Connect with us

Tech

IBM reportedly shopping Watson Health just as healthcare gets hot

Published

on

IBM reportedly shopping Watson Health just as healthcare gets hot

IBM could be looking to sell the Watson Health division for a mere $1 billion, according to an Axios report. The question is why is IBM running away from the healthcare vertical just as it seems to be heating up, and for such a low price?

Just last month, Oracle spent $28 billion to buy digital health records company Cerner. Last spring, Microsoft spent close to $20 billion to buy Nuance, which is used heavily in the medical industry, boasting 10,000 healthcare customers. That’s huge money, suggesting that enterprise companies are looking to embrace the healthcare vertical and willing to spend big bucks to do it.

IBM launched Watson Health in April 2015 to much fanfare. It was supposed to take Watson, IBM’s artificial intelligence platform, and put it to work on healthcare problems. The argument went something like this. Even the best doctor can’t read all of the literature out there, but a computer can do it quickly, and could come up with suggested courses of action to augment the doctor’s expertise and produce better outcomes.

It then did what IBM does when it focuses on something. It opened up a fancy headquarters in Cambridge in September that year. It also began announcing partnerships. It checked all the boxes, partnering with the likes of CVS, Apple and Johnson & Johnson.

Then it started buying companies. The first acquisitions were medical data companies, Phytel and Explorys. That was part of a pattern. Next came $1 billion for Merge Healthcare, a company that would provide medical imaging data. Later it would make its most expensive purchase, Truven Health Analytics for $2.6 billion. In total it spent $4 billion, according to reports, which seems kind of modest now compared to what Oracle and Microsoft just spent, but it was a lot of money in 2015 and 2016 when it was gearing up.

All of this was about taking a data-centric approach to feed Watson Health’s machine learning models. For whatever reason, it didn’t really work as planned, but it was a big part of former CEO Ginni Rometty’s plan to modernize the company by focusing on areas like cloud and AI.

Rometti was optimistic when she spoke to the Harvard Business Review in 2017:

Our moon shot is bringing world-class health care to every corner of the world. Some of that is already happening. Watson is being trained by the best cancer centers in the world and then being rolled out across hundreds of hospitals in China and India. Some of those areas have just one oncologist for maybe 1,600 patients. People in those regions have had no chance of getting world-class health care. Now they can, with Watson as an oncology adviser assisting doctors with decision making. And this is just the start.

But Rometti left in 2019, and her replacement, Arvind Krishna, has different priorities. He told Axios that broad healthcare vision might have been too optimistic. That could explain why IBM is looking to get out, Holger Mueller, an analyst at Constellation Research tells me.

“IBM is really focussing on its hybrid cloud strategy. In the process it is trying to get rid of all assets that divert attention and capital, as well as carrying the risk of reputational damage. Watson Health certainly qualifies for all three, so it comes as no surprise that IBM may divest the unit,” Mueller said.

While IBM will likely continue to pursue healthcare business in other ways across the company, even if it ends up dumping Watson Health, it would have to be considered a failed strategy after pouring so much money into it and getting so little back. Of course, it still qualifies as a rumor, even if it wouldn’t be a huge surprise to see it come to pass.

Source: Tech

Tech

Boston Dynamics’ warehouse robot gets a $15M gig working for DHL

Published

on

Back in March of last year, Boston Dynamics unveiled its second commercial robot, Stretch. The system, built from its impressive box-moving Handle concept, is designed to bring the company’s advanced robotics technologies into a warehouse/logistics setting – easily one of the hottest categories in robotics, these days.

Today the Hyundai-owned firm announced its first commercial customer – and it’s a big one. Logistics giant DHL has committed to a multi-year, $15 million deal (or “investment” as the parties are referring to it) set to bring the robot to its North American facilities. Specific details on the number of robots being purchased haven’t been revealed, but Boston Dynamics says it’s going to be bringing a “fleet” of the robots to DHL logistics centers over the next three years.

Stretch will get to work unloading trucks to start – a feature its creators have highlighted as a key part of its initial rollout. Additional tasks will be added, over the course of the roll out, in an effort to further automate the package handling process.

