Accenture’s (NYSE: ACN) subsidiary, Accenture Ventures, has invested in digital twin technology, which uses real patient data to synthesize virtual environments for testing medical devices at a lower cost with fewer regulatory barriers.
Accenture Ventures announced that it has made a strategic investment in German-based Virtonomy, a company that provides data-driven simulations for medical device manufacturers, on Thursday.
“MedTech companies are prioritizing digital health by investing in R&D, technology, digital transformation and creating new business models,” said Petra Jantzer, a senior managing director and global lead of the Accenture Life Sciences.
“Virtonomy’s digital twin technology can help enhance medical device design in a virtual patient setting, accelerating development timelines and reducing costs, risk, and regulatory barriers.”
Virtonomy’s solution uses an expanding database of clinical data that takes into account various factors, such as anatomical variability, demographic diversity, and pathological conditions. With existing data from clinical trials, the solution can create virtual environments where medical devices can be easily tested and validated. This approach saves time and meets both regulatory and ethical demands.
Project Spotlight offers access to Accenture technology
Accenture is a multinational professional services firm that provides a broad range of services and solutions in strategy, consulting, digital, technology, and operations.
The investment is part of Accenture Venture’s Project Spotlight, an engagement and investment program that targets emerging technology software companies that can help fill strategic innovation gaps for the world’s largest 2000 companies.
“There must always be a strong data foundation to build accurate digital twin simulations,” said Tom Lounibos, managing director of Accenture Ventures.
“We will work with Virtonomy to set a strategy for real-time data collection that includes high-quality historic data, as well as continuous data monitoring and validation from new sources,”
Released earlier this year, Accenture released the Accenture Technology Vision 2023 report for educational purposes on the advantages of digital twin technology. For example, it creates a “window of transparency” that liberates more data which enables owners and operators to visualize, query, and analyze digital twins with greater ease, accuracy, and depth, which ultimately empowers them to make better-informed and more actionable decisions.
In addition to capital investments, Project Spotlight offers unprecedented access to Accenture’s technology domain expertise and its enterprise clients. Technology companies co-innovate with Accenture at its innovation hubs and labs, working with subject matter experts to adapt their solutions to the enterprise market and scale faster and more effectively.