- ClosedLoop.ai announced it has raised $11 million in Series A funding. These are the details.
ClosedLoop.ai announced it has raised $11 million in Series A funding. The investment round was co-led by Greycroft and .406 Ventures with participation from Silicon Valley Bank and Meridian Street Capital.
What does ClosedLoop do? ClosedLoop makes it easy and affordable for healthcare organizations to use data science to improve outcomes and reduce costs by combining an intuitive end-to-end machine learning platform for data scientists with a catalog of healthcare-specific predictive models and features.
And the company’s technology is already considered as a category leader by clients and the KLAS Healthcare AI 2020 report — which highlighted ClosedLoop as a Top Performer in healthcare-focused AI with 100% of customers saying they would buy the platform again.
ClosedLoop’s platform is known for providing leading-edge AI tools and automation capabilities enabling data scientists to build and deploy accurate and explainable predictive models with speed and ease. And the platform supports data science teams with healthcare-specific tools for data prep, automated feature engineering, AutoML / model training, and deployment / MLOps.
The company’s customers have the ability to build their own advanced custom models using ClosedLoop’s exclusive content library or take off the shelf models and customize them as their own. And ClosedLoop’s content library provides over 2,000 healthcare features including medication adherence, frailty, co-morbidities and more, and the industry’s best collection of extendable pre-built predictive and prescriptive models for common healthcare use cases.
The pre-built features and AutoML capabilities provide a low-code option for organizations without internal data science expertise while the ClosedLoop API allows for advanced users to leverage ClosedLoop’s capabilities within the tools they already use such as Python and Jupyter Notebooks.
ClosedLoop was originally founded by Andrew Eye and Dave DeCaprio in 2017. Eye previously co-founded the mobile software company Boxer (purchased by VMWare) and cyber security firm Ciphent (acquired by Optiv). And DeCaprio is a multi-time CTO and previously helped lead the Human Genome Project at MIT’s Broad Institute. And they are joined by Paul Auffermann, former VP of Sales at DataRobot, and Carol McCall, former Chief Informatics Officer at Humana.
“The biggest challenges in data science and artificial intelligence are in upfront data wrangling and last-mile deployment and monitoring. By providing an end to end platform purpose-built for healthcare and the industry’s largest catalog of prebuilt models and features, we allow customers to go from raw, messy healthcare data to production-ready predictive models in as little as 24 hours.”
— Andrew Eye, CEO and Co-Founder of ClosedLoop
“Physicians are being asked to do more than ever before. With advanced technology, ClosedLoop brings innovative AI models to clinical workflows with a 100% deployment rate and continues to positively impact the future of practices and improve patient outcomes. We are excited to invest in ClosedLoop as they expand their platform and support healthcare organizations with the power of artificial intelligence.”
— Ian Sigalow, Co-founder and Partner of Greycroft
“At .406, we are deeply focused on both Health IT and Data/AI. When investing at the intersection of the two we look for horizontal technologies that are effective but only delivering a fraction of the potential value, often leaving the rest to services. In these cases vertical specific applications can usually deliver the full end-to-end solution, which is exactly what ClosedLoop has done. Andrew and the team have identified a significant opportunity in the market and created a powerful yet simple platform that consistently delivers results for their customers. We’re excited to partner with ClosedLoop to progress the healthcare industry.”
— Graham Brooks, Partner at .406 Ventures