The Provincial Government is providing $877,196 through its Business Growth Program to St. John’s-based SiftMed Inc. to support the development and commercialization of new artificial intelligence-powered technology.
SiftMed uses artificial intelligence to automate the review and analysis of medical records for clients in the legal and insurance sectors. Through an 18-month research and development project, the company will develop and commercialize new AI-powered reporting, case review and collaboration tools, as well as a platform that connects organizations with qualified medical experts.
The project will support SiftMed’s continued growth and expansion into new markets, while creating four new full-time technical positions in Newfoundland and Labrador.
SiftMed has previously developed and commercialized AI-powered medical record review technology and continues to expand its technical capabilities and commercial customer base. The company has also attracted significant private investment. The project will build on that growth by advancing new commercial capabilities and leveraging additional private investment.
As part of the Provincial Government’s commitment to growing an innovation-driven economy, supporting technology companies such as SiftMed contributes to the development and retention of highly skilled talent in Newfoundland and Labrador, while helping local companies develop new products, reach new markets and create opportunities for economic growth.
Quotes
“Newfoundland and Labrador has a growing technology sector with companies developing innovative solutions that have the potential to reach markets well beyond our province. Our investment in SiftMed will support the company as it builds on its success, advances its technology and pursues new opportunities for commercialization and export growth. This project will also create new high-value technical jobs and help strengthen the expertise and innovation capacity we are building here at home.”
Honourable Lin Paddock
Minister of Jobs, Growth and Rural Development
“It’s exciting to see companies like SiftMed building innovative technology right here in Newfoundland and Labrador and taking it to markets beyond our province. SiftMed is a great example of the talent, ambition, and potential we have in our tech sector. Investments like this help local companies turn great ideas into commercial success, create skilled jobs, and continue to grow. That’s good news for SiftMed and for our province’s economy.”
Andrea King
CEO, techNL
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