Says CEO Robert Playter, “Stretch is Boston Dynamics’ newest robot, designed specifically to remedy challenges within the warehouse space. We are thrilled to be working with DHL Supply Chain to deliver a fleet of robots that will further automate warehousing and improve safety for its associates. We believe Stretch can make a measurable impact on DHL’s business operations, and we’re excited to see the robot in action at scale.”

The partnership will be a key proving ground for Boston Dynamics’ commercial ambitions beyond its on-going Spot deployment. Package handling is an intensive, highly repetitive job that requires long hours, strain and multiple points of failure. This will be a major test for the company under Hyundai, which has sought to further its commercial ambitions.

For DHL, meanwhile, it’s an opportunity to automate some logistics roles during a time when blue collar jobs have proven difficult to keep staffed. It’s also a chance to more fully embrace automation as it competes with the likes of Amazon, which has begun steadily encroaching on the package delivery space.

Source: Tech

Continue Reading

Tech

Polly snags $37M in Menlo-led Series B to automate workflows for mortgage lenders

Published

on

Polly, a SaaS technology startup aiming to “transform” the mortgage capital markets, announced today that it has raised $37 million in a Series B funding round led by Menlo Ventures.

New backers Movement Mortgage, First American Financial and FinVC joined existing investors 8VC, Khosla Ventures and Fifth Wall in participating in the round. The latest financing brings the San Francisco-based startup’s total funding raised to $50 million.

Adam Carmel, founder and CEO of Polly, says the company has increased its customer count by nearly 3x over the past year, including “several of the country’s top 100 lenders.”

He founded the company in 2019 under the premise that while many industries have undergone digital transformation initiatives, the mortgage industry is still largely reliant on “the same expensive and cumbersome processes and tasks that have been in use for decades,” Carmel said. 

Polly’s mission is to fundamentally change the way lenders and loan buyers operate by giving them the ability to make data-driven decisions. The company’s software is “uniquely configured to automate customer workflows and improve execution — from rate lock to loan sale and delivery,” Carmel said.

Carmel previously founded Ethos Lending (which sold to Fenway Summers in 2014) and it was that experience that helped him conclude there were serious gaps in the market for automating workflows for lenders.

The need certainly seems to be there. For example, one company in the space is Optimal Blue, which was purchased by Black Knight for $1.8 billion in 2020. 

Carmel believes Polly stands out from others in the industry in that it is helping create a fourth category in the mortgage sector — capital markets.

“I viewed it as a sizable opportunity to build a vertically integrated software platform that would automate workflows for a mortgage company,” Carmel told TechCrunch. “My view is that over time consumers are going to expect not only a digital experience but also a mortgage product, loan and associated pricing that are customized and tailored for specific purposes.”

To that end, he added, Polly is laser focused on doing just that so that its customers “can configure individual loans as dynamically as they would like.”

“The goal is that ultimately, they are able to deliver a lower mortgage price to their consumers or to their customers while increasing their own profitability,” Carmel said. “We want to help these lenders move away from spreadsheets and telephony and email as a transaction medium, and instead do everything in the cloud. Over time, we want to be able to transition into a system of record for the customers themselves.”

Polly, he said, is able to help configure loans on a multi-dimensional basis.

The startup has increased its customer count by nearly “3x” over the past year and signed several of the country’s top 100 lenders. While it invested mostly on its product in 2021, it plans to put some of its new capital toward its go to market strategy while continuing to be “heads down focused on product.” That includes expanding its product and engineering teams and investing in AI and machine learning capabilities. 

“The next year or two is going to be a really exciting time for us,” Carmel said. “We see this as a compelling window and opportunity to really help transform the market.”

Menlo Ventures partner Tyler Sosin, who is joining Polly’s board of directors as part of the financing, believes the startup is “taking on a sector held back by sclerotic incumbents with dated, disconnected and dragging solutions” and “driving transformation and winning customers at an impressive rate.”

