Rhino Health, an AI-powered healthcare data analytics and solutions provider, raised $5 million in Seed funding led by LionBird Ventures. The round also includes Arkin Holdings and several angel investors.
Rhino Health’s platform is built on the foundation of Federated Learning, which powers AI models that deliver consistent results. According to the company, these models eliminate the complexity, expense, and risk of moving and managing huge volumes of data. Hospitals and health systems leverage this technology to collaborate in data-driven studies and AI research initiatives as well as with companies developing healthcare AI solutions.
Rhino Health and NVIDIA are working together to bring the benefits of Federated Learning into the clinical setting. Through NVIDIA Clara, the companies are empowering the clinical community to build robust AI models across different geographies, institutions, medical devices, and patient demographics.
Ittai Dayan, co-founder, and CEO of Rhino Health, said: “AI is much more than a buzzword in healthcare. It is the underpinning of the next generation of technologies that will change the practice of medicine. To deliver on that promise, though, AI models must be created and trained using data that represents the real-world patient populations. We’re increasing access to diverse datasets, as that is what will ultimately make AI-based healthcare solutions widely available to and effective for the entire population of clinicians and patients who need them.”
“Today, the transformative promise of AI-based healthcare solutions is held back by lack of access to a large dataset from a diverse patient population collected in different places and updated over time. Rhino Health is changing that. By connecting the hospitals that have extensive clinically relevant data with the innovative companies that are developing new AI-based solutions, Rhino Health will accelerate access to advanced healthcare across increasingly diverse patient populations”, said Ed Michael, Managing Partner at LionBird Ventures.
Healthcare Data Analytics companies secured $1.8 billion in venture capital funding in 2020. The funding increased by 13% in 2020, compared to $1.6 billion raised in 2019, according to the latest Mercom Digital Health Funding and M&A Report.