Lumiata, a provider of predictive analytics based on medical science, announced today that it has added another $6 million to its Series A round to power a data-driven transformation of healthcare.
BlueCross BlueShield Venture Partners (BCBSVP) and Sandbox Industries join Khosla Ventures as Series A investors.
Lumiata has raised $10 million to date.
Matt Downs from Sandbox Industries will join the Lumiata Board of Directors.
Lumiata is currently conducting engagements at several major hospital networks, provider groups, and health insurance carriers to better understand patient-level risk and deliver better informed patient care.
Lumiata was also selected in Gartner's 'Cool Vendors in Smart Machines' report along with IBM Watson, Google Now and Apple's Siri.
A Massive Opportunity to Transform our Healthcare Systems with Data
A big data revolution is under way in healthcare across every major healthcare organization. Mckinsey estimates that more than $300 to 400 billion in healthcare cost savings can be realized from new protocols and effective use of data. While the healthcare system is just beginning to appreciate data's richness and its potential application to improve health and wellness for all, the explosion of newly available data from a diverse set of sources ranging from electronic health records to smart sensors, make it extremely difficult for health organizations to put data into action. But data science, already reshaping our daily lives with search engines, smart phones and GPS devices, offers a way forward to wide-scale transformation of healthcare quality, access, and insight.
'There is a large opportunity to reduce the waste and inaccuracy associated with healthcare decision making by empowering professionals with the best medical science that is hyper personalized,' said Matt Downs, Managing Director of Sandbox Industries. 'Lumiata is uniquely positioned to help health plans identify gaps in care, diagnosis and data inherent in their member populations.'
Bringing Data and Medical Science Together for Predictive-First Healthcare
Lumiata powers Predictive-First Healthcare by combining the brilliance of physicians with the analytical power of big data.
Lumiata harnesses medical science, in the form of a medical knowledge graph, to deliver real-time hyper-personalized and evidence-based analytics at scale. Based on the most current scientific research and clinical practice, Lumiata's medical graph uses more than 170 million data points and over 25,000 hours of physician expertise to transform data from claims, EHRs, sensors and more into actionable health stories of individuals and populations to predict, 'what to do, for whom, when and why?' with greater accuracy and context.
'Lumiata seeks to power Predictive-First Healthcare -- a world where health organizations are able to anticipate in real-time and deliver practical insights that are based on medical science,' said Ash Damle, Lumiata CEO and Founder. 'We are excited to bring our new investors onboard to help us enable healthcare stakeholders, of all sizes, gain a deeper understanding of their patients' current and future health, risk and cost, so they can deliver higher value care.'
Lumiata's technology increases the ability of health insurers and risk-bearing organizations to understand the level of clinical, operational and financial risk associated with a patient, through the lens of medical science. For healthcare providers, Lumiata's medical graph enhances the efficiency and quality of processes such as intake, patient triage and discharge, and delivers prescriptive analytics regarding symptoms, medications, risk factors and diagnoses. Lumiata's platform, via a real-time RESTful API, allows any app or device to become health 'aware' -- able to provide the healthcare context and health implications at an individual and population level.
About Lumiata
Founded in 2013, Lumiata helps hospital networks and health insurance companies become Predictive-First. We enable companies to predict, 'what to do, for whom, when and why?' with greater accuracy, immediacy and context. Lumiata combines the analytical power of big data with the brilliance of physicians and medical science to deliver practical and personalized analytics in real time and at scale. Lumiata is a venture-backed company based in Silicon Valley, comprised of clinicians, data scientists and experts in care delivery. For more information, please visit www.lumiata.com
About BlueCross BlueShield Venture Partners, L.P.
BlueCross BlueShield Venture Partners, L.P. is a $305 million corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield Plans. For more information, please visit www.bcbsvp.com.
About Sandbox Industries
Sandbox Industries (www.sandboxindustries.com) is a Chicago-based firm that connects innovative companies into its corporate partners in Healthcare and Food & Agriculture. Founded in 2003, Sandbox has over $400 million of capital under management and exclusively manages the BlueCross BlueShield Venture Fund.