He said Menlo was interested in leading the company’s Series A round but “was a little bit too slow.” Impressed with Polly’s traction even at that point, the firm still participated in that financing with a smaller check and stayed close to the company.

We’ve gotten to know Adam and seen how the customers and the product and the team had evolved, so we leaned into the lead this round,” Sosin told TechCrunch.

Source: Tech

Continue Reading

Tech

Tinder updates its approach to handling reports of serious abuse and harassment

Published

on

As a result of its ongoing partnership with nonprofit and anti-sexual assault organization RAINN (Rape, Abuse & Incest National Network), Tinder today announced a handful of product improvements as well as training for internal teams at the dating app maker designed to better support survivors of abuse and harassment. Soon, Tinder also says its members will have access to background checks on their matches through Garbo, a nonprofit the dating app maker invested in last spring.

One key aspect of the partnership with RAINN involved training Tinder’s customer care team. Through the training, staff learned how survivors may report abuse and harassment, and how to spot reports of serious abuse — even if the reports use vague language to describe the events. The training, which is now also a mandatory part of Tinder’s onboarding and training curriculum, additionally provides instructions on how team members should respond to these types of reports when they occur.

Meanwhile, in the Tinder app, survivors will gain access to a more direct way to report someone they’ve unmatched with, even if they’ve waited some time before making their report. And they can now opt whether or not they want to receive follow-up information about actions taken, as some prefer to receive updates and others do not.

The app will also provide alternative support options, as not everyone will feel comfortable making a direct report. Through the Tinder Safety Center, a dedicated Crisis Text Line will be provided as well as the upcoming feature offering access to background checks on matches from Garbo. Tinder invested a seven-figure sum into New York-based Garbo in March 2021, which offers an alternative to traditional background checks that surface a wide variety of personal information — like drug offenses or minor traffic violations. Garbo instead focuses on whether or not someone’s background indicates a history of violence. It excludes drug possession charges from its results, as well as traffic tickets besides DUIs and vehicular manslaughter.

The Tinder Safety Center is now also accessible from anywhere in the app, reducing the number of taps it takes for a user to locate the resource.

“Our members are trusting us with an incredibly sensitive and vulnerable part of their lives, and we believe we have a responsibility to support them through every part of this journey, including when they have bad experiences on and off the app,” said Tracey Breeden, VP of Safety and Social Advocacy for Tinder and Match Group, in a statement about the changes. “Working with RAINN has allowed us to take a trauma-informed approach to member support for those impacted by harassment and assault,” she added.

Breeden, who held a similar position at Uber, joined Tinder in September 2020 as Match Group’s first-ever head of safety and social advocacy, tasked with overseeing the company’s safety policies across its apps, including Tinder, Hinge, Match, OkCupid, and Plenty of Fish.

Tinder and other dating apps have put a higher focus on member safety features after a 2019 report revealed how dating apps run by Tinder parent Match Group allowed known sexual predators to use its apps, due to the lack of background check features. Other reports have highlighted the very real safety concerns that accompany the dating app market, particularly those impacting young women — a key dating app demographic.

In early 2020, Tinder invested in Noonlight to help it power new safety features inside Tinder and other Match-owned dating apps, ahead of its investment in Garbo.

But Tinder’s changes aren’t only about protecting dating app users — they’re about protecting Tinder’s business, as well.

Tinder’s top U.S. competitor, Bumble has marketed itself as being more women-friendly, launching a number of features designed to keep users safe from bad actors, like one that prevents abusers from using the “unmatch” option to hide from victims, for example. Tinder has followed suit, launching new safety features of its own.

The company has also felt the pressure to get ahead of coming regulations impacting tech companies, like those operating social media apps and dating services. Tinder, which dominates the dating app market, today plays in social networking as well, with additions like quick chat features, an interactive video series, and other additions to its new Explore hub in the app.

“By adopting more trauma-informed support practices, Tinder will be better positioned to support members who may have experienced harm and take faster, more transparent action on bad actors,” noted Clara Kim, Vice President of Consulting Services at RAINN, in a statement.

Source: Tech

Continue Reading

Trending