analysing diverse datasets, researchers can design trials that are more likely to succeed by including patients who are most suitable for the trial, thereby reducing screen failure rates.
### Enabling Data-Driven Site Feasibility Assessments
The platform processes both electronic health records (EHRs) and medical imaging data, providing a complete picture of potential trial sites. This helps in selecting sites that are most likely to meet trial requirements. By analysing data from various healthcare settings, researchers can make informed decisions about which sites are best suited for specific trials, enhancing overall trial efficiency.
The funding secured by Bitfount, $8 million in Series A, coincides with the UK government's 10-Year Health Plan, which aims to reduce commercial trial set-up times and position the UK as a global hub for clinical trials. The funding will be used to scale Bitfount's privacy-preserving network across healthcare systems globally.
The round of funding for Bitfount included participation from Parkwalk Advisors, Ahren Innovation Capital, Pace Ventures, Foresight Group, and Portfolio Ventures. Neil Cameron, Investment Director at Parkwalk, expressed excitement about backing Bitfount and its team, including Blaise Thomson, who previously held positions as Chief Architect for Siri Understanding at Apple and head of Apple's Cambridge office.
The new funding will accelerate product development and expand partnerships with commercial and academic AI model developers, with a focus on pharmaceutical companies and clinical research organizations (CROs). The platform's initial focus on clinical trials is considered ideal for this type of AI application, with early pilot projects showing a significant impact across various therapeutic areas.
In a notable example, a study at Moorfields Eye Hospital reduced screen failure rates from 60% to 14% by combining EHR data with AI-based OCT image analysis. Bitfount's federated AI platform is set to revolutionise clinical research by facilitating secure data analysis and collaboration, thereby improving patient recruitment, reducing screen failure rates, and enhancing site feasibility assessments.
- The federated AI platform by Bitfount, which securely analyzes diverse datasets across various healthcare settings, has the potential to identify eligible patients more efficiently, leading to better patient identification for clinical trials.
- Further, the AI approach used by Bitfount reduces the likelihood of mismatched patients entering trials by analyzing detailed patient data in real-time, thereby lowering screen failure rates and improving the success of clinical trials.
