The ARM Hub and MTPConnect unveiled a joint accelerator to help biomedical companies harness the power of data and artificial intelligence (AI) in San Diego today as part of Australia’s trade mission at the global BIO convention.
Advanced Robotics for Manufacturing (ARM) Hub and MTPConnect launched the Biomedical AI Sprints Accelerator (BASA) with Hon. Ed Husic MP, Minister for Industry and Science at Australia’s Pavilion at BIO2024, the world’s largest and most comprehensive biotechnology event.
BASA will offer $25K to $50K in matched funding and will upskill a selected number of high growth companies in the use of AI and data analytics, provide access to affordable data management infrastructure, and create a tech-ready workforce.
MTPConnect’s skills gap analysis work has identified AI expertise gaps which are potentially holding back growth of Australia’s life sciences sector.
This sector has gaps/shortages in understanding of and expertise in big data capture, management and analysis, and expertise in the design and use of artificial intelligence.
The accelerator initiative by the ARM Hub and MTPConnect is designed to directly address these gaps and drive understanding and business adoption of this transformative technology, leveraging advanced AI tools and expertise.
ARM Hub CEO and Founder Professor Cori Stewart said the smart use of data and AI was the next frontier in scaling innovation and modernising manufacturing.
“The Biomedical AI Sprints Accelerator represents a strategic investment in Australia’s biomedical industries,” Professor Stewart said.
“It will foster a high-skill workforce that will enable our small and medium businesses to scale and compete at a global level. The ARM Hub is actively helping companies large and small create modern data platforms to collate and maximise business intelligence.
“This initiative promises substantial economic returns and solidifies Australia’s leadership in medical manufacturing and innovation.”
Biomedical companies in Australia and those looking to expand internationally will benefit from customised AI solutions and gain the skills needed to manage and maintain advanced data and AI platforms.
MTPConnect CEO Stuart Dignam said this groundbreaking program will address an urgent need for specialised data and AI services within the Australian biomedical sector.
“There is no time to wait to start building AI capabilities for our medical science SMEs developing innovations if we are to compete globally.,” Mr Dignam said.
“It is fitting that we’ve signed this agreement at the global BIO convention, where all the talk is of harnessing AI and how it can accelerate innovation in biotech and medtech.
“We are delighted to be working with the team at the ARM Hub to make this AI accelerator a reality. We share mutual industry interests to support innovations in medical product discovery and to advance human health,” Mr Dignam said.
Fast facts
- This is a joint initiative between the ARM Hub and MTPConnect, Australia’s leading life sciences innovation accelerator. Both are independent, not-for-profit organisations.
- The accelerator will provide companies with bespoke roadmaps guiding their adoption of data and AI management platforms, which can be expensive for small and medium businesses.
- The accelerator will train participants and their staff in using next-generation technology, which will assist in staff retention and recruitment.
- AI enables companies to access the powerful information contained within their data. Every business collects data, whether from operations, sales or customers. Unfortunately, many companies miss out on valuable intelligence because they do not have the ability to bring the data from its many sources into one platform. This is particularly true for small and medium-sized companies (93% of all Australian business) because they cannot afford to build and maintain internal data management infrastructure.
- The accelerator will provide solutions to companies who want to collate their data to generate benefits.
For more information or to apply, please contact Angela Reed at angela.reed@armhub.com.au or telephone +61 (0)430 197 158.