MOUNTAIN VIEW, CA--(Marketwired - Nov 16, 2016) - analyticsMD announced today that it has secured $13M in funding to accelerate the delivery of its artificial intelligence software platform to U.S. health systems. Silicon Valley venture capital leaders Norwest Venture Partners and Mayfield co-led the round, with participation from renowned accelerator Y Combinator and the Stanford-StartX Fund. analyticsMD plans to use the capital to ramp product development and expand go-to-market efforts.
The analyticsMD award-winning platform has been adopted by a growing number of health systems across the U.S. Leading community, academic and public hospitals have implemented the analyticsMD solution to improve operations, increase efficiency and enhance patient experience, including: Lucile Packard Children's Hospital Stanford, El Camino Hospital, Sutter Auburn Faith Hospital, St. Joseph's Medical Center, Medstar Montgomery Medical Center, Natividad Medical Center and Mercy.
In response to market demand, analyticsMD is growing its team and has named new key hires from Castlight Health, Evolent Health and Infoblox to lead critical functions:
"We are excited to partner with Mudit and the team; they bring a laser focus on their mission, as well as tremendous business acumen and technology depth," said Ursheet Parikh of Mayfield. "That team DNA, along with the value proposition of reducing cost while improving care, has contributed to their escape velocity with healthcare providers, with many more milestones to come."
The analyticsMD platform is a virtual "air traffic control" for hospital operations. It takes in massive amounts of messy healthcare data and processes it in real-time, learning as it does so; it knows exactly what's going on at any given time and is intelligent enough to predict issues and outcomes. The platform then goes well beyond predictive analytics solutions by closing the gap between intelligence and action; it recommends immediate course-corrections, which are sent to frontline teams in the form of a 'nudge'. That way, better decisions can be made and issues can be dealt with before they even arise. And with the power of machine learning, the system gets smarter with every interaction. The platform addresses operational challenges across the hospital including emergency departments, perioperative areas, inpatient and outpatient.
"The analyticsMD solution has the potential to improve patient safety and increase hospital efficiency. Through the application of AI technology, the behavior and decisions of hospital providers and workers can be nudged in real time," said Dr. Robert Mittendorff, Partner, Norwest Venture Partners. "As an emergency physician, I was immediately struck by the significant utility of the solution and its ability to address two of the largest problems in healthcare today -- safety and efficiency."
Hospital costs represent nearly $1 trillion of total US healthcare spend. Health systems across the nation struggle under the weight of increased regulatory burdens; for many, it's become difficult to meet the demand of their communities while providing high-quality care at a reasonable cost. Moreover, the implementation of electronic medical records, while improving some aspects of patient care, have made hospital operations much more complex.
"When it comes to health systems, operations is highly neglected. But it's important. It's where you'll find the bulk of a hospital's costs and it's also where we can really move the needle on patient satisfaction. We believe that it's time to overhaul hospital operations," said Mudit Garg, CEO. "analyticsMD's solution can help do this by turning unusable big data into the right data, as well as delivering right actions and right outcomes. We are committed to helping our customers achieve their common vision of transforming the way their health systems provide care."
With hospital operations becoming increasingly expensive and complex, Silicon Valley-based analyticsMD offers an AI-based software platform that helps health systems increase efficiency and improve margins while also enhancing patient experience and reducing provider burnout. Acting as a virtual air traffic control, analyticsMD allows hospital administrators and frontline teams to make the best decisions at the moment when it matters the most. analyticsMD works with leading public, academic and community hospitals across the United States. The company's solution was recognized by 2016 Fierce Innovations Awards in Healthcare winning for Best Financial/Operations Solutions and Best New Product/ Service.