Health data analysis company HiLabs has raised $39 million in its Series B funding round, co-led by Eight Roads Ventures and Denali Growth Partners. The funding round was also participated by F-Prime Capital.
US-headquartered HiLabs, which has offices in Pune and Bengaluru, will use the funds to improve its tech stack as well as recruitment of top-tier talent and expansion of its product teams.
Founded by Amit Garg and Neel Butala, HiLabs is a provider of AI-powered solutions to clean dirty data in the healthcare industry. It aims to ensure timely access to clean data for payers, providers and patients. It claims that its cloud-based MCheck platform ingests, cleans, and enriches critical healthcare information, resulting in a reduction in healthcare organisations’ operational costs and improvement in patient outcomes.
“While many discuss the potential of AI, particularly in the healthcare ecosystem, HiLabs is demonstrating impact by leveraging advanced AI techniques to ingest and cleanse data for four of the nation's top ten health payers, along with numerous regional players," said Jesse Lane, founder and managing member of Denali Growth Partners.
Garg and Butala met in 2014 at the Yale School of Management while pursuing their MBAs. In 2017, the company raised seed capital from angel investors and Season Two Vetures. In 2020, it opened its research and development (R&D) centres in Pune and Bengaluru. It employs around 150 employees in the two centres in India.
“Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best-in-class product suite and strong customer traction, which is testament to their product-market fit,” said Prem Pavoor, senior partner, head of India and healthcare investments at Eight Roads Ventures.
