The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, announces agreement on key terms of investments of RUB100mn in Oncobox, a company developing solutions for cancer diagnosis based on artificial intelligence (AI), the RDIF’s official web page reports.
Oncobox is currently developing a digital platform for performing molecular diagnostics of cancers. Instantly processing large amounts of patient data, the platform’s AI selects optimal medications and effective treatment methods.
Oncobox products expand the range of tools that doctors can use to help prescribe the correct course of therapy. Clinical studies have shown that Oncobox technology increases the effectiveness of targeted chemotherapy for patients with advanced cancer up to 70%.
Andrew Garazha, CEO of Oncobox, said: “Oncobox has unique algorithms and databases that allow the most effective treatment for each patient to be selected. With the support of the RDIF, we hope to carry out a technological revolution in the standards of treatment for cancer patients, providing the advances of modern molecular diagnostics and artificial intelligence.”