Light AI (CBOE: ALGO) (FRA: 0HC) says it has developed an artificial intelligence algorithm that can accurately detect the potentially fatal infection Streptococcus A (StrepA) by analyzing a photo of a patient’s throat with a smartphone. The Canadian medical tech company made its public debut on Jan. 8.
Since early 2024, Light AI has raised C$25 million. It now has a C$101-million-dollar market capitalization.
The bacteria in StrepA, Streptococcus pyogenes, is what causes the more well-known strep throat condition many people encounter. However, StrepA has the potential to cause other infections such as scarlet fever, cellulitis, the contagious skin condition impetigo, and potentially the inflammatory disease rheumatic fever (if left untreated).
StrepA is the healthcare operator’s primary initial focus. It plans to expand the capabilities of its patented technology to diagnose other conditions later down the road. These could potentially include other throat conditions and illnesses in a person’s eyes or on their skin.
Cuts diagnosis time immensely
Light AI says its new technology has shortened the diagnosis process for this condition by hours or potentially even days.
Preliminary data from the CDC in 2023 has shown that cases of severe StrepA have reached a 20-year high. The World Health Organization says that about 150,000 people die from the condition annually.
“In pre-FDA validation studies, Light AI’s algorithm has attained accuracy of almost 97 per cent in identifying Strep A,” Sheldon Chang, Vice President of the merchant banking firm Commodity Partners, explained in a social media post, “and a negative predictive value [NPV] of 100 per cent, meaning it can specify with a high degree of certainty that someone does not have it.”
Chang recently attended the AlphaNorth Capital networking event in The Bahamas alongside Light AI’s Executive Director Hugh Cleland.
Chang (left), Cleland (right). Photo credit: Light AI
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Light AI just appointed its CFO & corporate secretary
On Monday, Light AI announced that George Reznik would be the primary individual responsible for managing the company’s finances.
“George brings extensive financial, operational, technology and capital markets expertise with more than 25 years of experience in executive finance and operations leadership roles with high growth public technology companies,” Light AI chief executive, Peter Whitehead, explained.
Notably, Reznik previously served as CFO of the clean tech operator Tantalus Systems Holding Inc (TSE: GRID) and the software company Intrinsyc Technologies before its takeover by Lantronix Inc (NASDAQ: LTRX).
“I am excited to join Light AI as it addresses the large emerging market opportunity presented by the convergence of AI and healthcare,” Reznik said.
Light AI started focusing on smartphone technology during the recent pandemic years. In 2022, the artificial intelligence company partnered with the healthcare organization Tech Care For All to provide its technology to physicians throughout Africa.
Light AI was founded in 2015 with the aim of fighting against the threat of antimicrobial resistance caused by irresponsible usage of antibiotics.
rowan@mugglehead.com
