The artificial intelligence market is rapidly growing and gaining attention and momentum across multiple industries. The healthcare industry in particular is in dire need of AI solutions, and it is one of the most promising areas for its application. The Conks have invested in a very interesting company called healthPrecision, which developed Medical Brain, an advanced AI and decision support platform for healthcare. The company is gaining momentum in the marketplace and we are very involved with their robust management team, many of whom have worked with the founders through two successful exits to-date in the AI and decision support space.
As a result of the company's positive momentum, and in advance of a Series B round led by Bank of Montreal planned for 4Q23, we are issuing a convertible note of up to $10 million. The company has already raised almost $7MM and they are expecting to close by the end of the third quarter. Current investors are actively participating in this round and remain deeply involved in the company's progress.
About the Family
The Conk Family is one of largest acquirors of medical office properties in the country as they own Montecito Medical Real Estate. The three siblings have been working together for almost 40 years in various ventures, but the last 18 years have been primarily in healthcare real estate. The company currently owns over $3.5B in assets at cost and over 7MM square feet across over 280 buildings. The company maintains strong institutional relationships with some of the largest private equity funds and pension plans in the country. The family continues to create a model around the physician as our motto is "Physicians take care of all of us, and Montecito takes care of physicians." In order to deliver on the physician relationship, the Conk family continues to evaluate opportunistic ways to add more value to the physicians and their practice through technology investments.