Healthcare Specific AI Platform Lumiata Raises Funding
No-code products speedily predict underwriting and actuarial factors enabling extreme risk reduction and cost savings for healthcare companies
Lumiata, the healthcare-specific AI platform, announced that it has completed $14 million in Series B funding, led by Defy.vc and AllegisNL Capital along with existing investors Khosla Ventures and Blue Venture Fund.
Lumiata takes disparate healthcare-specific datasets and has them machine learning-ready within weeks. Once the data is analyzed using AI, Lumiata is able to identify underwriting risks, surface opportunities to reduce costs, and enable better care by providing reliable predictions to patient outcomes. Lumiata is the only AI platform able to make predictions down to the individual member level while protecting members’ privacy.
In many instances, Lumiata has identified hundreds of millions of dollars in risks on their customers’ books that they were previously unaware they had. Customers are able to reduce costs and provide more responsible and responsive healthcare to their members. Lumiata is cloud-based, fully scalable, and integrates with existing systems through APIs.
“Lumiata is breaking new ground in the adoption of AI across healthcare’s core functions of underwriting, cost management, and more individualized patient care. 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,” said Lumiata CEO Dilawar Syed. “We will accelerate our investment in product, customers, and people to grow and scale the business.”
Lumiata will use the funding to scale its enterprise-grade AI platform and invest in customer acquisition and success. The company also plans to open a new office in Guadalajara, Mexico in 2021.
“Lumiata excels at building trusted relationships with its customers,” said Dalbir Bains, FGC Health’s chairman, president and CEO, a Lumiata customer. “They have delivered results that help us manage consumer risks for comorbidities. Our long partnership means that we can depend on them long-term to help us manage our pharmacy business.”
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Lumiata’s suite of products includes predictive applications for healthcare business teams to manage underwriting and clinical costs and risks for improved decision support, transparency, and patient centricity. Lumiata’s machine learning toolkit is purpose-built for healthcare data scientists to build and deploy predictive models with speed and ease. Lumiata’s automated data management, pre-built models, and AutoML capabilities provide a low- or no-code option for healthcare organizations with limited data science expertise.
“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. “We are excited to work with this team as they accelerate their customer traction and continue to grow their company.”
“Lumiata is moving healthcare forward,” said Neil Sequeira, Co-founder, and Partner, Defy.vc. “Our firm believes that investing in Lumiata will accelerate AI and machine learning and have a material impact on the industry.”