PhysIQ, a Purdue University-affiliated artificial intelligence company, announced today that it received a $500,000 investment from the Purdue Research Foundation’s Foundry Investment Fund to help the company advance its medical technology.
West Lafayette, Ind.–based PhysIQ develops healthcare solutions by applying AI to real-time physiological data from wearable sensors. The company’s FDA-cleared technology is designed to offer tools for healthcare specialists to engage at-risk patients while also providing pharmaceutical companies with data-driven support to demonstrate the efficacy of their products.
The PhysIQ platform is designed to process multiple vital signs from wearable sensors in an effort to create a personalized dynamic baseline for each individual user.
Purdue’s Foundry Investment Fund sets out to offer capital for the transition from the discovery of potentially promising technology to founding a viable life sciences company, according to a news release. The funds it offers are partial matching investments made in the companies by institutional investors and others.
The fund has invested nearly $5 million to 13 different companies over the past five years, while those companies have also secured financing from venture funds and other institutional and professional investors.
“The Foundry Investment Fund plays an important role in attracting interest in Purdue-affiliated life sciences companies,” Purdue Ventures managing director John Hanak said in the news release. “(Founder) Gary Conkright’s team at physIQ offers a great example of the kinds of technology and products that align perfectly with the goals of the fund.”
PhysIQ also said that it is seeking to further its ties with Purdue’s Weldon School of Biomedical Engineering to explore collaboration opportunities with signal processing and AI-based data analysis, both from wearable biosensors and multiple-axis accelerometers.
“This investment is an incredible show of support and confidence in our technology and our vision from the Purdue Research Foundation,” Conkright added. “The foundation’s support will help us continue to lead the way in changing how healthcare is developed and delivered through FDA-cleared physiology analytics.”