Qventus, a hospital operations management solution for health systems that leverages artificial intelligence (AI), announced that it has secured $30M in Series B funding led by Bessemer Venture Partners, with participation from NewYork-Presbyterian Hospital as well as existing investors Mayfield Fund and Norwest Venture Partners. The funding comes at a time when health systems are struggling to provide services to their communities at sustainable margins. The company, which has now raised over $43M in total funding, intends to use the capital for the continued rapid expansion of their AI-based platform and fuel Qventus’ expansion to more hospitals and healthcare systems in 2018.
Founded in 2012, Qventus optimizes operational decisions in hospitals in real-time using machine learning and optimization algorithms to help hospitals reduce costs, improve quality and experience of the healthcare they deliver. Qventus proactively streamlines and automates workflows across the entire enterprise while allowing team members at all levels to work collaboratively to mitigate issues. The platform offers modules to enable flow and throughput across emergency departments, perioperative areas, and inpatient units, as well as modules to enable patient safety, enhance pharmacy operations and outpatient access.
In just under three years, the software has enabled more than 3.8M patient encounters to date and has been deployed at notable health systems across North America, including NewYork-Presbyterian Hospital, Emory Healthcare and the Mercy health system.
“Health systems have increasingly complex operations; for them, operational excellence depends on empowering real-time decision making by thousands of disparate employees,” said CEO and Co-Founder Mudit Garg. “This financing provides us with the opportunity to expand our ability to enable decisions across the enterprise and continue to deliver on positive outcomes for our innovative customers and their patients.”