What You Should Know:
– ClosedLoop.ai., an Austin, TX-based healthcare data science platform, today announced it has raised $34 million in Series B financing led by Telstra Ventures with participation from Breyer Capital, Greycroft Ventures, .406 Ventures, and Healthfirst. Notable angel investors Adam Boehler (former director of CMMI & CEO of Landmark Health) and Sam Palmisano (former CEO of IBM) also participated in the round.
– ClosedLoop’s explainable AI reimagines the concept of patient risk profiling by shifting away from legacy risk “scores” to comprehensive, personalized forecasts delivered directly into clinical workflows. Each forecast harnesses patient-specific data and surfaces key variables that explain precisely what risks a patient faces and why. It integrates relevant clinical details and links to specific interventions that clinical teams use to prevent adverse events, improve outcomes, and reduce unnecessary costs.
– The latest round of funding positions ClosedLoop to extend its lead in delivering artificial intelligence (AI) solutions that tackle some of healthcare’s biggest challenges
Empowering The Data Science Team
The push toward value-based care is significant. In 2018, 36% of spending was via alternative payment models and by 2025, CMS has targeted 100% of Medicare and 50% of Commercial and Medicaid spending.4 AI will help providers succeed under these models because it gives them the ability to predict patient-specific outcomes so they can adjust patient care, improve outcomes, and reduce costs.
Founded in 2017, ClosedLoop’s healthcare data science platform is purpose-built and dedicated to healthcare. It combines an intuitive end-to-end machine learning platform with a comprehensive library of healthcare-specific ML features and model templates. The platform integrates several data science workflows (data onboarding and normalization, automated feature engineering, autoML, and MLOps) and includes capabilities that facilitate experimentation, collaboration, oversight, and management.
The platform’s flexibility allows customers to harness AI-based solutions regardless of their in-house data science and machine learning capabilities. It also provides the industry’s largest catalog of healthcare machine learning model templates and prebuilt clinical features. The “Healthcare ML Content Catalog” allows organizations, including those without a data science team, to create and deploy highly customized and explainable AI-based solutions quickly and easily.
Recent Traction & Milestones
Since its Series A funding less than two years ago, ClosedLoop has continued to accelerate its lead in delivering AI-based solutions for healthcare organizations:
● Won the historic healthcare AI contest: $1.6M CMS AI Health Outcomes Challenge
● Named top performer in KLAS Healthcare AI 2020 report
● Helped HCOs impact 10M+ lives with its open source COVID-19 index, published in Journal of Medical AI
● Saw the impact and scope of work with Oak Street Health published in NEJM Catalyst
● Quintupled its revenue, adding several national healthcare leaders and partners, including Palm Beach ACO and Booz Allen Hamilton.
Several of today’s value-based leaders, including Palm Beach ACO and Medical Home Network, and Southwestern Health Resources, chose ClosedLoop because of their ability to help achieve better outcomes for their patients.
ClosedLoop is on a mission to make every decision about the ‘best next action’ for a patient be data-driven and AI-enabled. “We need healthcare to be as good at using data to drive patient outcomes as the social networks are at getting us to click ads,” said ClosedLoop Co-founder and CEO Andrew Eye. “We’re not going to stop until AI improves every decision, every day, for every patient.”