What You Should Know:
– Healthcare specific AI platform Lumiata raises $14M to scale its enterprise-grade AI platform and invest in customer acquisition and success.
– No-code products speedily predict underwriting and actuarial factors enabling extreme risk reduction and cost savings for healthcare companies.
Lumiata, a San Mateo, CA-based provider of AI-powered health analytics for managing cost and risk, today announced it has raised $14 million in Series B funding, led by Defy.vc and AllegisNL Capital along with existing investors Khosla Ventures and Blue Venture Fund.
Combine All Your Healthcare Datasets Into A Single Data Set
Founded in 2013, Lumiata takes disparate healthcare-specific datasets and has them machine learning-ready within weeks. Once the data is analyzed using AI, Lumiata is able to identify underwriting risks, surface opportunities to reduce costs, and enable better care by providing reliable predictions to patient outcomes.
Ready-Made Healthcare Machine Learning Models
Lumiata machine learning tools and pre-trained models comprise a scalable platform purpose-built for healthcare. Lumiata products are built from more than 120 million patient records, in-depth clinical knowledge, and its proprietary clinical IP. Lumiata enables healthcare organizations to explore use cases such as underwriting and care management.
In many instances, Lumiata has identified hundreds of millions of dollars in risks on their customers’ books that they were previously unaware they had. Customers are able to reduce costs and provide more responsible and responsive healthcare to their members. Lumiata is cloud-based, fully scalable, and integrates with existing systems through APIs.
Manage Underwriting & Clinical Costs
Lumiata’s suite of products includes predictive applications for healthcare business teams to manage underwriting and clinical costs and risks for improved decision support, transparency, and patient centricity. Lumiata’s machine learning toolkit is purpose-built for healthcare data scientists to build and deploy predictive models with speed and ease. Lumiata’s automated data management, pre-built models, and AutoML capabilities provide a low- or no-code option for healthcare organizations with limited data science expertise.
Expansion Plans
Lumiata will use the funding to scale its enterprise-grade AI platform and invest in customer acquisition and success. The company also plans to open a new office in Guadalajara, Mexico in 2021.
“Lumiata is breaking new ground in the adoption of AI across healthcare’s core functions of underwriting, cost management, and more individualized patient care. We relaunched Lumiata two years ago with a mission to democratize AI to reduce the cost of care and improve outcomes. We have an even greater purpose to realize this mission as COVID-19 changed healthcare and our world forever,” said Lumiata CEO Dilawar Syed. “We will accelerate our investment in product, customers, and people to grow and scale the business.”
