TeraRecon, a provider of advanced visualization and enterprise medical image viewing solutions has acquired McCoy Medical Technologies, a developer platform and API interface for algorithm developers, partners and end users. Financial terms of the acquisition were not disclosed.
Founded in 2016, McCoy facilitates the streamlined distribution and hospital implementation of evidence-based practices and trained machine learning algorithms via a vendor neutral distribution platform. The McCoy platform allows users anywhere to access cloud-based algorithms without requiring access to the algorithm code or training data to protect PHI and developer intellectual property. McCoy assists research institutions and emerging AI companies in the translational and commercialization processes, starting with rapid deployment via a scalable, secure, cloud-based infrastructure.
As part of the acquisition, a new company has been formed named WIA Corporation to provide simplified access to artificial intelligence (AI) algorithms with a focus on integrations that connect the work of individual end users, machine learning researchers, open source organizations and diagnostic imaging companies. The company’s products include a developer platform and a vendor neutral API interface for integration partners designed to streamline the distribution and hospital implementation of evidence-based practices and trained machine learning algorithms.
The new independent company will retain the McCoy Medical advisory board, including three world-leading imaging informatics experts and serial entrepreneurs: Dr. Eliot Siegel, Dr. Paul Chang and Dr. Khan Siddiqui.
Dr. Eliot Siegel shared, “This decade has seen a proliferation of extremely impressive applications leveraging machine learning, especially for computer vision. Today, there is a real need for simpler, standards-based channels to socialize, access and apply these technologies. The TeraRecon and McCoy venture holds great potential to be among the first to develop and commercialize their offerings in the form of a truly open platform community. This kind of approach is exactly what is needed for the amazing innovations in AI to achieve widespread utilization.”
Jeff Sorenson, TeraRecon President and CEO, said “The new company’s platform is open to everyone, from individual physician-inventors, to research institutions, and the world’s largest PACS vendors alike. Together, this new company becomes a catalyst to join the various AI communities together.” He continued, “Our goal is to incubate and accelerate a new kind of AI platform that allows a proven algorithm to be productized in 20 minutes.”