An international investment fund has been set up to fund AI and nanotechnology healthcare developments in the wake of the coronavirus pandemic.
The Vector Innovation Fund (VIF) will provide US$300m (£220m) for pandemic protection and future healthcare innovation to aid and support precision medicine, advanced point of care and AI technologies.
Paul Stannard, chairman of VIF, said: “We have brought together some of the world’s leading figures in biomedicine, advanced diagnostics, nano biomarkers, telemedicine, AI and machine learning to accelerate these transformational technologies into the markets, backed by sophisticated and institutional investors creating one of the most dynamic international investment structures.”
According to Stannard, a prevention and early intervention method is required. He said by using AI to drive more sustainable models for healthcare we can prevent another decade of dealing with the likes of Ebola, Zika Virus, Bird Flu, and Covid-19.
He continued: “Innovators have proved that they can develop and commercialise novel technologies and have some approved within months, not years, and this trend will advance beyond the current crisis, which is creating this groundswell of pent-up investment in advanced technologies.”
Additionally, investment in nanomedicine has been “catapulted” by the pandemic, according to Paul Sheedy, founder of the World Nano Foundation.
He predicted: “Nanotechnology is forecast to more than double from US$54.2bn [£39.8m] this year to US$126.8bn [£93.2m] by 2027 and will create a positive force for change when combined with AI and machine learning, forecast on its own to soar 22.5% a year through to 2027 from a US$284.38bn [£209.2bn] market in 2019.
“We are going to see these twin forces of innovation transform how we live, work, and manage our health in real time as well as develop sustainable models for everything from food production and energy to transport and pollution, all of which improve health and well-being.”
