November 19, 2020
AUSTIN, Texas–ClosedLoop.ai, Healthcare’s Data Science Platform, today announced the close of an $11 million Series A. The investment round was co-led by Greycroft and .406 Ventures with participation from Silicon Valley Bank and Meridian Street Capital. ClosedLoop makes it easy and affordable for healthcare organizations to use data science to improve outcomes and reduce costs by combining an intuitive end-to-end machine learning platform for data scientists with a catalog of healthcare specific predictive models and features.
The company’s technology is already recognized as a category leader by clients and the KLAS Healthcare AI 2020 report, which highlighted ClosedLoop as a Top Performer in healthcare-focused AI with 100% of customers saying they would buy the platform again. ClosedLoop is also a top 7 finalist in the Centers for Medicare & Medicaid Services (CMS) Artificial Intelligence (AI) Health Outcomes Challenge.
ClosedLoop’s platform provides leading-edge AI tools and automation capabilities enabling data scientists to build and deploy accurate and explainable predictive models with speed and ease. The platform supports data science teams with healthcare specific tools for data prep, automated feature engineering, AutoML / model training, and deployment / MLOps. Customers have the ability to build their own advanced custom models using ClosedLoop’s exclusive content library or take off the shelf models and customize them as their own. ClosedLoop’s content library provides more than 2,000 healthcare features including medication adherence, frailty, co-morbidities and more and the industry’s best collection of extendable pre-built predictive and prescriptive models for common healthcare use cases. The pre-built features and AutoML capabilities provide a low-code option for organizations without internal data science expertise, while the ClosedLoop API allows for advanced users to leverage ClosedLoop’s capabilities within the tools they already use such as Python and Jupyter Notebooks.
“The biggest challenges in data science and artificial intelligence are in upfront data wrangling and last mile deployment and monitoring,” said Andrew Eye, CEO and Co-Founder of ClosedLoop. “By providing an end to end platform purpose-built for healthcare and the industry’s largest catalog of prebuilt models and features, we allow customers to go from raw, messy healthcare data to production ready predictive models in as little as 24 hours.”
The disruption of fee-for-service healthcare is reshaping the industry, rapidly becoming a value-based system centered on individuals, prevention, and the management of chronic disease. Healthcare organizations have struggled to utilize artificial intelligence to their advantage leaving many to use black-box solutions that are not optimized for their patients. ClosedLoop’s purpose-built, healthcare-focused AI platform helps organizations anticipate some of healthcare’s biggest challenges – such as disease progression, readmissions, hospital infections, and avoidable hospitalizations – and surfaces specific insights that support physicians, health plans, and life science companies to design and deliver services that improve the health of individuals and populations. The platform’s pre-built predictive model templates make it easy for organizations to identify and target opportunities for improving health, delivering high quality care, and reducing costs.
“Physicians are being asked to do more than ever before. With advanced technology, ClosedLoop brings innovative AI models to clinical workflows with a 100% deployment rate and continues to positively impact the future of practices and improve patient outcomes,” said Ian Sigalow, Co-founder and Partner of Greycroft. “We are excited to invest in ClosedLoop as they expand their platform and support healthcare organizations with the power of artificial intelligence.”
“At .406, we are deeply focused on both Health IT and Data/AI. When investing at the intersection of the two we look for horizontal technologies that are effective but only delivering a fraction of the potential value, often leaving the rest to services. In these cases vertical specific applications can usually deliver the full end-to-end solution, which is exactly what ClosedLoop has done,” said Graham Brooks, Partner at .406 Ventures. “Andrew and the team have identified a significant opportunity in the market and created a powerful yet simple platform that consistently delivers results for their customers. We’re excited to partner with ClosedLoop to progress the healthcare industry.”
ClosedLoop was founded in 2017 by serial entrepreneur Andrew Eye and Dave DeCaprio. Eye previously co-founded the mobile software company Boxer (purchased by VMWare) and cyber security firm Ciphent (acquired by Optiv). DeCaprio is a multi-time CTO and previously helped lead the Human Genome Project at MIT’s Broad Institute. The pair are joined by Paul Auffermann, former VP of Sales at DataRobot, and Carol McCall, former Chief Informatics Officer at Humana. The new funding will allow ClosedLoop to continue to invest in product and engineering while expanding their sales and marketing teams.
ClosedLoop is Healthcare’s Data Science Platform. We make it easy and affordable for healthcare organizations to use data science to improve quality and reduce costs. The ClosedLoop platform is purpose-built to make healthcare-focused data scientists more effective at their jobs. By providing off-the-shelf models for common healthcare use cases and automating many of the manual processes involved in traditional data science tasks, ClosedLoop allows data scientists to focus on the impactful problems that drive real value for organizations. A finalist in the Center for Medicare and Medicaid Services AI Health Outcomes Challenge, ClosedLoop is headquartered in Austin, Texas. For more information, visit https://closedloop.ai/
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build the world’s most transformative companies. They have deep experience in both consumer and enterprise technology and have made over 300 investments, including Acorns, Bird, Huffington Post, Icertis, Plated, Scopely, Shipt, TheRealReal, Thrive Market, Trunk Club, and Venmo. www.greycroft.com
About .406 Ventures
.406 Ventures is a Boston-based early stage venture capital firm investing in healthcare and enterprise technology companies founded by visionary entrepreneurs. The firm was founded in 2005 and has over $1 billion under management across four core and two opportunity funds. .406 Ventures typically leads, or co-leads, early stage investment rounds and will opportunistically invest in later stage rounds around a deep thesis. .406 Ventures’ healthcare theses focus on systems, technologies, and services that improve clinical delivery, with investments in companies such as Abacus Insights, AbleTo, Axial Healthcare, Heartbeat Health, Iora Health, Nomad Health, Redox and WelbeHealth. Learn more at 406ventures.com.
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