Biotech
Tuesday, June 4th, 2024 4:25 pm EDT
Key Points
• Sword Health launched a new AI solution named Phoenix for their virtual physical therapy platform. Phoenix offers a more interactive experience for patients by providing conversational guidance and adjusting exercise routines in real-time.
• Despite the advanced AI features, human oversight remains a priority. Clinicians have final approval over treatment plans and Phoenix recommendations.
• Sword secured $100 million to improve liquidity and an additional $30 million to reflect its projected profitability in 2024, reaching a valuation of $3 billion. The company plans to expand Phoenix integration across all its offerings in the coming months.
Sword Health, a company offering digital tools for pain management, introduced Phoenix, a new AI solution designed to enhance the virtual physical therapy experience. Launched in 2015, Sword aims to provide home-based pain management solutions to avoid unnecessary surgeries and opioid use. While AI has always been integrated into their products, Phoenix offers a more interactive experience for patients.
Mimicking a physical therapist, Phoenix guides users through virtual sessions. Patients can directly communicate with Phoenix, expressing their feelings and receiving feedback. The AI can adjust exercise difficulty and duration in real-time based on the user’s performance data captured by a tablet that tracks movement. After each session, Phoenix summarizes the data and sends it to a human Sword clinician for review.
Bento emphasizes that Phoenix goes beyond basic movement analysis and feedback offered by previous AI solutions. It facilitates a more conversational experience and leverages data analysis to recommend adjustments, ultimately improving clinician efficiency. However, human oversight remains crucial. Phoenix proposes changes for future sessions and follow-up messages, but a clinician makes the final call on adjustments and exercise suitability.
Currently, patients can access Sword through employer or health plan benefits. With over 3 million AI-powered sessions delivered, Sword aims to broaden its reach beyond business customers. The company also recently secured $100 million to provide liquidity for its staff and early investors. Additionally, a $30 million primary sale boosted its valuation to $3 billion, reflecting its projected profitability for 2024. Existing and new investors, including venture firms like Khosla Ventures, participated in the funding round.
In the coming months, Sword plans to expand Phoenix integration across its offerings. Patients using “Thrive,” their digital physical therapy product, will benefit from Phoenix first. Eventually, the AI will be incorporated into “Bloom,” their pelvic health solution, as well.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/06/04/sword-health-announces-phoenix-conversational-ai.html
