Abtrace - the startup transforming how clinical decisions are made
by Startacus Admin
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The lowdown on Abtrace, the startup that's created an AI solution to help clinicians make more informed decisions and deliver earlier diagnosis
We’ve featured quite a few innovative startups in the healthtech space recently - from startups helping your journey to optimal health to startups using 3D tech to create personalised vitamins and today we’re shining the light on yet another.
London-based health-tech startup Abtrace was founded by doctors in order to help identify what tests or treatments might benefit a patient with a long-term health condition.
The platform is an AI that plugs into the Electronic Health Record and automates key elements of disease monitoring, as well as helping doctors to make more informed decisions. By giving AI the job of monitoring chronic illnesses in patients, and their medication usage, the startup can ensure that patients receive the most consistent, effective care possible.
Abtrace says that clinicians make their decision based on only a small amount of information, missing key details buried in the EHRs. As well as looking at the patient’s own medical history, the AI takes data from a wide pool of data points, which can help provide interventions proactively instead of reactively, which together means that the AI can also accurately flag the first signs of serious conditions developing. This provides the opportunity for proactive action to be taken, rather than reactive, which is key in stopping diseases before they can take hold.
In August, Abtrace announced that they had raised £2.1 million in a Seed funding round led by Lisbon-based VC fund Faber, with participation from Ganexa Capital, and included £1 million from Innovate UK. This comes on the heels of a £2 million pre-seed funding round, which was led by EIT-Health’s Wild Card venture builder programme and UK Research & Innovation. This funding will be used to expand their data science and engineering teams, and to reach more GPs across the UK.
After their pilot project, which involved 15,000 patients, use of Abtrace resulted in a 30% reduction in the number of HCA appointments required and cut the number of repeat prescriptions requiring a GP appointment by half. This meant that not only did patient satisfaction go up, but the backlog caused by the pandemic was significantly decreased and became more manageable.
It will be good to see such a transformative technology in wide use and benefiting those living with chronic illness.
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Published on: 13th September 2021
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