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TeraRecon acquires McCoy Medical Technologies and spins out a new AI platform company aimed at simplifying access and use of 3rd party computer vision and artificial intelligence applications

1.6.2017 11:00 | NASDAQ OMX

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PITTSBURGH, June 01, 2017 (GLOBE NEWSWIRE) -- TeraRecon (www.terarecon.com), a leader in advanced visualization and enterprise medical image viewing solutions, today announced the acquisition of machine learning company, McCoy Medical Technologies, (www.mccoymed.com), at the Society for Imaging Informatics in Medicine's Annual Meeting (SIIM17) in Pittsburgh, PA.

Initially called WIA Corporation, a new company has been formed to provide simplified access to artificial intelligence (AI) algorithms with a focus on integrations that connect the work of individual end users, machine learning researchers, open source organizations and diagnostic imaging companies. The company's products include a developer platform and a vendor neutral API interface for integration partners designed to streamline the distribution and hospital implementation of evidence-based practices and trained machine learning algorithms. The McCoy platform allows users anywhere to access cloud-based algorithms without requiring access to the algorithm code or training data to protect PHI and developer ­­­intellectual property.

As part of the transaction completed earlier this week, the new independent company retains the McCoy Medical advisory board, including three world-leading imaging informatics experts and serial entrepreneurs: Dr. Eliot Siegel, Dr. Paul Chang and Dr. Khan Siddiqui.

Dr. Siegel shared, "This decade has seen a proliferation of extremely impressive applications leveraging machine learning, especially for computer vision. Today, there is a real need for simpler, standards-based channels to socialize, access and apply these technologies. The TeraRecon and McCoy venture holds great potential to be among the first to develop and commercialize their offerings in the form of a truly open platform community. This kind of approach is exactly what is needed for the amazing innovations in AI to achieve widespread utilization."

Jeff Sorenson, TeraRecon President and CEO, said "The new company's platform is open to everyone, from individual physician-inventors, to research institutions, and the world's largest PACS vendors alike. Together, this new company becomes a catalyst to join the various AI communities together." He continued, "Our goal is to incubate and accelerate a new kind of AI platform that allows a proven algorithm to be productized in 20 minutes."

Misha Herscu, McCoy CEO, commented, "This transaction results in a company with a unique combination of technology, healthcare-specific expertise and commercial reach. We look forward to meeting with potential collaborators and partners at SIIM17 and introducing these new possibilities."

The acquisition is aligned with the main interests of the SIIM17 conference attendees. The keynote address, titled "Harnessing Artificial Intelligence, Medical Imaging's Next Frontier", focuses on the potential impact of artificial intelligence on the medical imaging industry and the many uses of AI in healthcare.

Visit WIA Corporation and TeraRecon June 1st-3rd during SIIM17 in Pittsburgh, Pennsylvania at Booth #603, as well as at the Society of Vascular Surgery's 2017 Annual Meeting in San Diego, California at Booth #510.

About McCoy Medical Technologies (www.mccoymed.com) McCoy Medical Technologies provides a developer platform and API interface for algorithm developers, partners and end users. McCoy facilitates the streamlined distribution and hospital implementation of evidence-based practices and trained machine learning algorithms via a vendor neutral distribution platform. The McCoy platform allows users anywhere to access cloud-based algorithms without requiring access to the algorithm code or training data to protect PHI and developer ­­­intellectual property. McCoy assists research institutions and emerging AI companies in the translational and commercialization processes, starting with rapid deployment via a scalable, secure, cloud-based infrastructure. McCoy also works with distribution partners, including TeraRecon, to make algorithms on the platform available to a very wide footprint of hospitals and, ultimately, to physicians.

Press Inquiries:
US: 1-413-320-6636 | info@mccoymed.com

About TeraRecon (www.terarecon.com) TeraRecon is the largest independent, vendor neutral medical image viewing solution provider with a focus on advanced image processing innovation. TeraRecon's solutions advance the accessibility, performance, clinical functionality and medical imaging workflow throughout many areas of the healthcare ecosystem. The company provides world class advanced visualization 3D post-processing tools, as well as a spectrum of enterprise medical image viewing, diagnostic interpretation, image sharing, cloud, interoperability and collaboration solutions. TeraRecon is a privately held company with its world headquarters in Foster City, California with major offices in Frankfurt, Germany; Tokyo, Japan; Acton, MA, and Durham, NC.

Press Inquiries:
US: 1-650-372-1100 | info@terarecon.com 




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TeraRecon, Inc via Globenewswire

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