US health IT company Lumiata has completed $10 million in Series B financing. Leading by Intel Capital, existing investors Blue Cross Blue Shield Venture Partners, Sandbox Industries, and Khosla Ventures are all involved.
Lumiata's official website shows that this is a predictive analytics company that uses medical artificial intelligence to strengthen risk and care management for taxpayers, population health agencies and doctors. Founded in 2013 and headquartered in Silicon Valley, the team consists of clinicians, data scientists, and medical experts.
According to Anthony Jones, Lumiata's chief business office, Lumiata's core predictive analytics product is the Risk Matrix. It requires a large number of health plan members or patients to collect all of their data points and then map out the variability of the risk of illness over time for each person.
The Lumiata Medical Graph is the engine behind the company's predictive analytics products. It analyzes both big and small data. It has two main functions: 1) mapping the current and future personal health trajectories; 2) behind each prediction, Provide detailed clinical rationale. It consists of more than 260 million data points, 4TB of structured and unstructured medical knowledge, and 35,000 hours of physician review, using a variety of data types, from claims and electronic medical records to laboratory results and sensor readings. Developed more than 60 million patient data repositories.
Jones divides Lumiata's customer base into three broad categories: the first is for large health programs because taxpayers take most of the risk; second is nursing organizations such as Universal American; the third is other digital health Companies such as telemedicine . Like Intellivisit, it is working with hospitals to achieve patient diversion in the community.
He revealed that Lumiata already has about 10 groups of paying customers, and Independence Blue Cross is one of the customers of Risk Matrix. The other 10 groups used Lumiata's technology in a proof-of-concept pilot program, some of which are also paying for technology access.
Lumiata's competitors include Verisk Health, Optum Health, and Inovalon. Inovalon acquired Avalere Health, a company that created business intelligence tools for pharmaceutical and life sciences companies, for $140 million in August 2015.
Compared to them, Lumiata is characterized by a health plan that requires individuals to provide high-precision tools to help them assess and manage risk. Lumiata is exploring strategic partnerships with other health companies and certainly does not rule out acquisitions.
Jones said the company plans to use funds to increase its staff from 40 to more than 60, especially to increase product development talent, and another part of the money will be used to build data science capabilities. “There is a huge demand for predictive analytics on the market today and it is growing.â€
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