KenSci has raised an additional $22 million to fuel growth of its machine learning and AI-powered technology that helps health systems predict when patients will get sick and lower healthcare costs.
Polaris Partners led the Series B round, which included participation from existing investors such as Ignition Partners, Osage University Partners, and Mindset Ventures. UL Ventures also joined the round as a strategic investor. Total funding to date is $30 million.
Founded in 2015 by two childhood friends — Samir Manjure, a longtime former Microsoft exec, and University of Washington-Tacoma professor Ankur Teredesai — KenSci’s software aggregates patient data from a number of existing sources, including data collected from patient devices, electronic medical records, and public records. The platform then assembles the data so its machine learning systems can use it to predict clinical, operational and financial risks.
The company’s customers include NHS Greater Glasgow and Clyde, and Health Promotion Board Singapore.
“In the last two years, we’ve singularly invested ourselves in building a platform that simplifies the way health systems look at their data and gain actionable, predictive insights to save lives and costs,” Manjure said in a statement. “With this round of funding, we’re excited to take these capabilities to a global stage with partners who complement our capabilities and are committed to helping us drive this transformation across the care continuum.”
Healthcare spending in the U.S. increased 3.9 percent in 2017 to $3.5 trillion, according to Centers for Medicare and Medicaid Services.
KenSci appeared on GeekWire’s Elevator Pitch show last year, pitching its business to a group of judges. The company, which employs more than 50 people and has additional offices in Singapore and Hyderabad, was also nominated for the Innovation of the Year category at the 2018 GeekWire Awards.
“If you can predict, then you can potentially prevent — and not only that, but you can make better outcomes happen and reduce cost,” Manjure said in his pitch, which you can watch below.