HiLabs Secures $39M in Series B for AI-Driven Health Data Management
HiLabs, a company specializing in AI-powered health data management, has secured $39 million in a Series B funding round. The investment was co-led by Eight Roads Ventures and Denali Growth Partners, with additional participation from F-Prime Capital and a large national health care payer. This funding will be allocated to enhance the company's artificial intelligence capabilities, including the development of a generative AI tool aimed at parsing value-based care contracts and other legal documents.
Founded in 2014 by Amit Garg and Dr. Neel Butala, HiLabs initially focused on using data analysis to predict patient readmissions but shifted its focus upon recognizing the larger issue of data quality in the healthcare industry. Their platform, MCheck™, is designed to ingest, cleanse, and enrich healthcare data, thus enabling health plans to maintain cleaner clinical data, improve provider directories, and identify errors in medical claims. The company reports that its MCheck platform can process clinical data 100 times faster than human capabilities and is operational across most US states, analyzing data from over 80% of the country's healthcare providers.
The recent capital infusion follows a period of rapid customer adoption of HiLabs' solutions and will support further technological advancements, recruitment of top talent, and expansion of product teams. The company has research and development hubs in Pune and Bengaluru, India, employing nearly 150 individuals. With the goal of reducing operational costs and improving patient outcomes, HiLabs continues to provide critical support to some of the largest health insurance companies in the United States.
