BEER SHEBA, Israel, Feb. 5, 2018 /PRNewswire/ -- Healthcare IT startup MDClone announced today it has raised $15 million from OrbiMed Israel Partners, who led the initial investment in 2016, and Lightspeed Venture Partners, who led the 2017 financing.
MDClone introduces a new approach to healthcare data access, privacy, analytics, and research. The company addresses one of the greatest challenges – and opportunities – in healthcare today: a vast and ever-expanding amount of data, but a limited ability to derive meaningful insights, which can lead to more effective patient care and streamlined hospital operations. MDClone's Platform dramatically enhances the utility of data and its Synthetic Data Engine offers the first solution on the market to eliminate the risk of releasing identifiable patient information when conducting healthcare analysis and research.
"MDClone has one of the most innovative, experienced and passionate teams in digital health in Israel, a rare combination in any startup," said OrbiMed Managing Director Anat Naschitz. "I believe this team can realize the significant potential afforded by the company's unique technology, translating it into commercial success. We see the entire healthcare industry benefiting from MDClone's solution."
"The technology and vision we were presented caught our attention, and once we spoke to MDClone's customers throughout Israel and in the U.S., we were convinced this is a game-changing company," added David Gussarsky, Partner at Lightspeed Venture Partners. "MDClone offers a giant leap in the way healthcare data is analyzed; with MDClone, organizations are finally capable of realizing the full value of their data assets to transform medical research, technology development and healthcare delivery."
MDClone is based in Beer Sheba, Israel where it was founded in 2016 by CEO Ziv Ofek (founder and former Chief Innovation Officer of dbMotion, acquired by Allscripts in 2013), CTO Luz Erez and CFO Boaz Gur-Lavie. The company released its first product in February 2017, and counts most of Israel's healthcare system as customers. In January 2018, the company signed its first major deal in the U.S. with Washington University School of Medicine in St. Louis. The funding will be used for ongoing development of the MDClone Platform and for global expansion.
MDClone launched in 2016 with a mission to allow any user across the healthcare ecosystem to ask any question without programming skills and in familiar terminologies, with zero-time to data and insights and with zero-risk to patient privacy. Led by the founding team of dbMotion, a successful Israeli healthcare IT company (acquired by U.S.-based Allscripts in 2013), MDClone developed a comprehensive big-data solution designed for healthcare, featuring proprietary technology for longitudinal data representation and synthetic data generation with never-before possible approaches to healthcare data management, sharing and analysis. In less than two years from inception, MDClone has partnered with the vast majority of the Israeli healthcare market, streamlining healthcare operations, empowering researchers and creating new opportunities for technology development. In January 2018, MDClone launched its first major project in the U.S. with Washington University School of Medicine in St. Louis.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with over $15 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 90 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in Herzliya Israel, San Francisco, Shanghai, and Mumbai. The investment was made by OrbiMed Israel.
About Lightspeed Venture Partners
Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise and Consumer sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 300 companies globally, including Snap, The Honest Company, Nest, Nutanix, AppDynamics, MuleSoft, and GrubHub. The Firm currently manages over $4 billion of committed capital and invests in the U.S. and internationally, with investment professionals and advisors in Silicon Valley, Israel, India and China.