Techcyte Europe awarded Healthcare Startup of the Year

Deep machine-learning company, Techcyte Europe, which uses AI to drive down the costs of healthcare, has been awarded a prestigious prize for innovation and growth potential across Europe.

By
Tonya
Stewart

Deep learning software platform, Techcyte Europe, has been awarded the 2018 Healthcare Startup of the Year at the Annual Healthcare Summit in Luxembourg, it was announced this week.

The company, which uses image analysis to assist lab technicians and pathologists to bring more accurate results to patients and in so doing, help reduce healthcare expenditure, was established in Luxembourg in April 2017.

Its parent company, US-based Techcyte, Inc. was founded in 2013 as a tech transfer from the University of Utah, with a mission to lower healthcare costs through artificial intelligence (AI).

“We are very grateful for this award as it solidifies our ambition to make a meaningful impact, not only in Luxembourg and Europe, but on healthcare in general,” said Techcyte’s Director of European Operations Troy Bankhead. “With artificial intelligence behind so many pioneering advances, we’re confident in the future of our technology.”

“Luxembourg’s contribution to Techcyte’s growth is exciting, as we gain not only a valuable presence in Europe, but in the added resources to scale the company and grow Techcyte throughout the world,” said Ben Cahoon, Techcyte’s chief operating officer.

Techcyte is currently working on various projects with prominent laboratories in Luxembourg. In some instances, labs will become R&D partners, and in other cases, they will use the Techcyte deep-learning image analysis platform to lower their costs and increase their laboratory’s efficiency.

Asked in a recent interview why the company chose to establish itself in Luxembourg, Bankhead replied:

“Basically, because Luxembourg puts its money where its mouth is. It wants to be a European bio-tech hub and is actually making it happen. Its central location and business-friendly environment also make it a good choice for companies looking for a European location from which to carry out further expansion.”

“As well as working in partnership with the World Health Organisation (WHO) in developing countries, the Luxembourg government has also pledged to ensure access to health services to its needy at home,” said journalist Margaret Ferns, in the same article, published in Luxembourg’s Delano magazine.

“This commitment to advancing healthcare also includes heavy investment in R&D and the welcoming of innovative, high-tech companies, developing solutions that could improve healthcare for patients and practitioners alike.”

Techcyte Inc. is based out of Orem, Utah, in the US. The company has offices in The US, Mexico and Luxembourg.

The Healthcare Startup of the Year award looks for companies of less than five years old with less than 20 employees who exhibit exceptional dynamics, innovation and future growth potential.

Tonya Stewart

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