Cardinal Analytx Closes $22 Million Series B Round
PALO ALTO, Calif., May 23, 2019 /PRNewswire/ — Cardinal Analytx Solutions, an artificial intelligence (AI)-enabled health insights company, today announced a $22 million Series B funding round led by John Doerr, who will also serve on the Cardinal Analytx board of directors. Joining the round were strategic investors GuideWell Mutual Holding Corporation, Blue Shield California and Premera Blue Cross.
This new round of capital will enable Cardinal Analytx to rapidly extend its lead in the innovative use of machine learning to drive proactive healthcare through investments in talent and technology.
“We take great pleasure in welcoming John Doerr to our board and are honored by the investments from his family fund, our strategic health plan partners and other leading investors,” said Cardinal Analytx CEO Linda T. Hand. “The new growth funding positions us to capitalize on our early commercial traction and robust pipeline. We expect to quickly extend our leadership in the use of AI to accurately predict rising risk and future costs, and deliver actionable insights.”
Cardinal Analytx was founded by Stanford professors Drs. Arnie Milstein and Nigam Shah, who also is joining the company’s board, in partnership with Cardinal Partners. After a number of successful pilots, Cardinal Analytx announced its first multiyear customer, Premera Blue Cross, earlier this year.
Technology That Looks Around the Corner to Improve Health Outcomes
Cardinal Analytx integrates predictive insights with meaningful actions, identifying people at high risk of rising cost and worsening health in the future and matching them with interventions to prevent their decline. The system assesses the ability to impact individuals’ clinical trajectory – or likelihood to benefit from an intervention – to steer them toward better health outcomes. Cardinal also can predict specific types of high-cost, high-acuity events well in advance, providing the lead-time needed to match members with higher value providers in a timely manner.
“Cardinal Analytx is leading the pack in predictive analytics for healthcare payers and providers. Cardinal uses machine learning to create advanced, early-warning predictions and interventions to address health conditions early – when they matter most,” said Doerr, also chairman of Kleiner Perkins.
“The caliber of investors we’ve attracted speaks for itself, validating our team’s efforts to execute on our vision: to deliver proactive healthcare that improves people’s health and reduces the total cost of care,” said Hand. “We look forward to working with John and our new investors to bring better care to individuals sooner.”
Investor Quotes
Patrick Geraghty, president and CEO of GuideWell and its health insurance company, Florida Blue
“The ability to leverage predictive analytics, machine learning and AI to improve outcomes for individuals and the health care system as a whole will be a hallmark of leading health solutions organizations going forward. Our investment in Cardinal Analytx reflects our commitment to innovation in this area and our confidence in the company and its leadership.”
Sandra Clarke, CFO, Blue Shield California
“What sets Cardinal Analytx apart is its strong partnership with Stanford and its creative solution for addressing the needs of patients and providers alike. Cardinal Analytx is completely transforming the healthcare model in a way that is perfectly aligned with our vision.”
Jeff Roe, CEO, Premera Blue Cross
“We were an early investor and continue to invest and co-design with Cardinal Analytx because the AI and predictive analytics that they offer enable us to deliver better health outcomes for our customers, while lowering the total cost of care.”
About Cardinal Analytx Solutions
Cardinal Analytx Solutions combines state-of-the-art AI-enabled data science with “next-best action” health insights. Based in Palo Alto, Calif., the company was founded by two Stanford industry professors and spun out of StartX in 2017. Committed to driving “better care, sooner,” Cardinal Analytx partners with health plans, employers and providers across the nation to improve lives and decrease costs for millions of people. For more information, visit www.cardinalanalytx.com or email info@cardinalanalytx.com.
View original content to download multimedia:http://www.prnewswire.com/news-releases/cardinal-analytx-closes-22-million-series-b-round-300855739.html
SOURCE Cardinal Analytx Solutions
