Dallas-based OptMyCare, a clinically engineered AI platform in healthcare & risk management, has raised $3 million in Series A financing from what it called a “robust group of investors” led by Austin-based venture fund LiveOak Ventures.
The startup said the funding will enable it to accelerate customer acquisition plans, continuously refine its technology, onboard key management personnel, and add experienced healthcare and technology leaders.
“The need for a clinically driven AI solution to identify and mitigate rising risk across multi-chronic diseases is lacking,”
“OptMyCare is the first machine learning platform that comprehensively addresses holistic care incorporating social determinants of health and behavioral health while mitigating risk progression and healthcare cost,” Dr. Saravanan Balamuthusamy, CEO and co-founder of OptMyCare, said in a statement. “We’re excited to partner with LiveOak Ventures to expand our platform to evolve into an industry leader in AI solutions for value-based care.”
OptMyCare said its total funding to date is $4.5 million.
Leveraging ML to improve care for chronic diseases
OptMyCare is a scalable, secure, and cloud-based SaaS product that combines precision analytics with actionable risk stratification solutions across multiple chronic conditions and delivers recommendations that are based on real-time input, the company said.
Its product leverages clinically engineered algorithms that take data from 55 chronic clinical diagnoses—their associated procedures and claims costs—and facilitates rapid and accurate risk identification. OptMyCare said those predictive and prescriptive solutions actively help risk bearers improve workflow, lowering the time and cost involved with this process.
“Providing patients, their providers, and payors with relevant information to empower decision-making and appropriation of resources helps improve the efficiency of our healthcare system,” co-founder Dr. Antony E. Pfaffle said in a statement.
LiveOak Ventures’ partners have invested in early-stage businesses for more than 25 years, partnering with entrepreneurs developing revolutionary technologies and helping them evolve into “category-dominating companies of the future,” the firm said.
“Drs. Balamuthusamy and Pfaffle bring incredible clinical domain knowledge and success in developing one of the most accurate ML-based predictive risk-stratification models at a patient level,” Krishna Srinivasan, board member and founding partner of LiveOak, said in a statement. “We’re excited about the potential to apply this distinctive capability combined with their expertise to build a next-generation software and solutions company that can materially improve health outcomes and reduce costs for broad swathes of the population. As such, we’re delighted with the opportunity to expand the LiveOak portfolio in digital health and collaborate with them to build a great business in the nexus between care delivery and predictive analytics.”
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