- HEALWELL completes USD $2,000,000 strategic investment into an xAI investment vehicle as part of its capital allocation strategy where it seeks to enhance and accelerate the development of its healthcare focused data science capabilities by partnering with world class platforms and seeking opportunities to integrate them with its own proprietary data and technology.
- HEALWELL has made this investment through Think 1st Principles (“T1P“), an investment fund founded by HEALWELL shareholder and strategic advisor Massimo Agostinelli, which is the “Muskonomy” arm (Elon Musk oriented fund) of the prominent Agostinelli Family Office backed by billionaire patriarch Robert F. Agostinelli of Rhone Group.
- With this investment, HEALWELL will have access to the closed xAI Developer Program with an opportunity to leverage xAI resources and expertise, including various large language models (“LLMs“), that have the potential to enhance the Company’s product development efforts.
Toronto, Ontario–(Newsfile Corp. – June 26, 2024) – HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (“HEALWELL” or the “Company“), a healthcare technology company focused on AI and data science for preventative care, is pleased to announce that it has completed a USD $2,000,000 strategic investment, indirectly through a T1P investment vehicle, in a financing round of X.AI Corp. (“xAI“), an artificial intelligence company founded by Elon Musk in 2023. This opportunity has been made available for HEALWELL by shareholder and strategic advisor Massimo Agostinelli through the T1P Muskonomy arm of the Agostinelli Family Office backed by patriarch billionaire Robert F. Agostinelli of Rhone Group.
Mr. Massimo Agostinelli comments, “T1P is dedicated to giving our partners, including HEALWELL, direct access to and participation in the Muskonomy in order to support and invest in the Elon Musk ecosystem of companies based on the philosophy “think first principles”. I am very pleased to be supporting Elon Musk and xAI through this investment made by HEALWELL, a leading North American healthcare artificial intelligence company focused on preventative care.” Agostinelli continues, “After over a decade of knowing and investing with Brian Paes-Braga, a co-founder of HEALWELL, it became increasingly clear that the potential synergies between HEALWELL and xAI needed to be explored. I look forward to seeing what these two companies are capable of achieving together.”
Along with this strategic investment, HEALWELL will have access to the closed xAI Developer Program; allowing HEALWELL to leverage the world-leading technical and AI oriented expertise and resources of xAI. This access will provide HEALWELL with a significant opportunity to enhance and accelerate its product development capabilities and fine-tune Large Language Models (“LLMs”) that may benefit from the xAI developer ecosystem and unique datasets. Models fine-tuned in conjunction with the xAI ecosystem could be paired with the LLMs that HEALWELL has already fine-tuned, and it is expected that such models could be highly useful for scientific and clinical inquiry.
Mr. Steven Aviv, Chief Technology Officer of Pentavere, a HEALWELL subsidiary, commented, “There are many potential technology benefits for HEALWELL as we embark on this unique partnership. In addition to providing access to global AI thought leaders and sophisticated development tools, the xAI platform is uniquely focused on enhancing model explainability. Understanding in detail why a large, complex AI model makes the decisions it does is paramount in healthcare and could be an important point of differentiation to our customers. Paired with the rich datasets from active clinical discussions on X and our impressive access to datasets through the WELL Health ecosystem and Pentavere hospital network, this could be highly useful for scientific and clinical enquiry.”
Dr. Alexander Dobranowski, CEO of HEALWELL, added, “We are very pleased to be partnering with xAI, one of the most valuable AI companies globally. This strategic investment marks a significant opportunity for HEALWELL and provides a privileged position in one of the world’s best capitalized and most ambitious AI companies. In addition, access to the closed xAI developer ecosystem provides meaningful opportunity for the HEALWELL team to leverage the best-in-class talent and resources at xAI.”
This investment round marks the first time xAI has accepted outside capital to fuel its future growth prospects.
Dr. Alexander Dobranowski
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL is a healthcare technology company focused on AI and data science for preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company’s road map. HEALWELL is publicly traded on the Toronto Stock Exchange (the “TSX”) under the symbol “AIDX” and on the OTC Exchange under the symbol “HWAIF”. To learn more about HEALWELL, please visit https://healwell.ai/.
Forward-Looking Statements
Certain statements in this press release, constitute “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-Looking statements in this press release include statements with respect to, among other things, the potential synergies and opportunities afforded to the Company through its investment in xAI. Forward-Looking statements are often, but not always, identified by words or phrases such as “seek”, “opportunity”, “potential”, “improve”, “expect”, “future”, “plan”, “position”, “opportunity” or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can” be taken, occur or be achieved, or the negative of any of these terms . Forward-Looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL’s control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward-Looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: HEALWELL’s ability to foster and maintain its business relationships, including with xAI; HEALWELL’s ability to access and leverage xAI’s technology, datasets and expertise; trends in customer growth; HEALWELL’s ability to develop new technologies and the timelines on which they can be developed; new technologies functioning as expected; customers adopting and using new technologies and services as expected; the need to develop increasingly innovative products and services; competition in the industry; the stability of general economic and market conditions; HEALWELL’s ability to comply with applicable laws and regulations; HEALWELL’s continued compliance with third party intellectual property rights; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL’s business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled “Risk Factors” in HEALWELL’s most recent annual information form dated April 1, 2024, which is available under HEALWELL’s SEDAR+ profile at www.sedarplus.com. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-Looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
For more information:
Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai
