Prognos, a New York City-based healthcare Artificial Intelligence (AI) startup that has been steadfastly building its AI capabilities with the goal of predicting disease has raised $20.5 million in Series C funding. Particpatnts in the round include Cigna, GIS Strategic Ventures (the venture capital arm of the Guardian Life Insurance Company), Hermed, Hikma Ventures, Maywic, Merck Global Health Innovation Fund (GHI), and Safeguard Scientifics.Prognos plans to use the funding to expand Prognos’ AI capabilities, new markets, and sales and marketing efforts. The latest round brings the company’s total funding to $42 million.
Founded in 2010, Prognos’ solutions enable earlier identification of patients who can benefit from enhanced treatment decision-making, risk management, and quality improvement. The company is currently helping 25 Life Sciences brands to find and convert appropriate patients while building a footprint in the payer market.
Prognos has built the largest lab connectivity network in the U.S., processed and analyzed over 13 billion lab records for more than 180 million patients, and developed 1,000+ proprietary machine learning-enabled algorithms across 50 conditions, such as diabetes, asthma, and non-small cell lung cancer, for the lab data management and analysis. Within the last year, Prognos has also bolstered its leadership team with the additions of Chief Operating Officer Lisa Kerber, Chief Commercial Officer Stephen Silvestro and Chief Data Scientist Fernando Schwartz, Ph.D.
Currently, Cigna has been working with Prognos to use lab data and analytics to improve health engagement among its Individual and Family Plan customers. “For Prognos, Series C is a focused and disciplined effort to build on our success to scale the business as we pursue our mission of predicting disease earlier to drive better outcomes for patients,” said Sundeep Bhan, Cofounder and CEO of Prognos in a statement. “We view this round as a vote of confidence from the healthcare giants and global investment firms that understand the space well and believe that Prognos can continue to lead in providing early insights to deliver better patient care and lower costs.”
