Mayo Clinic launched its artificial intelligence startup program this week with four early-stage health tech companies. The program also features additional expert assistance from Google and electronic health records giant Epic.
This is a 20-week program called Mayo Clinic Platform_Accelerate. The aims are to help AI-based startups get market-ready by offering access to Mayo Clinic experts in regulatory, clinical, technology and business domains with a focus on AI model validation and clinical readiness.
According to John Halamka, M.D., president of the Mayo Clinic Platform, “Health tech startups are critical contributors to the cycle of innovation. We are excited to collaborate with these innovators to solve some of the most complex problems in medicine today.”
Mayo Clinic says its AI startup program is different from other typical accelerator programs. It focuses on helping drive a company’s success with valuable in-kind investments—from data sets to validation tools and from mentorship to clinical workflow planning, the company said on the program website.
As part of this in-kind investment, Mayo Clinic Platform will take an equity position in participating startups based on most recent valuations or a convertible note or SAFE, the organization said.
The four participating companies will work with data science experts to delineate AI model requirements, check for fairness and bias in their AI models and gain an understanding of the Food and Drug Administration clearance pathways.
The startups also will gain access to de-identified Mayo Clinic patient data, conduct model validation with guidance from data science experts, plan clinical validation studies such as clinical simulation or clinical trials and explore the potential to partner with Mayo.