Data science upstart Apixio announced that it has raised $19.3 million in a new round of investments.
The company said that it will use the latest injection of venture capital to build upon its cognitive computing platform for healthcare.
Cognitive computing, along with its technological brethren artificial intelligence and machine learning are wading into the provider space now. IT consultancy IDC, in fact, predicted that by 2018 nearly one-third of healthcare systems will be running cognitive analytics to extract real-world evidence from patient data that can inform personalized treatment.
A raft of technology stalwarts and startups are rushing into the fray, including IBM Watson and rivals Dell and Hewlett-Packard, as well as Luminoso, Alchemy API, Digital Reasoning, Highspot, Lumiata, Sentient Technologies, Enterra, IPSoft and Next IT, according to a 2015 report from Deloitte.
Apixio’s platform, named HCC Profiler, mines unstructured data to spot trends and insights particular to chronic conditions, the company said, to enable clinicians to deliver better care.
Apixio CEO Darren Schulte, MD, said in a statement that the company intends to use the venture capital to create new applications for care and quality measurement and applied data science.
SSM Partners led the Series D round of funding; First Analysis and Bain Capital Ventures also participated.