Healthcare technology company HiLabs recently secured $39 million in Series B financing, the firm announced on Monday. The round was led by Eight Roads Ventures and Denali Growth Partners, with contributions from F-Prime Capital.
The influx of capital will drive the enhancement of HiLabs’ technology, allow the recruitment of top-tier talent, and support the expansion of its product teams.
Innovating Healthcare Decision-Making with AI
HiLabs, since its inception in 2014, has focused on delivering AI-powered solutions to democratize access to clean, reliable data for healthcare service payers, providers, and patients.
Amid a global shift towards data-driven decision-making in healthcare, HiLabs’ pioneering cloud-based MCheck platform ingests, cleans, and enriches critical healthcare information, resulting in significant operational cost reductions for healthcare organizations and improvements in patient outcomes.
Amit Garg, co-founder and CEO of HiLabs, expressed his optimism about the firm’s advancements. He remarked, “We stand poised to propel our AI technology forward, empowering healthcare organizations to make swift, informed decisions based on data that’s not just clean, but readily available when it matters most.”
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The Journey of Realizing AI in Healthcare
The origin story of HiLabs is an inspiring one. Co-founders Amit Garg and Dr. Neel Butala launched the venture at Yale University, with a small team of two full-time employees and several interns.
Over the years, the company has successfully established advanced AI and machine learning R&D hubs in Pune and Bengaluru.
Prem Pavoor, Head of India and Healthcare Investments at Eight Roads Ventures, commended Garg’s strategic approach on building a leadership team and developing deep AI/ML capabilities within their India-based R&D centres.
He noted, “Amit’s journey over the past couple of years has leveraged the US-India corridor very effectively”.
Evidence of Real-World Impact
The healthcare industry has long been interested in the potential of AI. Jesse Lane, Founder and Managing Member of Denali Growth Partners, spoke highly of HiLabs’ achievements in this field, stating, “While many discuss the potential of AI, particularly in the healthcare ecosystem, HiLabs is demonstrating real-world impact.”
Carl Byers, Partner at F-Prime Capital, also praised HiLabs for their AI-driven approach, saying it not only fills a critical gap in the healthcare market, but also enables transformational change among providers and payers.
With this new round of funding, HiLabs is on the brink of further accelerating innovation of its AI technology, solidifying its position at the forefront of the intersection between healthcare and artificial intelligence.
