TeraRecon Acquires McCoy Medical Technologies
By Medimaging International staff writers
Posted on 01 Jun 2017
Image: TeraRecon has acquired McCoy Medical Technologies, a machine learning company (Photo courtesy of iStock).
TeraRecon, a provider of advanced visualization and enterprise medical image viewing solutions, has announced the acquisition of machine learning company, McCoy Medical Technologies.
TeraRecon is an independent, vendor neutral medical image viewing solution provider with a focus on advanced image processing innovation. Its solutions advance the accessibility, performance, clinical functionality and medical imaging workflow throughout many areas of the healthcare ecosystem. The company provides advanced visualization 3D post-processing tools, as well as a spectrum of enterprise medical image viewing, diagnostic interpretation, image sharing, cloud, interoperability and collaboration solutions.
McCoy provides a developer platform and API interface for algorithm developers, partners and end users. It 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. It assists research institutions and emerging AI companies in the translational and commercialization processes, starting with rapid deployment via a scalable, secure, cloud-based infrastructure. McCoy also works with distribution partners, including TeraRecon, to make algorithms on the platform available to a very wide footprint of hospitals and, ultimately, to physicians.
As part of the transaction completed earlier this week, a new independent company, initially called WIA Corporation, has been formed to provide simplified access to 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.
“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,” said Dr. Siegel, a leading imaging informatics expert and member of the McCoy Medical advisory board. “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.”
“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,” said Jeff Sorenson, TeraRecon President and CEO. “Our goal is to incubate and accelerate a new kind of AI platform that allows a proven algorithm to be productized in 20 minutes.”