BootstrapLabs is pleased to share that our portfolio company Mendel.ai raised $18M in a Series A funding round. The new funding will go towards accelerating its growth and the development of a “clinical data marketplace” for people to not just organize, but also to share and exchange data for research purposes. The Series A round is being led by DCM, with OliveTree, Zola Global, MTVLP, and previous backers Launch Capital, SOSV, BootstrapLabs and chairman of UCSF Health Hub, Mark Goldstein, also participating.
“Since our platform became commercially available last year, our revenue has increased by 15X. It’s clear that our customers see Mendel’s value as we’ve had a 100% conversion rate from our pilot program to multi-year agreements. This funding will help us grow the team and reach the next phase of our business.”
– Karim Galil, Co-Founder and CEO at Mendel.ai
Artificial Intelligence holds the promise to deliver orders of magnitude of efficiency increases for the healthcare industry. But in spite of large investments in the space by players such as IBM, Amazon, and others, the healthcare industry has yet to reap the full benefits of Artificial Intelligence.
The potential efficiencies for the healthcare industry include the ability to: collect the right data, anonymize the data (to be HIPAA compliant), extract meaning and facts, and then organize that data in a way that allows easy and efficient consumption and integration to numerous processes, workflows and automation.
Today, AI companies like Mendel.ai not only help large pharmaceutical companies to “fail fast” to better identify new treatments, but they are also having a big impact in improving the health system infrastructure by eliminating many of the current inefficiencies.
Starting from making data (from claims, faxes, PDFs, texts, etc.) “readable” by machines, Mendel.ai enables the whole healthcare ecosystem with their novel AI infrastructure for clinical data.
In 2020, after 3 years of R&D, Mendel.ai launched a beta version of their new “Clinical-AI in a box” platform, which enables the work of data analysts, engineers, and epidemiologists across the healthcare data ecosystem.
Karim Galil and his team spent over 15 years developing novel AI approaches. With over 25 published papers, 350 citations and patent-pending models, Mendel.ai is accessing over 1 million patients’ clinical data, and saving lives, and aims to become the Twillio of healthcare.
Mendel.ai has been a BootstrapLabs portfolio company since 2017.
Karim Galil is Co-Founder and CEO at Mendel.ai. Karim has prior experience as a founder (KryptonWorx) and as a General Physician in Cairo, Egypt. He received a Bachelor of Medicine and a Bachelor of Surgery at Ain Shams University.
Wael Salloum is Co-Founder and CTO at Mendel.ai. Wael has over 10 years of experience in technology startups – and is 3x startup founder. He received a PhD in Computational Linguistics at Columbia University and a Masters of Science in Computer Science at Columbia University.
You can read the full press release below:
SAN JOSE, Calif.–(BUSINESS WIRE)–Today, Mendel, the company behind the clinical AI platform that understands the unstructured, natural language content within medical documents, announced it has raised $18 million in Series A funding. Read More.
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