Artyom Trofimuk

Some really exciting and continued advances in the GenAI space in terms of companies that are starting to see momentum and getting interest from investors! Personally watching this space is really exciting because it's amazing to see with all the focus on value and outcomes; these companies are showing that they can scale and deliver true business results.

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November 23 2024 – 5 Notable Articles To Read 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Smart ring maker ŌURA hits a $5B valuation after raising $75M 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: In September, the Finnish healthtech company acquired the Finnish glucose monitoring startup Veri (acquired by ŌURA), followed by the U.S.-based health data company Sparta Science (acquired by ŌURA) in October. The Oura Ring tracks various health metrics, including heart rate, body temperature, blood oxygen levels, time to fall asleep, and the balance of deep, light, and REM sleep. 𝗦𝗼𝘂𝗿𝗰𝗲: Sifted 𝗟𝗶𝗻𝗸: https://lnkd.in/dJdjjedA 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Amcor to Buy Berry Global, Inc. in $8.4B Stock Deal 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: A stock exchange deal set to form a consumer and healthcare packaging company with approximately $24B in annual revenue. 𝗦𝗼𝘂𝗿𝗰𝗲: The Wall Street Journal 𝗟𝗶𝗻𝗸: https://lnkd.in/dw-hFKkM 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Milan beats London and New York as home to most expensive shopping street 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: The maximum rents landlords can charge luxury retailers on the street have surged by 11% over the past year to €20K a square metre annually, making it the highest headline rent for retail spaces among the 138 global destinations monitored by real estate firm Cushman & Wakefield. 𝗦𝗼𝘂𝗿𝗰𝗲: Financial Times 𝗟𝗶𝗻𝗸: https://lnkd.in/d_Z3b25s 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Family offices increase exposure to alts 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: 82% family office professionals, including those from multi-family offices, anticipate that their organizations' appetite for investment risk will grow, with 12% predicting a significant increase. 𝗦𝗼𝘂𝗿𝗰𝗲: Funds Europe 𝗟𝗶𝗻𝗸: https://lnkd.in/d_vM49sb 𝗔𝗿𝘁𝗶𝗰𝗹𝗲: Snowflake Talks With Anthropic About AI Partnership 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Snowflake engaged in discussions with Anthropic regarding a potential LLM partnership. If finalized, the agreement could help CEO Sridhar Ramaswamy address investor concerns about Snowflake's competitiveness against rivals like Databricks, Microsoft, and Amazon in the generative AI market. 𝗦𝗼𝘂𝗿𝗰𝗲: The Information 𝗟𝗶𝗻𝗸: https://lnkd.in/dWdkUrza #news #ai #business #research #investment

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When I first started ETA Technologies, many voices cautioned against it. "VC is a spray and pray game - it was and it always will be..." they said. As a former VC, I can't deny this has been a prevalent method in the industry. However, in today's environment, I believe it's crucial to question whether this has truly yielded results we can be proud of. Shouldn't we strive for a more data-driven approach, one that directs money into the hands of the most capable founders? Undoubtedly, a more accurate capital deployment strategy would lead to better success ratios and higher returns on investment. The challenge lies in determining what exactly to measure. At early stages, tangible metrics may be scarce, and much of the decision-making relies on forecasts or predictions. This is where ETA comes in. We're in the forefront of the battle to make VC more data-driven by leveraging psychometric testing technology powered by AI. Our aim is to provide VCs with a quantified and scientific analysis of the most crucial factor they're investing in: the people. The Data-driven VC Landscape 2024 is one of the most significant reports I've encountered regarding the future of the industry. I extend my gratitude to Dr. Andre Retterath for his research and hard work in compiling it, as well as to Christopher Valquenich Döbereiner, Affinity.co, Deckmatch, Harmonic, People Data Labs, and VESTBERRY for their contributions. #fundraising #ai #venturecapital

