Medstreaming is raising investment to help hospitals and researchers analyze their data with artificial intelligence.
The Redmond, Wash.-based healthcare IT company reeled in $22.6 million as part of an equity round, according to a regulatory filing. Company representatives declined to comment on the filing.
Founded in 2006, the company is attacking a common frustration in healthcare: data is often fragmented and difficult to work with.
To address the problem, Medstreaming sells a variety of healthcare IT software, including a suite of apps that are made for specialty practices like women’s health, cardiovascular, vascular and radiology. The idea is to provide a data management platform that integrates with other technology that providers use, such as imaging systems and electronic health records.
Additionally, the company operates a big data platform that is used to aggregate and analyze population-level health data across a healthcare system. It also sells an all-in-one software kit for outpatient clinics that serves as an electronic medical record, revenue cycle management, imaging system and more. Lastly, Medstreaming sells data analytics software for clinical trials and research purposes.
Healthcare IT is an enormous market, valued at $75 billion and led by established firms like Philips, Allscripts, GE Healthcare and Siemens Healthineers.
Medstreaming last raised cash in April 2016, when it landed $14.7 million from investors, according to filings. Around that time, it also made a pair of acquisitions, including revenue cycle management firm Physician Billing Partners and M2S, a clinical data and imaging company.
The company’s software is used by medical professionals at Mass General, the University of Colorado Health and Froedtert & the Medical College of Wisconsin, among others. It is led by CEO Wael Elseaidy, who was previously an engineering leader at GE Healthcare and Philips Health Systems. Elseaidy co-founded Medstreaming with chief technology officer Ewald de Vries, who was previously a senior software engineer at Philips.