Lumiata Raises $11 Million to Accelerate AI Powered Health Analytics for Improving Healthcare, Introduces CEO Dilawar Syed
Funding from Khosla Ventures, BlueCross BlueShield Venture Partners, and Intel Capital to fuel transformation of healthcare across insurers, providers and employers through predictive analytics
San Mateo, CA, — July 11, 2018 — Lumiata, a provider of AI-powered health analytics for managing cost and risk, today announced it has closed $11 million in new funding co-led by Khosla Ventures and BlueCross BlueShield Venture Partners. The investment was secured under the leadership of Dilawar Syed, who was appointed CEO by the company’s board of directors in April. Funding will be used to accelerate Lumiata’s deployment of next-generation health analytics, enabling health plans, providers and self-insured employers to anticipate and ensure optimal care. Sandbox Industries, Intel Capital and others also participated in the current round. This latest investment brings Lumiata’s total funding to $31 million.
“With the appointment of Dilawar Syed as CEO, we have found not only an excellent and highly experienced leader, but also someone who knows how to build and grow enterprise products,” said Matt Downs, chairman of the Lumiata board of directors and Managing Director of Sandbox Industries. “Syed has already hit the ground running since joining Lumiata. In just a matter of weeks, he has led the company in securing this new round of funding and is firmly at the helm as Lumiata accelerates development of a new suite of predictive analytics products to support payers and risk-bearing entities.”
Syed most recently served as president at Freshworks and helped the cloud-based software company grow to more than 100,000 customers worldwide. Prior to Freshworks, he served as CEO at Yonja Media Group and also served as head of Platform Operations at Yahoo. In 2010, President Barack Obama appointed Syed to the President’s Advisory Commission on Asian Americans and Pacific Islanders (AAPI), where he led White House engagements with AAPI entrepreneurs across the U.S. on a breadth of issues including healthcare and economic growth. Syed holds an MBA from The Wharton School of the University of Pennsylvania.
“The stakes couldn’t be higher as the demand for smarter healthcare at lower cost resonates with millions of Americans. Healthcare today is undergoing extreme volatility, and requires high-performance, state-of-the-art analytics that will arm payers, providers and employers with the insights they need to manage costs while delivering the best care possible," said Syed. “This new funding from industry leaders is a vote of confidence in Lumiata’s mission to tackle spiraling healthcare costs. I am very excited to be leading a talented team and partnering with our customers to deliver products that will change the trajectory of healthcare in our country.”
Since its launch, Lumiata has developed models to predict disease risk and onset of certain chronic conditions for over 20 million patient lives. In the first half of 2018, the company has developed cost and spend prediction models with significant demonstrated improvement in prediction.
"In five years, AI and other technologies will transform healthcare to lower costs, provide more access, and deliver better outcomes," said Vinod Khosla, Founder and Managing Partner at Khosla Ventures. "We believe that Lumiata has the leadership and the technological advantage to be a key player in this healthcare transformation."
“Lumiata has jumped out of the gate with building strong predictive models that have the power to radically disrupt and improve how insurers operate,” said John Banta, executive director, BlueCross BlueShield Venture Partners. “We are not only impressed with the data science and engineering team Lumiata has assembled, but also with the company’s leadership and vision of what they can deliver to millions across this country.”
Lumiata provides predictive analytics for managing health costs and risk impacting millions of lives. At the intersection of clinical knowledge, data science and deep learning, Lumiata works with major U.S. health plans and providers to manage costs and prioritize care. Based in Silicon Valley, Lumiata's team is comprised of data scientists experienced in advanced health informatics. For more information, visit https://www.lumiata.com/or follow @lumiata.
About Khosla Ventures
Khosla Ventures is a venture capital firm that provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems, and focuses on transformative technology in consumer, enterprise, education, financial services, health, big data, agriculture/food, sustainable energy and robotics. Khosla Ventures is headquartered in Menlo Park, California. For more information about the firm's activities, please visit https://www.khoslaventures.com.
About BlueCross BlueShield Venture Partners
BlueCross BlueShield Venture Partners, L.P. is a corporate venture fund licensed by the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. The fund invests in promising emerging companies of strategic relevance to Blue Cross and Blue Shield companies. Sandbox Industries is the exclusive provider of investment management services to BlueCross BlueShield Venture Partners. For more information, visit www.bcbsvp.com.
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous vehicles, workload accelerators, 5G connectivity, virtual reality and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.3 billion in 1,530 companies worldwide, and more than 660 portfolio companies have gone public or been acquired. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
Laurie Gibson for Lumiata
Our focus is to deliver greater precision in costs and risk to major health plans, care providers, and employers, and enable pathways for smarter, more tailored care. Our work builds on the promise of AI, clinical knowledge, and our team’s collective heart to change healthcare for the better.
Millions of Americans today remain uninsured or underinsured; often just one diagnosis away from bankruptcy. Employers, who in post-WWII America became the main source of healthcare coverage, find rising costs a top contributor to the cost of doing business –– affecting job creation and opportunity.
Clearly, the scale and complexity of the healthcare challenge is enormous. Yet, the promise of AI to bend the cost curve is awe-inspiring, especially when mission-guided entrepreneurs set out to tackle it — fearlessly. We can contemplate a more hopeful future, when employers of all sizes, health plans and care providers can become smarter agents in healthcare by embracing modern, predictive analytics.
Since April I’ve been huddled with our smart and impassioned team in San Mateo, customers who’re partnering with us everyday, and Lumiata’s iconic investors. It’s been an intense start to a purposeful journey I had sought after an amazing, memorable run at Freshworks.
These past few weeks at Lumiata have also reaffirmed my belief in an essential leadership principle: Passionate, empowered, and aligned people can turn a corner on any challenge or adversity — no matter its enormity, intensity, or type. Team Lumiata is on course. As we move forward, our execution will be guided and inspired each day by the outcomes we can drive for millions of Americans.
We are Lumiata. We make healthcare smarter.
By: Dilawar Syed, President & CEO
SAN MATEO, Calif., May 11, 2018 (GLOBE NEWSWIRE) -- Lumiata, which applies artificial intelligence to multipoint aggregated medical data to enhance predictive analytics in healthcare, announces completion of a third party audit attesting to its achievement of the demanding requirements of the SOC 2 Type 2 and HIPAA data security standards.
The meticulous third-party examinations and assessments that led to compliance with the rigorous series of data security standards was administered by the professional IT compliance and audit staff at 360 Advanced, a national HITRUST CSF, Qualified Security Assessor, and Certified Public Accountant firm based in St. Petersburg, FL.
The SOC 2 Type 2, developed by the AICPA, is the most widely recognized authoritative guidance that provides service organizations a uniform method for disclosing independently assessed information about the design and operation of internal controls. HIPAA is designed to provide privacy standards to protect patients' medical records and other health information provided to health plans, doctors, hospitals and other healthcare providers.
“Achieving SOC 2 and HIPAA compliance affords Lumiata the opportunity to audit, crosscheck and improve our data and security practices,” said Nicolas Tilmans, Sr. Director of Engineering at Lumiata. “This is a critical step to building and scaling partnerships with our customers across the healthcare industry.”
Source: Globe Newswire