The projected market size of global AI in healthcare will reach US$120.2 billion by 2028
To provide AI and data-engineered mental health solutions, the health-tech company Nurosene Health Inc. has agreed to purchase pharmatech NetraMark Corp.
Nurosene announced Tuesday that it has signed a non-binding term sheet to acquire all issued and outstanding shares of NetraMark Corp. The proposed purchase price, reported on August 10, is $15 million, payable in cash and common shares.
Nurosene owns the brain health technology, Nuro App. Ontario-based Netramark is a developer of AI and machine learning solutions for pharmaceutical and biotech companies.
With the acquisition of Netramark, Nurosene said it has decided to shift its resources to improve the Nuro app by using Netramark’s data analytics and AI technology.
Dr. Joseph Geraci, PhD, Founder and CEO of Netramark, said in a press release “By building upon the established AI and data-driven techniques of NetraMark's products, we can effectively accelerate Nurosene's mission to improve mental wellness by evaluating and predicting optimal treatments and therapeutic formulations in collaboration with their proprietary mobile application."
By 2028, the projected market size of global AI in healthcare will reach US$120.2 billion.
Ranj Bath, Nurosene CEO, said in a press release, "The size of the market and projected growth of AI in healthcare, leaves no question for Nurosene and the acquisition of NetraMark. The technology NetraMark has developed will position Nurosene to be a key player in this sector.”