doc.ai Incorporated (“doc.ai”), a San Francisco, CA-based digital health startup building an advanced natural language processing technology platform for quantified biology has raised $2.3 million in pre-ICO (initial coin offering) or initial sale of Simple Agreements for Future Tokens (“SAFTs”). A total of ten purchasers acquired SAFTs led by Pantera Capital.
The early pre-sale of doc.ai’s SAFTs, which are convertible into digital tokens named Neurons (“NRNs”), was limited to existing investors and advisors who have either helped support doc.ai in the past, or have demonstrated the desire to partner and support the Neuron Network.
NEURON Network Overview
NEURON is a decentralized artificial intelligence platform which allows anyone to connect to the network and train their own AI, by pushing deep learning to edge devices (smartphones). Using artificial intelligence, doc.ai personalizes conversations with patients on their health data via a mobile app, and is available to provide information 24/7. For example, a patient can ask the AI questions such as “What should be my optimal Ferritin value based on my iron storage deficiency?” or “How can I decrease my cholesterol in the next 3 weeks?” or “Why was my glucose level over 100 and a week later it is at 93?” AI provides the answers and additional context for each answer. Patients can leverage conversations with the AI-powered robo-doctor to achieve better health outcomes from consultations with their physician.
The Neuron (NRN) tokens give access to the AI network and reward the users (individuals or when the unite they become research organizations) who train their AI with tokens.
With these tokens they can broadcast a competition on NEURON and create a bounty (prize) for data scientists. When these succeed in building a prediction model that provides unique insights into the proposed personal quantified biology profile, they win the prize.
The initial coin offering (ICO) or crowdsale process is expected to start on September 28, 2017. The solicitation, offer, and sale of SAFTs in all phases will be conducted in a manner that is compliant with applicable securities laws and regulations, including Rule 506(c) of Regulation D. In the United States, only verified accredited investors will be eligible to purchase SAFTs.
The total number of NRN to be created will be based on the number of neurons in the human brain, 86 billion. Total of 860 million NRN will be created, with one NRN representing 100 neurons in the human brain. Approximately 37% of the total number of NRNs is expected to be sold in the SAFT offering. doc.ai plans to use the funds raised from the sale of SAFTs to further develop its platform and technology.
“The initial pre-sale demonstrates for doc.ai the confidence of these investors,” said doc.ai founder and chief executive officer Walter De Brouwer in a statement. “We believe that artificial intelligence is poised to revolutionize healthcare and drastically improve patients’ care and experience, and our investors have proven their adherence to our vision.”
Over the next twelve months, doc.ai plans to roll out three AI-powered natural language processing modules to medical providers and payers: