Philips Program Developing AI-Powered Ultrasound To Expand Access To Maternal Health Receives Major Funding Boost
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Royal Philips (NYSE:PHG) has received a second round of funding from the Bill & Melinda Gates Foundation to accelerate the global adoption of AI algorithms on Philips Lumify Handheld Ultrasound. The total investment from the foundation now stands at $60 million. The AI-guided ultrasound technology aims to simplify key measurements to identify abnormalities during pregnancy, reducing training time from weeks to hours. The technology has shown a positive impact in Kenya and the new funding will support its deployment to underserved communities globally.
November 07, 2023 | 2:01 pm
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The additional funding from the Gates Foundation will accelerate the global adoption of Philips' AI-guided ultrasound technology. This could potentially increase the company's market share in the ultrasound technology sector and positively impact its revenues.
The additional funding will enable Philips to accelerate the global adoption of its AI-guided ultrasound technology. This could potentially increase the company's market share in the ultrasound technology sector, which would likely lead to increased revenues. The technology has already shown a positive impact in Kenya, indicating a high likelihood of success in other markets as well.
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