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MedXtractor’s Reference Database Sets the Stage for SHAMAN & YMI

Artificial intelligence is already transforming many parts of our everyday lives. For example, Netflix recommends movies we’d enjoy, Facebook identifies…

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Artificial intelligence is already transforming many parts of our everyday lives. For example, Netflix recommends movies we’d enjoy, Facebook identifies friends in photos, and Alexa understands voice commands. Yet, despite these recent advances, most experts agree that AI is only starting to scratch the surface of what’s possible.

According to Grand View Research, the global artificial intelligence market will grow at a 40.2% compound annual growth rate between 2021 and 2028, driven by continued research and innovation by tech giants. From self-driving vehicles to life-saving therapeutics, AI is becoming integral to every apparatus and program.

MedXtractor Corp.’s (CSE: MXT) (OTC: MXTTF) SHAMAN division is applying machine learning to predict potential benefits associated with the use of psychedelic drugs. At the same time, the company’s YMI division is developing consumer mHealth applications to complement smartwatches, DNA test kits, and other mHealth equipment.

Let’s look at the company’s recent progress in building out its reference database and how that translates to near- and long-term opportunities.

Building a Reference Database

Data is the foundation for all artificial intelligence, from machine learning to deep learning algorithms. In fact, building these databases is often one of the most challenging parts of artificial intelligence deployments. It takes a lot of time and effort to gather a large amount of data, fill in missing values, remove duplicates, and prepare it for analysis.

MedXtractor has already collected an estimated 600 fully completed reference records and aims to reach 1000 reference records by the end of September. These records will serve as inputs for machine learning algorithms that aim to diagnose specific mental illnesses and predict their responsiveness to emerging psychedelic treatments.

The company also aims to leverage the very same data for mHealth. In a recent press release, the company said it has reason to believe that there may be causal relationships that influence mental and physical illness development. The company believes that these relationships could show how lifestyle changes might impact future health conditions.

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Near- & Long-term Opportunities

MedXtractor anticipates that SHAMAN and YMI will generate revenue in late 2021. At the same time, the company has been developing these technologies on a tight budget to minimize shareholder dilution and maximize profitability. The large markets for both artificial intelligence and mHealth could mean significant potential gains for investors.

Investors may want to keep a close eye on the stock over the coming quarters as it draws closer to commercialization. With existing reference data in place, the company has surpassed some of the most challenging milestones associated with artificial intelligence. The second half of the year will focus on applying the actual machine learning algorithms.

Over the long term, the company could use similar data collection strategies and algorithms to move into other vertical or horizontal markets. Artificial intelligence has the potential to transform much more than just mental health, creating an opportunity to enter into more multi-billion-dollar markets with a proven technology platform.

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Disclaimer

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