Latest funding round supports expansion of AI-powered analytics for risk and care management
SAN MATEO, CA, May 26, 2016 /PRNewswire/ - Lumiata, the AI-powered predictive analytics company, today announced that it has raised $10 million in financing led by Intel Capital. This latest announcement comes as Lumiata accelerates its deployment of medical artificial intelligence that dramatically improves risk and care management for payers, physicians and population health organizations.
- All existing investors, including Blue Cross Blue Shield Venture Partners, Sandbox Industries, and Khosla Ventures fully participated in this Series B Round.
- The latest round of funding brings the total amount of capital raised by Lumiata to $20 million.
"By merging AI with data science and clinical medicine, we've made breakthrough improvements in the precision and usability of predictive analytics in healthcare," says Ash Damle, CEO and founder of Lumiata. "Generating high-quality predictions with detailed clinical rationale gives users the confidence to act and ultimately capture meaningful value from their data."
"By integrating new data streams, such as IoT, with traditional clinical data, Lumiata has the potential to bring a fresh approach to managing risk with healthcare analytics," says Steve Agritelley, General Manager of the Health and Life Sciences Group at Intel Corporation. "We're excited by the opportunity to accelerate the deployment of predictive analytics and artificial intelligence throughout healthcare to drive more personalized value-based care."
A Clinically-Relevant Machine for Risk Management and Care Coordination
Healthcare's rapidly evolving business models require more precise and efficient ways to manage risk. Approximately 30 percent of healthcare providers are in risk-sharing agreements today, but that figure is expected to at least double by 2020. Unfortunately, the inability to share and analyze claims and clinical data in real-time makes it virtually impossible to effectively manage risk and generate quality outcomes.
Lumiata's technology and approach to analytics enable organizations to identify and manage risk with the precision, efficiency and transparency needed to deliver on value-based care. By combining data science with medical science and literature, the Lumiata Medical Graph models human pathophysiology to yield the company's flagship product, the Lumiata Risk Matrix. The Risk Matrix provides the current and evolving risk of each individual within a population through highly precise, time-based predictions coupled with medical reasoning.
The Lumiata Medical Graph is comprised of more than 260 million data points, 4TB of structured and unstructured medical knowledge and 35,000 hours of physician review. The graph utilizes a variety of data types ranging from claims and EHR data to laboratory results and sensor readings, developed against an expanding data repository of more than 60 million patient lives. Lumiata's technology is utilized by a number of leading organizations, including Universal American, Google, and a major BlueCross plan.
Lumiata is a predictive analytics company that leverages medical artificial intelligence to enable health organizations to manage risk and prioritize care. The Lumiata Medical Graph analyzes hundreds of healthcare data sets within the context of clinical practice and the world's medical knowledge, and maps out insights on current and future health trajectories of individuals. Founded in 2013 and based in Silicon Valley, Lumiata's team is comprised of clinicians, data scientists, and experts in care delivery. For more information, visit www.lumiata.com or follow @lumiata.
About Intel Capital
Intel Capital, Intel's strategic investment and M&A organization, backs innovative startups worldwide targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,445 companies in 57 countries, and 595 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of meetings each year between its portfolio and Intel's partners in the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.