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American startup Lumiata, which develops ML model creation and management tools specifically for the healthcare industry, has raised $14 million in a Series B financing round.
The company targets organizations with limited data science expertise with its automated data management, pre-built models, and AutoML capabilities that provide a low- or no-code option.
The latest round was led by Defy.vc and AllegisNL Capital, with participation by existing investors Khosla Ventures and Blue Venture Fund.
The company plans to use the funds to scale its platform, invest in customer acquisition, and open a new office in Guadalajara, Mexico.
"Lumiata is breaking new ground in the adoption of AI across healthcare's core functions of underwriting, cost management, and more individualized patient care,” said Dilawar Syed, CEO at Lumiata. “We relaunched Lumiata two years ago with a mission to democratize AI to reduce the cost of care and improve outcomes. We have an even greater purpose to realize this mission as COVID-19 changed healthcare and our world forever.”
After aggregating disparate, healthcare-specific datasets, Lumiata uses AI to analyze the data to identify underwriting risks, discover opportunities to reduce costs, and provide predictions of patient outcomes.
Lumiata says it has identified hundreds of millions of dollars in risks on its customers' books that they were previously unaware they had.
The cloud-based, scalable platform integrates with existing systems through APIs.
"The Lumiata team has done an amazing job bringing to market a powerful AI platform that is easy for business analysts to use from day one while providing the capabilities data scientists require," said Victor Westerlind, managing director at AllegisNL Capital.