Healwell AI has invested CAD 2.7 million in Elon Musk's xAI to leverage the company's expertise and resources.

Healwell’s CEO touts access to xAI’s closed developer program as a major potential benefit.

Toronto-based health tech and artificial intelligence (AI) company Healwell AI has indirectly invested CAD 2.7 million (US$2 million) in Elon Musk's AI venture xAI.

Healwell made the investment through Think 1st Principles (T1P), the massonomy arm of the Agostinelli Family Office (an Elon Musk-oriented fund) founded by Healwell shareholder and strategic advisor Massimo Agostinelli. Healwell said the investment will give it access to a closed xAI developer program and allow it to leverage xAI's AI-oriented technical expertise and resources, including Large Language Models (LLMs), potentially enhancing its product development efforts.

Healwell said the xAI-tweaked LLM can be combined with its own LLM.

HealWell CEO Alexander Dobranovskiy told BetaKit that the investment is a smart use of capital with the potential for a strong return on investment, highlighting that access to the developer program is perhaps the investment’s most important benefit.

“This strategic investment marks a major opportunity for Healwell, as it gives the company a privileged position in one of the world's best-capitalized and most ambitious AI companies,” Dobrnovski said in a statement. Furthermore, access to a closed xAI developer ecosystem provides the Healwell team with a meaningful opportunity to leverage xAI's best-in-class talent and resources.

The investment is part of xAI's $6 billion Series B round, which closed last month at a post-funding valuation of $24 billion. The company is one of many trying to catch up with OpenAI, which is valued at $86 billion, according to Crunchbase. xAI's backers include Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital and Fidelity Management.

The company was founded in July 2023 and developed the Grok chatbot, which is offered through Musk's social media platform X (formerly Twitter). Healwell said it can combine fine-tuned LLMs in the xAI ecosystem with its own fine-tuned LLMs, claiming that such models could be useful for scientific and clinical investigations.

Founded in 2012, HealWell was previously known as MCI Onehealth and operated a number of clinics as well as an innovation division focused on developing healthcare software products. The company listed on the Toronto Stock Exchange in 2019, but last year decided to exit its clinical business and focus on AI and data science.

The company has made several acquisitions since rebranding to HealWell in October 2023, most recently acquiring Fredericton, New Brunswick-based health data platform VeroSource Solutions and Toronto-based contract research organization BioPharma Services. HealWell claims that once both transactions are completed, it expects its own annualized revenue run rate to exceed $65 million.

Related: Healwell AI Accelerates M&A Strategy with Acquisition of VeroSource Solutions and BioPharma Services

Two analyst reports on HealWell's investment in xAI, which HealWell shared with BetaKit, rate the deal positively: George Yuribyshev and Noel Atkinson of Clarus Securities wrote that they expect access to xAI's closed developer program will give HealWell the opportunity to strengthen and accelerate its healthcare AI and data science capabilities by fine-tuning them. [LLMs] xAI uses its own dataset.

Ventum Capital Markets analyst Rob Goff expects Healwell will benefit from access to AI leaders and tools through xAI, which focuses on enhancing model explainability.

A detailed understanding of how complex AI models make decisions is critical in healthcare and will give HealWell a distinct advantage, Goff wrote.

With files from Josh Scott.

Feature image courtesy of Healwell AI.

Sources 1/ https://Google.com/ 2/ https://betakit.com/healwell-ai-invests-2-7-million-cad-into-elon-musks-xai-to-tap-into-companys-expertise-resources/ The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos