Predilytics Raises $6 Million to Pursue Healthcare Analytics Flybridge Capital, Highland Capital and Google Ventures Invest
BOSTON, Sept. 4, 2012 /PRNewswire/ -- Predilytics, a healthcare data analytics and services company, today announced that it has raised $6 million in a Series A financing led by Flybridge Capital Partners and Highland Capital Partners with strategic investment from Google Ventures. The company generates insights from big data to improve quality of care, retain membership, manage costs, generate additional revenue and coordinate care for both health plans and providers. As part of the round, Michael Greeley from Flybridge Capital Partners and Bob Higgins from Highland Capital Partners have joined the company's Board of Directors.
"We are excited to bring a new approach to identifying health improvements and business opportunities to the healthcare market," said Christopher Coloian, Predilytics President and CEO. "With the closing of this transaction, Predilytics is well positioned to expand our leading-edge offerings, provide a great service experience to our customers, and execute on our strategic vision. We are very pleased the company has attracted such high quality investors, given their long history of partnering with healthcare, life sciences and information technology enterprises."
Predilytics closed its financing in mid-August after successfully completing two health plan pilots and a third underway. The Company will use the funding to further expand its product offerings and grow operations with a focus on analytics, information technology, application development and account management.
"The healthcare industry is undergoing incredible change as a result of increasing chronic illness, the aging population, policy and health reform and the economy. We know that Predilytics' ability to identify new insights to prioritize opportunities for health improvement is a key element to a strong healthcare system," said Michael Greeley, general partner, Flybridge Capital Partners. "We are excited to help bring the new Big Data and Computer Science Approach to market."
"We are excited to work with a veteran healthcare management team. Predilytics has both a strong technology and services component to its offering enabling the company to be quick to market, " said Bob Higgins, general partner at Highland Capital Partners. "As the cost burden continues to shift and be redefined by healthcare reform, health plans need to find new ways to increase the value to their members. Predilytics fills a critical gap in the market blending high power analytics engines with actionable results for health plans."
The Predilytics executive leadership team of Patrick Flynn, Executive Chairman, Christopher Coloian, President and CEO, Doug Newell, CTO, Kirk Stanley, COO and Hari Sundram, Chief Medical Officer have worked at leading financial service firms, health providers, health plans and health service companies. The team has successfully brought new technologies to market, setting new standards for performance and results.
About Predilytics, Inc.
Predilytics, Inc. is an information technology company that provides solutions to the healthcare industry. The company's first series of products focus on assisting health plans and providers identify and prioritize opportunities against key business initiatives which include improving appropriate documentation for disease burden, attracting and retaining plan membership, enhancing the effectiveness of care management and reducing costly facility admissions/re-admissions. Predilytics utilizes the latest machine learning technology proven in the financial and advertising sectors but not yet leveraged in the healthcare markets.
SOURCE Predilytics, Inc.