How Caresyntax Works and Early Business Success
The digital surgery platform developed by healthtech startup Caresyntax focuses heavily on data. By integrating data into the platform, the startup can offer a wide variety of products, including automation and AI in the operating room, video and data-based surgical pathways, telepresence in surgery, and their own CX-PSO (Caresyntax patient safety organization), a community-wide data sharing network.
By analyzing massive droves of real-world data, Caresyntax provides significant insight that can help improve surgical care at every step of the way. On top of this, the healthtech company platform also provides virtual, real-time access to medical experts of all types, including medical school instructors and medical device representatives. The digital platform can also help reduce overall surgical costs for hospitals by increasing efficiency and reducing the risk of mistakes.
The healthtech business has generated a lot of success early on already. In fact, the company has seen 250% growth in the past year. Careyntax is used now in over 4,000 operating rooms by over 30,000 surgeons and 2 million patients. The early success of the healthtech startup has in turn created a lot of enthusiasm from investors for the latest round of funding.
When commenting on the effectiveness of the technology, Caresyntax founder and CEO Dennis Kogan said, “Operating rooms need to perform as effectively and efficiently as possible, and this is especially true now to make up for the surgical backlog driven by the pandemic. With better technology to safely automate surgical pathways while generating decision-grade real-world evidence, we will improve health care decision-making, mitigate surgical risks, and advance high-value medical technology."
Caresyntax Funding and Future Plans
In the Series C funding round for the business, the healthtech company raised $100 million in capital. The funding round was led by PFM Health Sciences LP with participation from Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital III, Arno Capital, Rezayat Investments, IPF Partners, the Relyens Group, and Surgical.AI.
The healthtech company plans to use the money to accelerate funding in key business areas, reinvest in R&D, and increase its team of employees.
When commenting on the latest funding round for the startup, a partner at PFM Health Sciences, Dr. Anant Ahuja, said, “Caresyntax is helping bend the curve towards better patient outcomes and more efficient workflow through extracting unique insights from structured and unstructured data in surgery. We are highly confident their technology platform will reduce clinical and business risks for all stakeholders in surgery, as it grows into a first-of-its-kind enterprise solution for data analytics in the operating room.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.