 "HiLabs")
HiLabs, a provider of AI-powered solutions to the healthcare industry, announced a $39 million Series B financing. The round was led by Eight Roads Ventures and Denali Growth Partners, with participation from F-Prime Capital. The capital will support the firm’s continued enhancement of the technology as well as recruitment of top-tier talent and expansion of its product teams.
“We stand poised to propel our AI technology forward, empowering healthcare organizations to make swift, informed decisions based on data that's not just clean, but readily available when it matters most," said Amit Garg, co-founder, and CEO of HiLabs.
Founded in 2014, HiLabs’ mission is to ensure timely access to clean data for payers, providers, and patients. This comes at a time when healthcare organisations worldwide are transitioning toward data-driven decision-making. HiLabs’ cloud-based MCheck platform ingests, cleans, and enriches critical healthcare information. This results in a significant reduction in healthcare organizations’ operational costs and improvement in patient outcomes.
Ten years ago, co-founders Amit Garg and Dr Neel Butala embarked on a journey at Yale University in the US, alongside a modest team of interns and two full-time employees based in India. Under the leadership of Garg, HiLabs with deep roots in India, the team laid the foundation for a thriving network of AI and machine learning R&D hubs in Pune and Bengaluru.
"We have closely followed Amit's (Garg) journey over the past couple of years as he has leveraged the US-India corridor very effectively to build both a top-tier leadership team and deep AI/ML talent in their India R&D centres,” said Dr. Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures.
"While many discuss the potential of AI, particularly in the healthcare ecosystem, HiLabs is demonstrating real-world impact," said Jesse Lane, Founder and Managing Member of Denali Growth Partners.
Carl Byers, Partner at F-Prime Capital said that HiLabs has an AI-driven approach to data management. Byers said this not only fills a critical gap in the market but also enables transformational change among payers and providers. This includes leveraging real-time data to improve user experiences, cost, and value.
