Armed with $14 million in Series B funding, Lumiata is putting health care data in the hands of physicians, health systems and payors so they can identify risks and reduce costs.
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The San Mateo, California-based company says it can take health care-specific datasets and make them ready for machine learning within weeks using a low- to no-code process that is cloud-based and integrates with existing systems. Once the data is analyzed using artificial intelligence, Lumiata says it’s able to identify underwriting risks and insights into cost reduction to make reliable predictions on health outcomes.
Including the Series B, Lumiata has raised about $50 million in total since it was founded in 2013, Lumiata CEO Dilawar Syed told Crunchbase News. Syed joined the company in 2018.
“Lumiata was one of the first companies in the AI space and was part of the first batch of companies to solve the future state of health and risk using data science,” Syed said. “Over the last few years, after taking over the company, we shifted our focus to a product approach.”
The company gathers terabytes of data, and one of its primary use cases is helping health systems predict if a patient admitted into the hospital will return for an emergency visit, he said.
Lumiata will use the funding to scale its AI platform and ramp up business beyond its current use cases, as well as invest in sales and marketing, and customer success. The company also plans to open a new office in Guadalajara, Mexico, this year, to join its operations in San Mateo and Dallas, Syed said.
“AI is a journey to build,” he added. “We’ve since relaunched to be a SaaS company delivering a product. We are also building a new team of executives coming from backgrounds that resulted in us moving to the cloud. This represents the powering of the next phase of the restart of customer adoption.”
Meanwhile, Matt Downs, managing director of the Blue Venture Fund, said in an interview that the fund looks for management, market and product, and feels like Lumiata meets each of those.
“In terms of management, Dilawar is a real pro: He has the background and knows how to identify the right folks and put them in the right positions,” Downs said. “With market opportunity, a lot of change is going on in health care right now, and Lumiata’s ability to analyze data to predict needs of patients meets our interest in helping members and patients go to the right site and get the right care. We do want our health system to be better and we are going to get there.”
Illustration: Dom Guzman