DocSynk, an Irving-headquartered healthcare AI startup, announced that its has received bridge funding from Colosseum Group, a Chicago-based private equity firm. The funding will help the startup move toward a Series A round later this year.
Previously, DocSynk raised $1 million in a seed round of funding from Dallas-based Naya Ventures, which has reiterated its continued commitment by participating in the bridge round.
The amount of the bridge funding was not released. Bridge funding is a form of interim financing often used by companies to solidify their short-term position while arranging long-term financing.
In January, we featured DocSynk in a report on seven trends that will affect the future of investing opportunities in North Texas. DocSynk is driven by “making healthcare better” through machine learning, and we recognized its tech in the AI sector.
DocSynk’s AI system compiles lists of patients who are at risk for chronic illnesses, such as early-onset diabetes or coronary artery disease, along with their probability of being diagnosed within certain time frames. The startup’s technology creates plans for patients to prevent or delay the symptoms, while managing business functions of healthcare organizations and enabling customers to handle jobs like rescheduling appointments.
The platform’s use cases are transformative, all designed around having a positive impact in healthcare.
“We have three paying customers and a strong pipeline of household healthcare names that we’re signing up between now and the first quarter of 2020,” said CEO Vaidyanatha Siva, who founded the startup in 2015.
Siva also this year won Startup Innovator of the Year in Dallas Innovates’ and D CEO‘s inaugural Innovation Awards, a new program honoring companies and leaders driving innovation in North Texas.
DocSynk has plans for a Series A round this year
DocSynk has 10 employees and expects to hire 15 more people in the next 12 months, Siva told Dallas Innovates. He plans to build $4 million in recurring software-as-a-service revenue and position the business for a series A funding round.
“Our aim is to achieve this by the fourth quarter of 2020, based on signed contracts and current qualified sales pipeline,” he said.
Siva and his team operate on the strategy of going deep before going wide, as DocSynk now focuses on tuning the accuracy of its predictions. They believe their model could become the industry standard for patient risk stratification and cohort building.
The new bridge funding will help position DocSynk to achieve its funding goals. “With this funding round and the expertise the principals of Colosseum bring, we are confident that we’re well positioned for our Series A Growth round in Q3, 2020,” Siva said.
In November, we reported on how DocSynk and its partner, Irving-based LightBeam Health Solutions, were selected as one of the 25 participants invited to participate in the CMS Artificial Intelligence (AI) Health Outcomes Challenge. The challenge is an opportunity for innovators to demonstrate how AI tools such as deep learning and neural networks can be used to predict unplanned hospital and skilled nursing facility admissions and adverse events.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.