Nets $34M In Series B Funding Round

healthcare, AI, funding, investments, ClosedLoop, AI, a healthcare platform powered by artificial intelligence (AI), on Tuesday (Aug. 17) announced it has raised $34 million in Series B funding. Led by Telstra Ventures, the investment round also included contributions from Breyer Capital, Greycroft Ventures, .406 Ventures, and Healthfirst. Angel investors Adam Boehler, formerly of Rubicon Founders, and Sam Palmisano, formerly of IBM, also contributed to the funding round.

The 4-year-old company said its AI tools will help healthcare providers forecast patient-specific results so they can modify patient care, provide better end results and curtail costs.

In addition to ClosedLoop, other companies are harnessing the power of AI to improve healthcare-related services and patient outcomes. As PYMNTS reported last month, Omniscient Neurotechnology is using AI to analyze tens of thousands of MRI scans and essentially create “Google maps of the brain.” The goal is to help doctors detect any abnormalities or potential problems without invasive surgery.

Read more: HealthTech Use Case Expansions Push Boundaries, From The Mundane To The Exotic

Since the pandemic, AI has played an important role in guarding patients’ identities, as more and more patients opt for telehealth as compared to in-person care. According to a recent study, 43 percent of U.S. patients plan to continue using telehealth, while another 45 percent viewed telehealth as providing the same quality of care as in-person doctor visits. With the increase in virtual healthcare comes the increase in online privacy and identity theft concerns. Between 2019 and 2020, the number of U.S. adults who had their identity stolen increased by 67 percent.

See more: Report: Healthcare Providers Use AI To Solve Telemedicine’s Privacy Problem

According to ClosedLoop, AI is becoming a building block of healthcare services and is used to prioritize population health outreach, upgrade clinical documentation and coding, advance operations and authorizations and bolster patient retention.

“We need healthcare to be as good at using data to improve patient outcomes as the social networks are at getting us to click ads,” said ClosedLoop Co-founder and CEO Andrew Eye. “We’re not going to stop until AI improves every decision, every day, for every patient.”