– Cornerstone AI, a new company solving healthcare’s data challenges to improve research and care, publicly launched its first-of-its-kind AI platform.
– The company also announced a $5M seed round led by Healthy Ventures. The funding marked the first investment for Initiate’s affiliated fund, Initiate Ventures. Healthy Ventures General Partner Anya Schiess and Initiate’s Rowan Chapman and lana Dimkova have joined Cornerstone’s board of directors. Funds will be used to further product development and scale the business to meet demand.
AI-Driven Data Analysis and Health Research
Cornerstone is developing highly intelligent, automated software to accurately and efficiently clean and prepare data in a fraction of the time of traditional methods. Its software can significantly accelerate data analysis and healthcare research. Cornerstone’s founders incubated the company in partnership with Initiate Studios, a new venture studio that co-creates companies at the intersection of healthcare, life sciences and technology.
Cornerstone provides first-of-its-kind software to improve the speed and precision of data preparation. It automatically structures and corrects data, allowing teams to use more patients, and more data points and arrive at more precise analyses. The novel self-learning AI methods are backed by a regulatory-grade audit trail.
Cornerstone debuts at a time when data powers much of the innovation in the healthcare space. For the data to be meaningful and yield insights that impact lives, it must be accurate, connected, standardized and trusted. This is difficult to achieve given the exponential rise in volume and complexity compounded by the manual processes currently in place to prepare data for analysis.
“Data quality has become one of the biggest problems in the healthcare industry – one that has significant consequences,” said Cornerstone Co-founder and CEO Michael Elashoff. “Poor quality data leads to drug development being delayed, patients being misdiagnosed and inaccurate scientific conclusions. Cornerstone was created to efficiently solve these problems at a time when resources are precious. In doing so, Cornerstone ensures that healthcare is not compromised because of bad data, while freeing up data scientists and researchers to do the work that matters.”
Milestones
Cornerstone is already working with companies across multiple medical areas, data sources and volumes. According to feedback, customers have achieved outstanding results. A medical device company used to spend six months manually cleaning each new dataset; with Cornerstone that time was reduced to just nine days – a 20x time savings. Similar results have been seen on medical record data, clinical trial/registry data, and digital health data.
