Predictmedix Inc, a provider of rapid health screening solutions powered by artificial intelligence, has outlined its major achievements as it reported a positive year-end review of 2021, characterized by significant company-wide growth.
The Toronto-based company noted that its momentum coming out of 2021 has positioned it to further accelerate growth this year and beyond.
“2021 was an exciting and transformational year for Predictmedix. From deploying our Safe Entry Stations at world-leading events such as Formula 1 Racing to receiving the CE mark and ISO Certification for Safe Entry Stations to partnering with Paras Techcare to deploy Safe Entry globally, Predictmedix has made significant progress on several fronts,” Predictmedix interim CEO Dr Rahul Kushwah said in a letter to shareholders.
Kushwah added that he believed the company had "built the foundation for significant growth in 2022 and beyond".
Throughout the year, the firm made upgrades to its principal product, the Safe Entry Station, including faster screening times, and upgrading from Cloud Computing to Edge Computing. Edge Computing allows the device to process data locally, meaning the Safe Entry Stations are no longer limited by the requirement for a steady internet connection.
“We were rewarded for the performance, quality, and safety requirements exhibited in the Safe Entry Station with the receipt of Conformitè Europëenne (CE) Mark status and ISO13485 certification, enabling us to commercialize in the European Union, Middle East, and other key global markets,” noted Dr Kushwah.
He added that the firm had received new and additional data from its hospital partner for new variants of infectious diseases as well as for triage solutions, adding the potential for new applications in the future.
“These data sets will also help drive our technology to becoming a triage solution that can be used in healthcare settings for identification of key vitals,” added Dr Kushwah.
The company said it was becoming the "preferred onsite solution" for a wide variety of businesses and at large-scale live events globally. Recent deployments included the Italian Contemporary Film Festival, Lavazza Drive-In Film Festival, the Palm Tree Music Festival in Westhampton Beach, and two high-profile placements at Tier-1 events in India.
“15 Safe Entry Stations were onsite at the Formula 1 Aramco United States Grand Prix to help protect race attendees in hospitality areas,” added Dr Kushwah. “To support our global sales and deployments, we further strengthened and increased our reseller program throughout 2021. Our relationships with North American industry leaders Juiceworks Exhibits, SBL Testing Technologies, Paras TechCare (part of Paras Defence), Entertainment Bay India LLP, and other strategic firms have combined to expand our exposure.”
Meanwhile, Predictmedix has revealed that a clinical study is set to begin in February this year with researchers and doctors at a North American hospital who will use the company’s Safe Entry Stations to screen for symptoms of infectious diseases and signs of impairment from cannabis and alcohol.
“The results of the study will be published in a peer-reviewed medical journal, a key step toward seeking classification of our technology as a Class II Medical Device in the United States with the Food and Drug Administration (FDA) and toward advancing the commercialization of our Safe Entry Station technology,” noted Dr Kushwah.
The Predictmedix boss also touched on how the company was working on R&D for AI-driven medical devices in healthcare.
“R&D remains an integral part of our long-term plan to be at the forefront of AI-driven medical devices in healthcare,” said Dr Kushwah. “We are proud to announce a Triage Solution for Hospitals to gather key vitals from incoming patients, so nurses can save time and increase productivity.”
Investors can read the comprehensive letter here.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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