Predilytics Secures $10M Funding in Series C Round
BURLINGTON, Mass., Dec. 16, 2014 /PRNewswire/ -- Healthcare information technology company, Predilytics, today announced that it has secured $10M in additional funding in a Series C round led by Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures. Existing investors Flybridge Capital Partners, Foundation Medical, and Highland Capital also participated in this round.
"The healthcare industry is facing unprecedented challenges that require new powerful analytic approaches and advanced technology to enable health organizations to better engage consumers and providers. Healthcare must more effectively target resources to deliver better outcomes; this can only be accomplished by better understanding individual consumers and providers," said Chris Coloian, Predilytics' President & CEO. "We are delighted that Qualcomm has joined our existing team of investors. As we've doubled our customer base over the past year, this new round of capital will support our continued growth and our ability to most effectively meet the needs of customers for actionable insights.
"Qualcomm Ventures has been active in the digital healthcare space," Coloian continued. "Adding their wealth of experience in consumer technology innovation, including tools to connect consumers and providers more closely, strengthens Predilytics' position as an emerging leader in Healthcare Data and Analytics focused on consumer choice and provider behaviors."
"We believe applying big data and analytics technologies to healthcare is becoming increasingly important," said Jack Young, senior director, Qualcomm Ventures. "Predilytics' approach of leveraging their consumer data set is unique in healthcare. We are pleased to collaborate with the company as it continues to drive technology innovation in the rapidly changing healthcare space."
Chip Hazard, General Partner at Flybridge Capital Partners added, "This round of funding is a testament to the market opportunity. A recurring theme we hear from CIOs and Line of Business Heads is that they are drowning in data but suffering from a lack of actionable insights. Predilytics boils down the data into something that can be acted upon in a reasonable time frame to help companies generate more revenue, serve their customers better, and operate more efficiently."
About Predilytics
Predilytics is a healthcare information technology company, the first to commercially employ in healthcare the analytic techniques and processes that have demonstrated long-term success in demanding industry sectors like financial services and consumer products. We apply patented, machine-learning analytic tools to transform structured and unstructured client data, along with external data sources, into actionable insights. These insights point the way for healthcare organizations to more deeply understand consumer behavior, optimize and precisely target care delivery, and improve population health. Predilytics was founded in 2011 and is headquartered outside Boston, in Burlington, MA. For more information visit www.predilytics.com
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SOURCE Predilytics
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