PENTICTON, BC, July 13, 2021 /CNW/ - XCO Tech Inc. (XCO) today announced it is receiving advisory services and funding of up to $1M from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) over three years to advance research and development of embedded AI-based technologies for chronic disease assessment and monitoring. The use of funds includes support of XCO's role as the Canadian lead in the INNO4HEALTH multinational consortium led by Philips (Netherlands) and coordinated by ITEA3.
The INNO4HEALTH consortium is a $21M project consisting of 37 companies with the common mission of stimulating innovation and the adoption of novel remote monitoring technologies worldwide. XCO will be providing its suite of real-time biometric, cognition, and movement assessment technologies and will work alongside its consortium partners to develop new insights into chronic diseases using artificial intelligence (AI).
"XCO began working with the INNO4HEALTH consortium members prior to COVID-19 because of the value we saw in remote patient monitoring for chronic diseases. The pandemic further validated the need for remote monitoring technologies as they played a pivotal role in the delivery of care to patients from the convenience and safety of their home when healthcare systems were stressed to the max. Now, with NRC IRAP's support, we can play a significant role in 'remote monitoring 2.0' and better enable telemedicine companies and other virtual care providers with critical health data. Thus, helping to keep patients out of hospitals, medical clinics, and long-term care facilities," said Scott McMillan, CEO of XCO.
Partial use of the proceeds will be used to complete a Virtual Care Patch that is being marketed and sold by the company's joint venture. The device will provide continuous health monitoring of chronic diseases by measuring vital signs, cognition, and motion as well as leverage unique edge computing AI to deliver novel insights for chronic disease management and early detection of health-threatening events. The solution will be integrated into XCO's comprehensive BioAnalytics platform consisting of linkages to healthcare data systems including virtual care, electronic health records, and bioinformatics.
XCO is a leader in the development of advanced technologies for the assessment of physical and cognitive performance across the spectrum of health and aging. The company was founded by Scott McMillan and Dr. Jim Miller in 2014 and is based in Penticton, BC, Canada.