There are many fine examples that can be seen where artificial intelligence (AI) has been used to enhance medical applications, improving patient outcomes as a result. One AI startup that specialises in the integration of AI in clinical lab diagnostics is Prognos. You may not be familiar with the name yet, but having just secured a $20.5 million round of funding, you may be hearing a lot more of them soon.
With funding now totaling $42 million, Prognos is looking set to become one of the leading firms when it comes to healthcare related AI solutions. Some of its investors are Hermed, Merck Global Health Innovation Fund (GHI), Cigna, and Safeguard Scientifics. The new round of funding will allow the company to grow. Currently Prognos helps 25 different Life Science brands, but the company is confident that with the new round of funding this will increase.
The new Series C funding round is being used to expand the company’s operations, to invest in new markets, and to accelerate sales and marketing efforts. So far the company has the largest lab connectivity network in the whole of the U.S with more than 13 billion lab records on file, and more than 1000 already developed machine learning algorithms that cover 50 conditions including asthma, non-small cell lung cancer, and diabetes.
“Healthcare AI and the right kind of big data, such as lab and diagnostics data driving clinical decision-making, has the potential to enable us to identify patients more likely to benefit from a particular therapy,” said managing director of Merck GHI Fund, Joe Volpe. “This round continues our investment into Prognos, the healthcare AI company that has demonstrated its capability to transform how the Life Sciences industry does business, now and in the future.”
Working alongside Prognos to try and improve health engagement is global health service company, Cigna. “AI is a game changer in healthcare risk management,” said Craig Cimini, VP Strategy and Business Development at Cigna. “We have seen Prognos’ capabilities first-hand and believe health plans will greatly benefit from integrating real-time lab and diagnostics data intelligence to refine their approaches to risk adjustment, clinical quality, and care management.”