Two hospital funds NHS He lost around £15m ($18m) in the UK due to the collapse in the value of a start-up in the field of artificial intelligence. The registry writes about it.

Since 2017, a number of foundations and hospitals have entered into agreements with Sensyne Health, an AI-powered drug development company. As a result of the agreement, institutions exchanged patient data for shares.

The company has since been removed from AIM, which is part of the London Stock Exchange.

In recent financial reports, Oxford University Hospital said it lost £9.2 million ($11.06 million) in the value of the shares acquired. The Chelsea and Westminster Hospital NHS Foundation Trust said the value of its securities fell £5.4m ($6.49m).

In 2017, Oxford University Hospital received £5 million ($6 million) equity from Sensyne and was later renamed Drayson Technologies. In its 2020-2021 report, the institution assessed its capital at £7.3 million ($8.78 million).

But the trust’s 2021-22 annual report shows that its investments in subsidiaries and joint ventures lost £9.16m ($11m). The reason stated was “the revaluation of shares of Sensyne Health PLC due to the decline in share price during the year.”

In 2018, the NHS Foundation Trust received £5m ($6m) in a similar deal. In 2021, the value of the shares was estimated at £5.77 million ($6.94 million). However, in March 2022 their cost was 387,000 pounds ($465,000).

Shares of Sensyne were withdrawn from AIM in May 2022 following a financing deal that brought in a new management team.

The decline in company value has hit at least seven NHS trusts, according to The Register.

Recall that in September 2021, a class action lawsuit was filed against DeepMind for the use of patient data in the UK.