ClosedLoop.ai, a healthcare startup company that uses artificial intelligence (AI) to help improve clinical outcomes and reduce costs, announced today it raised $34 million in the Series B business funding round.
AI Solutions to Help Achieve Better Clinical Outcomes
The business funding round was led by Telstra Ventures. Breyer Capital, Greycroft Ventures, .406 Ventures, and Healthfirst took part in the Series B round, as well as angel investors Adam Boehler (former director of CMMI & CEO of Rubicon Founders) and Sam Palmisano (former CEO of IBM).
The AI healthcare startup company said it will use raised business funding to further scale its AI technology as it aims to take on some of the biggest challenges in the healthcare sector. The idea is to use AI to focus on population health outreach, better clinical documentation, and a higher retention rate. The company plans to optimize operations and prior authorizations.
"The future of healthcare is going to require AI-based tools. ClosedLoop has a powerful platform for building AI-based healthcare solutions and I believe is positioned to be a leading player in creating AI-enabled healthcare,” said Jim Breyer, founder and CEO of Breyer Capital.
Telstra Ventures has made over 70+ business investments, including Auth0, BigCommerce, Box, Cloopen, CrowdStrike, DocuSign, Rancher, Skillz, Snap, and Whispir.
“As growth investors, we’re always on the lookout for world-class entrepreneurs with the vision and expertise to build and scale great products that disrupt massive markets. In healthcare, where service demands and costs are ever increasing, ClosedLoop is clearly something special," said Marcus Bartram, a founder and general partner at Telstra Ventures.
ClosedLoop.ai’s technology is specially built for the healthcare sector to improve patient care, as well as to help doctors make informed operational decisions. The platform developed by the startup company integrates data onboarding and normalization, automated feature engineering, autoML, and MLOps.
The AI healthcare startup company claims it has the largest catalog of healthcare machine learning model templates and prebuilt clinical features. The product allows healthcare business organizations to develop and operate highly customized and explainable AI-based solutions.
Products developed by the startup company can help project and explain different outcomes and help clinics avoid negative events. For instance, the AI solution creates a patient risk profile that includes personalized projections, with each one leveraging patient-specific data to outline what kind of risk the specific patient is facing. The product ultimately uses data and prior client history to help doctors make informed decisions, avoid adverse events, as well as slash costs.
“In healthcare, accuracy isn’t enough. Predictions must also show they are unbiased, fair, and explainable,” commented Sam Palmisano, former CEO of IBM.
The AI startup company is hoping to capitalize on an extremely high level of spending in the healthcare business sector. According to CMS, the national health spending is forecast to hit $6.2 trillion by 2028, rising at an average annual rate of 5.4%.
AI healthcare startup company ClosedLoop.ai announced it secured $34 million in fresh business capital from Telstra Ventures and other investors. The funding will be used to further accelerate the business growth and expand AI-based offerings.