Medical Informatics Corp. (MIC), a Houston, TX-based provider of an FDA-cleared patient monitoring and predictive analytics platform has raised $11.9M in Series A funding led by Data Collective Venture Capital (DCVC) with significant participation from Intel Capital and the Texas Medical Center (TMC) Venture Fund.
The Inaccurate State of Today’s Predictive Analytics in Hospital Systems
Hospital systems across the country are searching for ways to use machine learning and AI to get ahead of deterioration and risk in these complex care areas. Yet current predictive “analytics” are often created from discrete data points within the electronic medical record (EMR) data, which can often be incomplete, significantly delayed, and subject to human error. This results in predictions which can arrive after the patient has already deteriorated or, worse, result in inaccurate predictions altogether.
To solve this problem, Emma Fauss and Craig Rusin in founded Medical Informatics in 2010 with the mission to offer solutions that give care teams access to the data they need to take action for alarm management and safety. MIC’s FDA-cleared, vendor-neutral platform, called Sickbay™, expedites care and reduces patient risk in near real-time and at scale, especially in the most complex critical care environments such as intensive care (ICUs).
“Our vision is to save lives by modernizing critical care environments and extending patient-centered analytics throughout the continuum of care,” added Dr. Fauss. “Our machine learning and artificial intelligence capabilities allow us to rapidly create and deploy software-based, real-time, predictive analytics that would otherwise not be possible with traditional medical hardware.”
How FDA-Cleared Sickbay Works
Sickbay solves this problem by continuously capturing and processing high-fidelity, waveform data in near real-time from disparate biomedical devices connected to a patient. Once captured and transformed, results are then delivered to care teams beyond the bedside, central station, or even walls of the hospital to give clinical context so they can expedite care and reduce patient risk. Because the platform also features APIs and development tools, physicians, researchers and other members of the care team can accelerate the creation of their own algorithms and analytics based on accurate, near real-time patient data.
Strategic Partnership with Texas Children’s Hospital
MIC is also working with Texas Children’s Hospital’s staff to analyze data that will advance the mission of improving the quality of healthcare provided to children. This includes work in alarm management, the creation of a dispatch app for emergency response teams as well as the development of a computer algorithm for predicting arrest events in the cardiac population before they happen. Both institutions hope to expedite the development of new predictive algorithms for the benefit of these pediatric patients.
MIC Plans for Funding
“This investment comes at a great time. We are growing rapidly to enable delivery of our breakthrough technology to every bedside in every hospital in the country,” said Emma Fauss, Ph.D., co-founder, and CEO of Medical Informatics Corp. “The Series A funding will accelerate our ability to execute on current implementations and support the hundreds of additional hospitals in our pipeline.”