Scale Venture Partners and Insight Partners led this $71 million Series C round, enabling Viz.ai to deliver on its plans to expand AI-driven intelligent care coordination beyond Strokei8.
Earlier this month, Viz.ai announced a promising investment round led by Scale Venture Partners and Insight Partner and seconded by Greenoaks, Kleiner Perkins, Threshold Ventures, CRV, Innovation Endeavors and Susa Ventures.
Bringing the company’s total funding to more than $150 million since its creation, this new round will allow Viz.ai to fast-track the expansion of its intelligent care coordination AI platform, so far focused exclusively on stroke, into new global markets, including cardiology, pulmonology and trauma.
Rory O’Driscoll, Partner at Scale Venture Partners, highlighted in the statement how this expansion offers a solution to the gap in care coordination between medical professionals and the healthcare system in terms of “timely and essential patient care”. With Viz.ai already proving to be a game-changer with its ability to transform care coordination through AI and advanced mobile technology in the field of stroke, O’Discoll is confident that the health technology company’s platform will be able to transform other critical care specialties across healthcare.
Viz.ai’s solution has already been clinically validated for stroke with its ability to provide synchronised collaboration, integrated data and automated processes while improving visibility, all through a powerful platform with a state-of-the-art mobile experience.
Viz.ai’s transformative intelligent care coordination system is currently being used in the largest real-world multi-center study, which found a median notification time of 5 minutes and 45 seconds across all sites involved in the use of Viz LVO. The study, which processes the largest healthcare AI dataset to date, showed how Viz LVO achieved 96% sensitivity and 94% specificity in identifying large vessel occlusions in 2,544 consecutive patients from 139 hospitals using scanners from a number of different manufacturers. Such percentages will allow for faster triage, which in turn will lead to earlier identification of patients eligible for thrombectomy. The use of AI in this area will not only improve patient outcomes and reduce disability rates, but will also result in reimbursement of approximately three times the amount of medically managed strokes. This is what makes Viz LVO a powerful and versatile solution.
Nikhil Sachdev, managing director of Insight Partners, explained in statement how Viz.ai’s innovative approach to tackling some of the healthcare industry’s biggest challenges is set for massive growth “as its clinically verified stroke care coordination system is extended to other use cases where time is critical to outcomes and costs to patients and hospitals can increase exponentially when care coordination is disrupted.” Sachdev added that Insight Partners is looking forward to helping scale the intuitive technology-based business.
Exceptional coordination is the key to improving patient outcomes while enhancing the patient experience and reducing costs. The challenges faced by healthcare organisations, which are often managed by outdated software, lead to a lack of visibility and delays in patient care, which can be costly, especially in emergency situations where saving time is critical.
Viz.ai’s innovative solution, which enables real-time AI-enabled disease detection, automated alerts and triage, mobile DICOM image viewing, HIPAA-compliant secure messaging and point-of-care medical consultations, is an award-winning, FDA-approved system that is already transforming patient care, resulting in outstanding patient outcomes.
Chris Mansi, co-founder and CEO of Viz.ai, expressed how the latest round of funding is a validation of the potential of Viz.ai’s technology. He continued in the statement by explaining how the funding will allow the technology company to accelerate its efforts to bring AI and advanced mobile technology to the forefront of healthcare management with a plan to “improve patient outcomes and experience, and improve the economics across the healthcare system in both the US and Europe.”
More about Viz.ai, Inc.
Currently leading the AI-driven healthcare coordination industry, Viz.ai’s goal is to transform healthcare delivery with software based on intuitive technology that promises reduced treatment time, improved access to care, and increased speed of medical innovation delivery. Its leading solution, Viz LVO, is powered by advanced deep learning that allows time-sensitive information from stroke patients to be reported directly to a specialist who can then intervene and treat optimally.
In February 2018, the product, which is the first ever computer-aided triage notification software, received a De Novo clearance from the FDA. Viz.ai won a second clearance for Viz CTP through the 510(k) route, with the tool providing automated analysis of brain perfusion images to healthcare providers. Last year, the health technology leader won a third clearance for Viz ICH, its AI-driven software that automatically detects suspected intracranial haemorrhage on CT images. In the same year, CMS granted Viz.ai the first New Technology Access Payment (NTAP) for Viz LVO artificial intelligence software.
Backed by leading Silicon Valley investors including Kleiner Perkins, Google Ventures, Greenoaks, CRV, Threshold Ventures, Innovation Endeavors, Susa Ventures, Scale Venture Partners and Insight Partners, the San Fransisco and Tel Aviv-based company is poised for promising expansion.
More about Insight Partners
Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised over $30 billion in capital commitments through a series of funds. The leading venture capital and private equity firm invests in fast-growing technology and software companies that are generating transformative change in their industries. The venture capital giant’s goal is to find, fund and successfully work with visionary leaders, providing practical, real-world software expertise to drive long-term success. Within its staff and portfolio, Insight cultivates a culture based on the belief that ScaleUp companies and growth create opportunities for all.
More about Scale Venture Partners
Scale, a Silicon Valley-based venture capital firm, has been an early investor in technology leaders such as SaaS pioneers Box, DocuSign, HubSpot, RingCentral and Bill.com. They now focus on the next generation of enterprise software companies building cognitive applications such as JFrog, WalkMe, CircleCI, KeepTruckin, BigID and Demandbase. Its Scale Studio platform currently hosts an industry-leading dataset of more than 1,000 successful startups to give founders benchmarks on their company’s growth and operating metrics to ensure they are on the right track.