AI-driven health tech firm HiLabs raised $39 million in a series B funding round led by Denali Growth Partners and Eight Roads Ventures.
The funding also involved participation from F-Prime Capital, as per the company’s announcement.
HiLabs aims to cut operational costs and enhance patient outcomes for healthcare organizations through its cloud-based MCheck platform. The platform, utilized by national insurers, can process and summarize clinical data 100 times faster than humans, claims HiLabs.
Over 80% of physicians listed in health insurer provider directories had inconsistent entries, according to a research letter in JAMA. The study indicates that a crucial aspect of the No Surprises Act isn’t properly adhered to or enforced.
In response, HiLabs collaborates with health plans to enhance compliance with the No Surprises Act, boost performance in Centers for Medicare & Medicaid Services (CMS) audits resembling secret shoppers, and automate other administrative tasks.
“Timely and high-quality data exchange between payers and providers is key to reducing care costs and improving outcomes,” said Amit Garg, co-founder and CEO of HiLabs, in a statement. “As we embrace this next phase of growth, we’re thankful for the backing of healthcare-focused investors. We stand poised to propel our AI technology forward, empowering healthcare organizations to make swift, informed decisions based on data that’s not just clean but readily available when it matters most.”
The provider directory solution of HiLabs can analyze data from 80% of the country’s providers. The company aims to enhance the platform by integrating electronic medical record (EMR) and value-based care data.
“Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best-in-class product suite, and strong customer traction, which is a testament to their product-market fit,” said Prem Pavoor, senior partner and head of India and healthcare investments at Eight Roads Ventures. “We have closely followed Amit’s journey over the past couple of years as he has leveraged the U.S.-India corridor very effectively to build both a top-tier leadership team and deep artificial intelligence and machine learning talent in their India R&D centers.”
Eight Roads Ventures, backed by Fidelity, operates offices across Asia, the UK, and the US. In 2022, it unveiled a $250 million healthcare and life sciences fund.
