"The relationship between AI and doctors is not about who replaces who, but about mutually enhancing and empowering healthcare." This is the attitude of Qiao Xin, CEO of DeepRay Medical, and the goal of DeepRay Medical's future development.
For DeepRay, 2018 was an extraordinary year. Founded only one year ago, Deep Rui completed the third round of financing in this year, and its total financing amounted to more than 300 million, which set the industry's highest financing speed. With the *** same help of technology and funding, Deep Rui has successfully ranked among the head of artificial intelligence, and become an indispensable force in the research and development of medical artificial intelligence.
As one of the youngest companies in the medical AI enterprise, Deepcore has become the most energetic enterprise in imaging AI in a short time, and its R&D strength is among the top in the whole industry. Is it the talent that gives Deepcore its soul? Or is it the data that forges its power? It's worthwhile to look into the path that Deepcore has taken.
Life science practitioners need to be experienced
Medical is different from other industries, and its huge knowledge structure requires practitioners to accumulate experience for a long time. With more than 20 years of experience in Siemens Medical Imaging Division, Mr. Qiao Xin, CEO of VIVOTEK, is able to y understand the real needs of companies at every stage of development.
Qiao Xin said: "At this stage, the ability of AI comes from human beings; it is human beings who, through sketching, programming, etc., implant the wisdom of the human brain into the software step by step - the core of it is still human beings. Therefore, the most core advantage of DeepRay comes from talent."
"From the day it was founded, DeepRay has placed talent at its core. After a year's development, we have as many as 80 people in our research institute, of which the leader, Prof. Yu Yizhou, was recently elected as a 2018 ACM Distinguished Scientist and selected as a 2019 IEEE Fellow. under his leadership, DeepRay's research institute is getting stronger and stronger, and continues to provide inexhaustible power for the development of DeepRay."
Xin Qiao, CEO of DeepRay Healthcare, delivers a keynote speech at the 2018 World Conference on Artificial Intelligence
The rest of the Institute's members are also leaders in the industry, with its Intelligent Specialized Modeling Algorithm team consisting of PhDs and senior researchers from Peking University, Chinese Academy of Sciences, and Stanford University, and with 70% of its members having published articles in ICCV, AAAI, CVPR, and other top conferences. In addition, the team has many imaging experts and management experts who have been working in healthcare multinationals for many years.
Laying the groundwork for technology
To the outside world, it seems that DeepVision does not have a lot of exposure, and is more like a hermit who continues to cultivate his internal strengths in order to build up his strengths. Deepcore puts more effort into technology development, and the iterative updating of technology is not always easy for the outside world to easily notice. It is because of this development approach, founded only one year and six months, has launched seven AI-related product lines, oncology, stroke, breast, imaging cloud ...... Deep Rui will be the AI products into all kinds of China's highest incidence of disease.
Frequent positive feedback from frontline doctors helped DeepRay deliver a perfect answer sheet for 2018. In China Daily's special issue on the 40th anniversary of reform and opening up in December 2018, DeepView Medical, along with Ali and Geely Automobile, as representatives of private enterprises, demonstrated the boldness of Chinese private enterprises to seize opportunities from the global trend of smart transformation and compete fiercely with international competitors by virtue of self-developed technologies.
But even Deepcore, which has seven product lines, has only opened a small hole in AI healthcare, and the field it has explored is just the tip of the iceberg. This means that there is a huge space waiting to be explored by Deepcore, and the hidden market in AI means that it is difficult to assess just how much potential Deepcore has.
Therefore, in the new year, Deepcore's core strength will be a combination of upgrades to existing products and breakthroughs in brand new diseases. Although existing products have been widely recognized by experts, AI technology still has a lot of room for improvement. DeepView has a core algorithm team that is second to none in the industry, which is the source of DeepView's research power.
At the same time, Deepcore always regards innovation as the core of its operation. According to Qiao Xin, innovation is the inexhaustible driving force for an enterprise to survive for a long time, and it is the lifeline that determines the survival of an enterprise. Only by continuously launching products can we gain a first-mover advantage in the market and stand out in the future when AI technology matures, occupying a strategic high ground.
Explore the unknown
To date, a new round of financing is in the pipeline. Qiao Xin said: "In the future financing and development, we will not easily accept the invitation of investors, but need to consider the strategic layout of the investment organization, to understand what investors can bring to the strategic value of Shenzhen Rui."
As of December, Deepcore has landed its AI products in nearly 300 hospitals. Deepcore's products are not only applied to tertiary hospitals, but grassroots hospitals are also the main scenarios where Deepcore uses AI technology to benefit more people. At the same time, medical checkup organizations are also an important direction for DeepView's cooperation, and its cooperation has made significant progress recently.
For the application scenario of physical examination, Qiao Xin believes: "Physical examination and diagnosis are two different scenarios: diagnosis pays more attention to 'analyze', while physical examination only focuses on 'find out'. But this does not mean that the physical examination reduces the algorithmic requirements of AI technology, in fact, the physical examination of a huge population base, and the physical examination requirements of different diseases are also different. In order to ensure the success rate of medical checkups, we must do more research to ensure the validity of their results, which actually raises our technical requirements."
"Of course, the core still lies in technology development. This is not a problem for DeepRay, which has a team that hits all the difficulties and solves all the technical challenges, which is DeepRay's core competitiveness."
Difficult to measure value
Valuation of medical AI companies has always been a challenge. In the absence of a clear commercialization path, many companies can only estimate the possible future profitability through the total market size and the possible market share, and cannot even reach a *** knowledge of the future cash flow standard, so the valuation brought about by different valuation methods will often appear to be a large discrepancy, and even if the same data is submitted, the data itself lacks a standardized process. As a result, it is difficult to arrive at a precise value for valuation at this stage.
A common approach is to seek the valuation of companies in the same field to determine whether the valuation of existing companies is reasonable, although there is still a large error, but there is also a certain reference value. In the case of intelligent driving, for example, where computer vision is the core technology, the general valuation of the industry is above $1 billion, with most companies valued at between $1.1 billion and $2 billion.
Focusing on the medical field of artificial intelligence enterprise valuation is generally low, the valuation of the development of a business as a landmark index, on behalf of the stage of development of the enterprise, as a reference indicator, many companies core values such as strong scientific research strength, and great potential for development, etc. These can not be reflected in the valuation of the Deepwell medical direction has a very large potential, very high can be improved.
In addition, the company's core value such as strong scientific research strength and great development potential cannot be reflected in the valuation.
In addition, the application of AI technology in the medical field is still in the stage of rapid development, constantly expanding the new frontier. In the future, AI may be used in pathology, used in surgery, used in rehabilitation, and the gradual realization of all future scenarios will usher in more value for existing AI companies - they win at the starting line.
As the head of AI healthcare enterprises, Deepwell has both the talent advantage to support sustainable development, as well as the support of policy, capital and other external resources, all of these assets will lead Deepwell to keep moving forward in the future, Deeper and Wiser.
*The images in the article are provided by the interviewed companies.
Text | Zhao Hongwei
WeChat | qq850860074
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