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For Health Tech Startups, building a Painkiller product will increase your probability of success… BUT it may also just reinforce the problematic Status Quo👇 Here’s another way of framing it: → Starting with a visionary product in mind often leads to a Nice-to-Have Vitamin (i.e. it’s really hard to get anyone to care about a better future when they’re struggling just to deliver healthcare in the current system) → BUT solving a problem for the current Market sometimes often means you’ll just be making things incrementally better… for an existing suboptimal state of care. Let me explain with an example… When we started SeamlessMD 12 years ago to digitize patient journeys (e.g. pre/post-surgery), it was incredibly visionary because we were asking providers to join us in transforming MANY things at once: → Transitioning from static, one-size fits all paper instructions to automated, personalized digital reminders and  education on mobile/web → Empowering patients to track symptoms and health status digitally at-home (when patients weren’t even being asked to track symptoms on paper) → Providing alerts and dashboards to clinicians to monitor patients at-home and catch problems earlier (when clinicians were at-best doing one post-discharge phone call, but often nothing at all). → Caring to improve clinical outcomes such as length of stay, readmissions, etc. when often there was a lack of financial incentive to do so So unsurprisingly it was a MASSIVE struggle to get health system partners for many years. Lots of enthusiasm and lots of successful clinical studies… but mediocre health system adoption. Luckily we stuck it out and the market factors changed enough over the recent years to evolve our “Vitamin” closer to a “Painkiller”. But if I went back to 2013 with the goal of building a similar business with the highest chance of succeeding, I would start with the Market and work backwards to the Product Vision. I might think to myself: → There is an existing Market category for print education and PDFs → There is a more recent Market category for patient education videos → There is an existing sales and marketing motion for these categories, so if I make a better version of these, I can build a sustainable business And I’m sure we could’ve built a reasonable business out of that. We would probably have spent less time worrying about whether we’d be around in a year and more time actually working with health systems. BUT ultimately we also would not have had the same dramatic impact on helping health systems reduce length of stay, readmissions, mortality and costs in a truly transformative way. That’s why there’s no single right answer to whether innovators should build a Vitamin (that has a small chance of being a future Painkiller) or something that is probably a Painkiller today. Probably the right answer is whatever gives you energy and motivates you to build.

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One of the most important concepts we introduced in our recent Healthcare AI roadmap is the notion of “Modality—Business Model—Market fit.” This concept describes how the delivery method and business model of AI in healthcare directly shape its potential to create value. There are many possible combinations of modalities and business models in healthcare. AI can be delivered as software, copilots, agents, services, diagnostics, or therapeutics, supported by business models ranging from usage-based and volumetric pricing to performance-based and shared savings arrangements. Nailing selection of modality and business model is essential for AI companies seeking large market opportunities and profitable operations. As we describe in an example with computer vision-based diabetic retinopathy screening, modality and business model selection can drive a difference in TAM by upwards of 25x, and has serious implications for overall margin structures. Read more here 👉 https://lnkd.in/eK7rjpJz

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My VC-tech newsletter for the first half of September can be summarized in 5 words - Summer Slump and AI Hype - https://lnkd.in/eHuihDec European VC Market 📉 August was the worst month for European startup funding since April 2017, with only €1.8bn raised across 247 funding rounds. 📈 Despite this, median late venture rounds are growing in size, with the median Series B round size up 40% year on year. Global VC Trends 📉 The number of VC transactions continued to decline in Q2'24, to 4,207 from 4,452 in Q1. 📈 However, aggregate value ticked up to $69.4bn from $61.2bn, boosted by tech deals. 🚨 Exits continued at a very moderate pace, with only 13 VC-backed IPOs in Q2 compared to 44 in Q1 2024. AI Update 🤖 AI features prominently among the 6,868 VC funds currently in market worldwide, aiming to raise a combined $462.6bn. 💰 The US has increased its domination of VC in recent years, with prominent funds like Andreessen Horowitz and Balderton Capital investing heavily in AI (A16Z did close their Miami shop which Khosla shrugged off). Mega-Deals and IPOs 🚀 Safe Superintelligence raised a $1+ billion round at a reported $5 billion valuation, while OpenAI and Coreweave are out to raise unprecedented rounds. 💰 Sequoia Capital bought $861 million worth of Stripe shares. IPO 🔔 Companies like OpenAI, CoreWeave, and Rebellions are reportedly planning IPOs. Come along for much else on how VC valuations shaped up in early Sep, the California AI act, AI eating jobs at your favourite BNPL shop, Paul Graham's awesome new article on 'founder mode'. #VC #Startup #Tech #AI #IPO #VentureCapital #Funding #Innovation

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AI startups are commanding massive investments, with 1 in every 3 VC dollars now going to AI. Notably, Safe Superintelligence Inc. (SSI), an early-stage startup, secured a $1B round, becoming the 9th AI company to achieve a billion-dollar round this year. Despite investor confidence and FOMO, many fledgling AI startups may not meet high expectations and could face significant challenges ahead. Will AI investments continue at this pace? #AI #VC #TechInvesting #Startups #Innovation

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Last month, I attended an event by GP Bullhound and was surprised to see #Flo as a unicorn candidate—a non-AI consumer-facing app. My initial reaction was, "Okayyyyyy, let’s see." And here we go! Yay, a new non-AI unicorn 🦄 on the market, and it addresses a female-centric topic. The internet couldn't be more divided—yay, femtech! Nay, tech bro raised from finance bros! I started using Clue before Flo even entered the market. I never switched, although I've been tracking more with the ŌURA ring recently. Honestly, I didn't feel the need to switch until I started working with Gen Zs. My Gen Z colleague praised Flo's cute, Gen Z-friendly app vibe and design. Clue, a German company and app, faces immense skepticism from investors regarding anything consumer-facing. But why? Data, insights, market trends, etc., all stem from consumer-facing companies! Just check the app stores—how many trending apps are made in Germany? How can we foster innovation if we can't directly reach consumers? You don’t need to understand #TikTok to recognize its power!

