AUSTIN, Texas, Dec. 14, 2021 – ClosedLoop.ai, healthcare’s data science platform, today announced another year of exceptional growth. In 2021, ClosedLoop established itself as the leader in predictive AI for healthcare by winning the largest healthcare-focused AI challenge ever, quadrupling its revenue year-over-year, more than doubling its customer base and employee headcount, and winning several high-profile industry awards.
Winning the Largest Healthcare AI Contest in History
In April, ClosedLoop won the Centers for Medicare and Medicaid Services (CMS) AI Health Outcomes Challenge — the largest healthcare-focused AI challenge in history. The $1.6 million contest centered on creating explainable AI solutions to predict health outcomes and surface key insights that clinical end-users could easily understand and trust.
In addition to accuracy and explainability, CMS judged submissions on how effectively they addressed algorithmic bias and fairness. ClosedLoop’s submission excelled across all evaluation criteria, beating out more than 300 of the world’s leading technology, healthcare, and pharmaceutical organizations including IBM, the Mayo Clinic, Geisinger, Merck, Accenture, and Deloitte. Winning the challenge solidified ClosedLoop’s position as the industry leader for predictive AI in healthcare, demonstrating the capabilities of its data science platform and the talent of the team behind it.
Securing a $34 Million Series B to Fuel Growth
In August, ClosedLoop raised $34 million in its Series B funding round, bringing the company’s total funding to $45 million. The round was led by Telstra Ventures with participation from Breyer Capital, Greycroft Ventures, .406 Ventures, Healthfirst, Adam Boehler (former director of the Center for Medicare & Medicaid Innovation and CEO of Rubicon Founders), and Sam Palmisano (former CEO of IBM).
The investment enabled ClosedLoop to rapidly grow its team, accelerate product development, and tackle more of the most pressing challenges in healthcare. ClosedLoop and its investors share the goal of applying AI to every healthcare decision, and the Series B round will help ClosedLoop address more use cases, reach more people, and improve more lives.
Exponential Growth of Customer Base and Headcount
ClosedLoop quadrupled its revenue year-over-year and more than doubled its customer base, adding several national value-based care leaders, including Palm Beach Accountable Care Organization and Southwestern Health Resources.
To further extend the benefits of AI across healthcare and accelerate AI implementation, ClosedLoop established partnerships with Olive and Booz Allen Hamilton, making AI more available and easier to use. Since January, the company has also more than doubled its headcount and hired a number of leadership roles.
High-Profile Industry Recognition
ClosedLoop’s achievements in 2021 drew attention from multiple high-profile healthcare analysts and media outlets. ClosedLoop’s 2021 awards include:
These awards are a testament to ClosedLoop’s real-world impact and its innovative healthcare data science platform. Austin Inno named ClosedLoop one of the startups pushing the breakneck pace of growth in Central Texas, and Fast Company listed the platform among the “tech breakthroughs that promise to define the future.”
“ClosedLoop is the number one company in predictive AI for healthcare, and we’re just starting to scratch the surface of AI’s potential to produce better outcomes,” said Andrew Eye, CEO and Founder. “Going into 2022, we’re going to hit the ground sprinting and drive impact with AI-driven insights for millions more people we have yet to reach. For us, that’s what it all comes back to: using data to help people achieve radically better health and improved quality of life.”
ClosedLoop.ai is healthcare’s data science platform. We make it easy for healthcare organizations to use AI to improve outcomes and reduce costs. Purpose-built and dedicated to healthcare, ClosedLoop combines an intuitive end-to-end machine learning platform with a comprehensive library of healthcare-specific features and model templates. Customers use ClosedLoop’s Explainable AI to drive clinical excellence, operational efficiency, value-based contracts, and enhanced revenue. Winner of the CMS AI Health Outcomes Challenge and named a KLAS Healthcare AI Top Performer for 2020, ClosedLoop is headquartered in Austin, Texas.