Santa Clara, California, June 3, 2018 – Albeado has been awardeda National Science Foundation (NSF) Small Business Innovation Research (SBIR)Phase II grant for $749,897to commercialize innovative technology by conducting research and development (R&D) work on AI and Machine Learning products delivering vastly improved prediction accuracy with causal explainability pathways for the decision makers to act on.
Albeado is the pioneer in explainable AI & ML with its PRISM™ platform. Albeado has successfully applied its technology towards identifying Healthcare Fraud, Waste and Abuse (FWA) with clear explain ability identifying causal patterns & hidden relationships from the data, which is required for successful prevention and prosecution of identified fraud. Albeado’s FWA products deliver huge financial savings to insurance carriers & govt agencies, drive further inclusion in Healthcare and help mitigate national crisis in opioid & substance abuse epidemic, a key priority for administration.
“The National Science Foundation supports small businesses with the most innovative, cutting-edge ideas that have the potential to become great commercial successes and make huge societal impacts,” said Barry Johnson, Director of Division of Industrial Innovation and Partnerships at NSF. “We hope that this seed funding will spark solutions to some of the most important challenges of our time across all areas of science and technology.”
“We are honored to be selected for this award by NSF, as a continuation of their earlier award. This is an important validation of our work and technology, and would drive us towards further refinement of our PRISM platform”, said Partha Datta Ray, Albeado’s founder and Principal Investigator for this award.
Small businesses can receive up to $1.5 million in funding from NSF. Companies must first have received a Phase I award (up to $225,000) to become eligible to apply for a Phase II grant (up to $750,000) to further develop and commercialize the technology. Small businesses with Phase II grants are eligible to receive up to $500,000 in additional matching funds with qualifying third-party investment or sales.
Small businesses with innovative science and technology solutions, and commercial potentialacross almost all areas of technology are encouraged to apply.All proposals submitted to the NSF SBIR/STTR program undergo a rigorous merit-based review process. NSF’s deadlines for Phase I small business proposals occur twice annually, in June and December.
To learn more about the NSF SBIR/STTR program, visit: seedfund.nsf.gov.
About the National Science Foundation's Small Business Programs: America’s Seed Fund powered by the National Science Foundation (NSF) awards nearly $200 million annually to startups and small businesses, transforming scientific discovery into products and services with commercial and societal impact. Startups working across almost all areas of science and technology can receive up to $1.5 million in non-dilutive funds to support research and development (R&D),helping de-risk technology for commercial success. America’s Seed Fund is congressionally mandated through the Small Business Innovation Research (SBIR) program. The NSF is an independent federal agency with a budget of about $7.5 billion that supports fundamental research and education across all fields of science and engineering.