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Meeting VC expectations at different funding stages involves hitting specific milestones. For Pre-Seed and Seed stages, focus on developing a strong MVP (Minimum Viable Product) and gaining initial customer traction. Series A typically requires demonstrating significant revenue growth and a scalable business model. Series B and beyond demand proven market fit and consistent revenue streams. Great presentation Michael Ho! #venturemilestones #preseed #seed #seriesA #seriesB #fundraising #mvp

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Incredibly excited to share our updated Healthcare AI thesis. This is not a market map – in 4,000 words, we dive deeply into the research, products, business models, and market entry points that are reimagining healthcare with AI. More specifically, we cover: • Translating AI research into real-world products • Mapping modalities (software, copilots, agents, services, diagnostics, therapeutics) to problems in healthcare • Designing AI business models that unlock billion-dollar markets • Closing current gaps in healthcare AI infrastructure • Distinguishing AI platforms from point solutions Let us know what you think ⤵️

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🚀 Hebbia, an AI startup, has raised an impressive $130M at a $700M valuation, shining a light on the increasing demand for AI-driven solutions. This significant milestone reveals the potential and profitability of innovative AI applications, with $13M in profitable revenue. Check out the full story on TechCrunch. #AI #TechStartups #Innovation #Funding #TechNews #ArtificialIntelligence #StartupSuccess

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More great advice on raising captial!

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Absolutely brilliant analysis Ankit Anand , I explain this to most Business Analyst & whose experience does not go beyond Desk Research of Historical information & only Field experience can capture the changing dynamics in the Indian #Medtech or #meddevices sector. The #Deeptech #Business while solving very specific problems can turn in superlative performance because of the possible moat of not many takers to back & players. Most #investors in #Healthcare prefer to take the road more travelled often than the #Road less travelled.

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I have been involved in startups since 2012 and am currently working on my revolutionary startup UchGuch. Among consultants, I often meet the opinion that a startup team needs to focus on one idea. But this is contrary to the skills of a startup team, if you meet a cool startup team, they can quickly come up with and validate ideas and this is their main task in the market, that's why they are looking for investments, to create a team that will develop a failed successful idea. But practically none of the available tools on the market allows a startup team to register or apply for all the ideas they have in the pipeline at once. Often startups themselves burn out as the graveyard of hypotheses grows. If a startup team cannot recognize in time that their hypothesis is not promising and honestly tell the investor about it, a lot of money will be spent and there will be a lot of frustration for everyone. The series Billions Season 3 Episode 3: - This box can't be put back together, right? It has to be thought of and acknowledged?

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Struggling with how I feel about the $200 million investement in Flo yesterday.. On one hand at least the #economic benefit of #FemTech is being recognised. It is clearly #investible! (But, it isn't like women haven't been saying that for decades now or anything..☝️). I hope this means I no longer have to defend the commercial benefits of improving women's health for our entire #global #economy.. when this #disparity in women's healthcare, means that currently over half the population are limited from contributing to the #economy during their most productive years! 😡😡😡 But on the other hand, it is #disappointing that out of all the incredible #FemTech companies that exist, which are founded by brilliant women founders - that the one that gets the biggest #valuation and #investment is the one founded by two #men.. What #angered me the most, was I saw comments from men such as "maybe they just had a really good pitch..", - how about as commercially minded as these founders may be - they will never have as good domain expertise as a #woman, when it comes to managing #reproductive #health, and the #barriers that #women experience every day in the #health-#care #system. If this doesn't highlight the #gender #bias in the investment landscape, I do not know what does. https://lnkd.in/gae_f8SR #genderbias #investment #genderequity #femtech #startup #entrepreneur #reproductivehealth #womenshealth #venture #success #acheivement

