Women of Wearables: Transforming Healthcare with AI

In the last year, we have seen transformation of healthcare in ways we might not have expected, and is now more accessible, driven by technology and focused on prevention.  As part of the Women of Wearables conference, I attended a panel discussion on how artificial intelligence (AI) can transform healthcare. The pandemic has been a catalyst for change in adoption of AI and adoption of digital technology. The panel discussed the challenges and benefits of using AI within their respective sectors.

It might be thought that regulations may be the biggest barrier to innovation within healthcare, but, Rebecca Wray, Associate Director in Digital Health Oncology at Astra Zeneca said it is the quality of data, and access to it. Access to large-scale, quality data is hugely expensive, and can be a major barrier. Hadeel Ayoub, founder of start-up BrightSign explained how this impacted her, and it meant she chose to collect her own data.

New solutions requiring new data, existing data being held inconsistently and lack of access to data due to privacy concerns pose further challenges for AI in healthcare. The panel also discussed the problems in research and development of AI, especially regarding inbuilt biases that may emerge. Melissa Berthelot, CEO of WarnerPatch explained that all data will be biased to some extent, and is recognised when ethical approval is sought.

One of my investments, Owkin, transforms data into knowledge, and combats some of these challenges. Owkin recognised that researchers, doctors and biologists benefit from available data, however, being able to extract insights becomes more challenging. Owkin’s solution is to build collective intelligence from distributed data at scale, which can provide personalised treatments for everyone without impacting on privacy.

Currently, we cannot expect AI to replace human intuitive aspects, as algorithms cannot assess the context of a patient’s life, but it can be employed in certain situations to alleviate pressure on doctors. As an investor in this space, I am excited to see how AI continues to contribute to innovation within healthcare, ultimately developing faster and more effective treatments for patients.

The Circular Economy

The European Union has set itself an ambitious and necessary goal of obtaining no net emissions of greenhouse gases by 2050. In order to achieve this goal, the European Union has outlined the Circular Economy Strategy Plan, which challenges the traditional methods for the manufacturing, use and disposal of goods. It is also a plan underpinned by the transition to renewable energy resources. For its part, the Spanish government has highlighted the objective to transition to a circular economy which is conducive to the change in behaviour of consumers. This will enable Spain, among other European countries, to transition towards a sustainable energy model. With my busines interest in emerging technologies, I am intrigued as to how manufacturers can put sustainability at the heart of their businesses and whether consumer mentality can be changed to promote the repurposing and recycling of products. New technology and products are created every day; yet for most, their life cycle is linear. Natural resources are extracted, the product is made, it is used by the consumer and then it is thrown away. The Circular Economy Action Plan challenges this model. It proposes a closed loop which would restrict the single use of products. This model replicates the processes of nature, as once an organism decomposes, its nutrients return to the soil which supports the growth and development of new organisms. Transitioning to a circular economy will aid the European Union to support a regenerative growth model that gives back to the planet more than it takes. This model isn’t only crucial to achieve the protection of our planet, it helps protect consumers, makes business sense for manufacturers and promotes competitiveness within the European Single Market. The model protects customers as it advocates for high-quality, functional and safe products, which are efficient and affordable, last longer and are designed for reuse, repair and high-quality recycling. Consumers would be empowered to repair their own products, rather than buying a new product simply because one component in the original product no longer functions. It could also reduce costs as rather than owning a specific product, consumers could licence the use of the product for a fixed term before it is returned to the manufacturer to be repurposed. The transition to a circular economy also makes business sense. The closed loop model for the production of goods could increase the profitability of manufacturers whilst sheltering them from resource price fluctuations. Currently manufacturing firms in the European Union spend about 40% on materials. Production costs could be reduced as consumers could provide them with the products to be repurposed and replaced. A circular economy decouples manufacturers from the availability of the finite raw materials and enables them to become more self-sufficient. In support of the initiative, the International Energy Agency has advocated for policies, which would increase recycling of aluminium, steel, paper and plastics, and material efficiency strategies. Transitioning to a circular economy will also encourage innovation and design whilst promoting competitiveness. A premium will be placed on companies which can implement technology for the effective repurposing of recycled raw materials. Practical hurdles remain to implement such an ambitious project across the whole of the European Union, yet I look forward to seeing how companies respond to the proposals and how they can apply ingenious solutions to increase the use of renewable energy and materials.

LEAP Conference 2020: Is lab-grown meat the future?

