KēlaHealth Raises $12.9M in Combined Seed and Series A Financing Round to Deliver AI-Powered, Clinician-Centered Solutions That Improve Surgical Care
KēlaHealth's risk prediction and intervention platform shows quality improvements in surgery and reduced costs for hospitals
Oct 28, 2020, 08:00 ET
SAN FRANCISCO, Oct. 28, 2020 /PRNewswire/ -- KēlaHealth, Inc., a surgical intelligence platform that applies a dynamic cycle of patient-specific predictions, stratified interventions, and outcomes tracking to reduce surgical complications, today announced the closing of a $2.9 million Seed financing and milestone-based $10 million Series A financing led by Santé Ventures and Intuitive Ventures, and inclusive of grant funding from the National Science Foundation Small Business Innovation Research (SBIR) Program. These funds will accelerate the expansion of the KēlaHealth platform to hospitals and surgical partners across the United States.
A Growing Need for Quality Improvement in Surgical Care
In the U.S., 51 million surgeries are performed annually, with an average complication rate of 15 percent. This results in millions of patients suffering harm and loss after a procedure. Tragically, half of these complications are known to be avoidable, and contribute to $77 billion in wasted healthcare costs each year.[1],[2]
KēlaHealth helps to prevent these avoidable complications while enhancing surgical care by delivering stratified patient risk scoring. The company's state-of-the-art platform uses machine learning algorithms to match individual risk levels with graduated pathways of care that align with the unique needs of each surgical patient.
These personalized efforts bring surgery into a new era of precision medicine: with KēlaHealth, surgeons can match the right patient with the right procedure with the right precautions at the right time, leading to improved patient outcomes and significant hospital savings.
The Genesis of KēlaHealth
KēlaHealth was founded by CEO, Bora Chang, MD, and advisors Erich Huang MD, PhD, and Zhifei Sun, MD, at Duke University Health System. As practiced clinicians, all of them understood, firsthand, the unique priorities and challenges facing surgical teams.
"As a trained surgeon, I know the complexity of decision-making in caring for surgical patients," said Dr. Huang, Chief Data Officer for Quality at Duke University Health System. "We began this work because we knew that an objective, risk-based stratification tool could help providers deliver the highest levels of care."
Dr. Chang, CEO of KēlaHealth added: "Our vision is to apply the lessons learned from millions of previous surgeries for the benefit of every patient undergoing a procedure. Patients and their families, clinicians, and hospitals deserve the assurance that the risks of any surgery will be safely navigated by surgical teams with the best information available to them at every point in the surgical journey. We are thrilled to have a stellar group of surgeons, hospital centers, investors, and advisors working with us to realize the opportunity of precision surgery."
Unlocking Potential Across Disciplines
To date, KēlaHealth's hospital partners have applied the company's AI-powered platform in colorectal, vascular, cardiac, and orthopedics surgical specialties.
"In our cardiac surgery department, our partnership with KēlaHealth has identified up to $3 million a year in cost savings by optimizing post-procedure management for our cardiac patients," said Bruce Gewertz, MD, FACS, Surgeon-in-Chief and Chair of Surgery at Cedars-Sinai Medical Center. "Their work showcases the opportunity for improved resource utilization and data-driven clinical best practices across the surgical care continuum."
Citing colliding trends in digital health and care optimization, KēlaHealth's investors emphasized the potential of the solution throughout the ecosystem of surgical care:
"KēlaHealth's platform represents a powerful solution for providers and medical device partners looking to unlock the potential of data in pursuit of improved outcomes and lowering the cost of care," said Oliver Keown, MD, Director of Intuitive Ventures.
"Data-driven surgery will positively transform the way both hospitals and physicians care for patients, and we are excited to team up with KēlaHealth to further innovate surgical care," added Dennis McWilliams of Santé Ventures.
About KēlaHealth
KēlaHealth is a healthcare data analytics company that delivers patient-specific predictive insight and risk stratification software to help improve surgical quality and prevent complications. The company was founded by a group of surgeon-scientists with a goal of harnessing machine learning algorithms to reduce patient surgical complications and improve outcomes. KēlaHealth uses advanced artificial intelligence techniques to deliver a cloud-based software-as-a-service solution to healthcare providers, surgeons, and hospital systems. The company has participated in highly selective accelerator programs such as Cedars-Sinai Techstars Accelerator, Healthbox Studio, and Plug and Play. For more information about KēlaHealth, visit www.KēlaHealth.com.
About Santé Ventures
Founded in 2006, Santé Ventures is a specialized healthcare and life sciences investment firm with over a half-billion dollars in capital under management. The firm invests in early-stage companies developing innovative new medical technologies, biotechnologies, and digitally-enabled healthcare services. Recent Sante successes include Claret Medical (Boston Scientific), TVA Medical (Becton Dickinson), Millipede Medical (Boston Scientific), Molecular Templates (MTEM), AbVitro (Celgene), and Explorys (IBM Corp). Santé invests nationally and is headquartered in Austin, Texas, with additional offices in Houston. For more information, please visit www.sante.com.
About Intuitive Ventures
Leveraging Intuitive's entrepreneurial spirit and expansive technological and clinical reach, Intuitive Ventures invests in transformative opportunities advancing positive outcomes in healthcare. The fund is focused on US and international early-stage start-ups and takes a long-term outlook to support portfolio companies reach their major milestones. Through its inaugural $100 million fund and with leadership combining decades of investing and operational experience, the team cultivates strategic resources to drive financial returns and accelerate the future of minimally invasive care. More information and future updates can be found at: www.intuitive-ventures.com.
[1] Dimick. J Am Coll Surg. 2004 Oct:199(4)531-7.2004.
[2] Healy. JAMA Surg. 2016 Sep 1:151(9)823-30.
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SOURCE KēlaHealth