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Everyone is talking about Forward, the US HealthTech company that raised $500M to reinvent primary care by introducing AI-powered care pods - only to go bankrupt. Nevertheless, it is clear that #outpatient care will change significantly in the next 10 years across all regions. I wrote down a few thoughts, focusing on Germany. 1️⃣ 𝐈𝐧𝐜𝐮𝐦𝐛𝐞𝐧𝐭𝐬 𝐰𝐢𝐥𝐥 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐫𝐞𝐢𝐧𝐯𝐞𝐧𝐭 𝐭𝐡𝐞𝐦𝐬𝐞𝐥𝐯𝐞𝐬 CompuGroup, the top EHR provider for outpatient care in Germany, has seen its stock price fall sixfold in three years (from €82 in September 2021 to €14 today). By keeping their systems closed, incumbents are setting themselves up for a slow decline. 2️⃣ 𝐓𝐡𝐞 𝐧𝐮𝐦𝐛𝐞𝐫 𝐨𝐟 𝐬𝐲𝐬𝐭𝐞𝐦 𝐢𝐧𝐬𝐭𝐚𝐥𝐥𝐬 𝐰𝐢𝐥𝐥 𝐬𝐡𝐫𝐢𝐧𝐤 𝐢𝐧 𝐯𝐨𝐥𝐮𝐦𝐞 𝐛𝐮𝐭 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐯𝐚𝐥𝐮𝐞 Today, there are 110k installs of EHR software in outpatient care in Germany. This number is expected to shrink, as single medical practices are being replaced by bigger offices, employing (part-time) physicians. However, it will be much easier for physicians to purchase SaaS solutions with proven ROI directly from a curated marketplace, hence increasing overall software sales in €. 3️⃣ 𝐓𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐬𝐭𝐢𝐥𝐥 𝐦𝐚𝐧𝐲 𝐯𝐚𝐫𝐢𝐚𝐛𝐥𝐞𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 I mapped 15 players in Germany, but there are many more (and this analysis could be replicated for every country, each with its own unique list of players). Some focus on excelling in reactive care, while others prioritize proactive care models. Some pursue a national go-to-market strategy, while others build very localized ecosystems. Ultimately, as is often the case in #healthcare, regulators will determine who wins, who loses, and how long it will take for the sector to fully transform. 4️⃣ 𝐈𝐭 𝐰𝐨𝐧'𝐭 𝐛𝐞 𝐚 "𝐰𝐢𝐧𝐧𝐞𝐫𝐬 𝐭𝐚𝐤𝐞 𝐚𝐥𝐥" A local ecosystem, where a HealthTech player owns the medical practices of a micro-region and is fully integrated with all local healthcare stakeholders, is highly defensible (even with 10 practices only). So we might see many "Asterix Villages" saying no to the biggest #HealthTech players. Will these Asterix villages be 10% of the landscape? Or 50%? 5️⃣ 𝐖𝐡𝐨 𝐰𝐢𝐥𝐥 𝐰𝐢𝐧? 𝐃𝐨𝐜𝐭𝐨𝐥𝐢𝐛 𝐨𝐫 𝐌𝐞𝐥𝐢𝐯𝐚? Among the 15 players I identified, Doctolib (Europe's largest HealthTech with a $6B valuation) and Meliva (part of Mehiläinen, a Finnish health system that recently raised $2B to grow) are the two giants. Doctolib uses a national approach, sending a large sales team to convince medical practices to join. Meliva, in contrast, is buying medical practices directly and expects to own over 100 by the end of the year. This approach is more cash intensive and more difficult to scale... but also highly defensible (as mentioned before). Meliva (obviously) uses its own tech stack, not Doctolib's. If private equity steps in and more "Meliva-style" players enter the market, Doctolib would be at risk.

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"Med42-v2 Released: A Groundbreaking Suite of Clinical Large Language Models Built on Llama3 Architecture, Achieving Up to 94.5% Accuracy on Medical Benchmarks Researchers from M42 Abu Dhabi, UAE, have introduced the Med42-v2, a suite of clinical LLMs built on the advanced Llama3 architecture. Developed by the team at M42 in Abu Dhabi, these models are meticulously fine-tuned using specialized clinical datasets, making them particularly adept at handling medical queries. Unlike generic models, which are often preference-aligned to avoid answering clinical questions, Med42-v2 is specifically trained to engage with such queries, ensuring that it can provide relevant and accurate information to clinicians, patients, & other stakeholders in the healthcare sector. The development of Med42-v2 involved a two-stage training process designed to optimize the models for clinical use. The Llama3 models were fine-tuned in the first stage using a curated dataset that included medical and biomedical information, chain-of-thought reasoning, and conversational examples. This stage accounted for 26.5% of the final training dataset and enhanced the models’ ability to understand and generate responses relevant to clinical contexts. The second stage focused on preference alignment, ensuring the models’ outputs aligned with human expectations and ethical standards. This stage utilized datasets such as UltraFeedback and Snorkel-DPO, allowing the models to be iteratively refined to meet clinical requirements..... Read full take on Med42-v2: https://lnkd.in/gC-NzsUt"

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