At the recent Livestock, Environment and People (LEAP) Conference with the University of Oxford, I was very interested to hear about the benefits of lab-grown or cultured meat in a talk by Professor Burkhard Schafer. I also found Professor Schafer’s discussion of some of the issues in bringing cultured meat products to the market highly illuminating. Cultured meat can be grown through the replication of a small number of animal cells to produce a meat product that is the essentially same as a conventional meat product in all but its source. This brings with it the benefit of bringing no harm to any animals in the making of the product. Additionally, this also brings the benefit of reducing the risk of disease transfer between animals and humans (a process known as zoonosis) which as I am sure you are aware is now a particularly important concern – the world having experienced the dangers this can bring. Research has also suggested that lab-grown meat could have health benefits, with the potential for products with no saturated fat or growth hormones - important considerations to note given the current strains on global healthcare systems. Although currently produced on a small scale at eye-watering cost, if the process of producing cultured meat can be industrialised it would also have the potential to solve food shortages. Despite the wide range of benefits that cultured meat could bring, Professor Schafer also identified a number of possible barriers that these products may meet in coming to the market. For example, the religious and cultural conventions associated with meat, possible health and safety concerns, and the likely stubbornness of the conventional meat industry are all likely to be at issue. In the case of the latter, a similar issue was seen when margarine was first brought to the market in the late 19th century and it seems likely similar resistance would be met here. After this talk, I’m fascinated to see how the technology in this sector progresses to allow for mass production of cultured meat products, and also how the potential barriers to the market are overcome.

Is GreenTech a ‘New Industrial Revolution’?

As an early investor in both the healthcare and biotech sectors, I am always on the lookout for good opportunities to support early stage companies utilising the latest advancements in technology, for example the application of Artificial Intelligence (AI) and machine learning – to improve the health and wellbeing of people across the world. My focus when I first invested in these areas was to support companies whose mission is to help people live longer and healthier lives; and this remains my focus today. Although our portfolio is predominantly focused on healthcare, I’ve long been an advocate for the powerful convergence of technology and science to unlock the potential to make real improvements to the environment, and this will be an area I look forwards to closely following in the coming months. Green technology is a fast-growing area of investment, covering areas such as waste recycling, marine solar, water purification and reuse, energy storage for solar and wind energy, autonomous greenhouses and renewable hydrogen as a fuel source. It's also about innovating the tech that underpins clean energy production such as solar and wind, part of the essential drive to move us away from our deeply damaging global dependence on fossil fuels. The market is still relatively young, but forward-thinking venture capitalists have seen the opportunity, financially and sustainably. A white paper, published today, indicates the Government is beginning to catch up with both the environmental and market demand, realigning its priorities to rebuild the economy with a focus on tech such as innovations to capture and store carbon dioxide, hydrogen fuel cells and offshore wind farms — as well as exploring the potential of artificial intelligence. Boris Johnson built his 2019 election campaign around a promise to help underperforming regions in the UK and this new industrial strategy with its emphasis on green tech is seen as one way to help level the playing field. The future of sustainable societies is inextricably bound up with the ability to create integrated and effective change using all of the talent and innovation we have available. New perspectives are crucial — at all levels. It’s not enough to have national economic growth if local economies are shrinking and concentrating on flattening regional inequality underlines the recognition that a green recovery from coronavirus can't be achieved in just one place. The UK needs investment across every part of the country to boost productivity and this includes looking beyond London to industry centres such as Manchester and Birmingham, as well as the science and technology corridor between Oxford and Cambridge. And for tech start-ups working on green initiatives in underperforming regions and looking for investment, this top-level shift could light the fire under a rocket of innovation that is currently still on the launchpad. Is it a ‘new industrial revolution’? Perhaps not yet. But with a concerted change in industrial strategy that prioritises green tech it’s a chance to rebuild our economy nationally and locally with bricks of opportunity in vital areas such as clean energy, infrastructure and transport. Short-term it can help us to rebound practically from a year of economic and social challenge and restore faith in our ability as a country to create and sustain healthy growth, in the long-term it may prove to be the investment with the biggest return of all — a sustainable, resilient society with a more equal investment in and opportunity for all. Nicole Junkermann is an international entrepreneur and investor, and the founder of NJF Holdings, an international investment company with interests in venture capital, private equity, and real estate. Through NJF’s venture capital arm (NJF Capital), Nicole oversees a portfolio similar in size to a small venture fund across Europe and the US, including in healthcare, fintech, and deep tech.