Capital to Be Used in US Expansion and Developing AI Applications for caresyntax OR Data Integration Platform
Caresyntax, a surgical data, analytics and automation company, announced it has successfully concluded its first funding round with a total of $31.9 million in collected funds. Norgine Ventures, a European business supporting innovative healthcare companies with debt-like financing, provided caresyntax with financing of up to €10 million ($11.9 million), and surgical.AI, a Berlin and Boston-based specialized healthcare artificial intelligence (AI) investor, invested $20 million.
Caresyntax will use this financing to grow its US business further, and to develop machine learning and value-added applications for surgical risk management. The company helps hospitals and ambulatory surgical centers identify and manage risk, automate workflows, enhance knowledge sharing and reduce surgical variability.
“We believe that AI and robotics applications in healthcare are one of the foremost investment opportunities of our times, and we are proud to support the growth of caresyntax, which has created the largest data marketplace in surgical services,” said Bjoern von Siemens, Managing Partner of surgical.AI. “With an installed base of more than 6,000 operating rooms, 10,000,000 procedures, and yearly generation of 100 petabytes of unique, high-fidelity data, caresyntax is uniquely positioned to create AI applications, enable robotics, and to support clinical and business decisions in hospital systems. As a vendor-neutral company, caresyntax can leverage its technologies for the benefit of patients and caregivers, while putting ultra-high standards of data privacy and ethical data use first.”
The caresyntax platform aggregates structured and unstructured data from operating room (OR) devices, electronic health records (EHRs) and other sources, and presents it in a unified dashboard to inform surgeons’ clinical decisions. The platform allows surgeons to reduce time spent on documenting their cases, while generating quality data for improved decision making and training. With a granular focus unique among data analytics products, caresyntax deciphers the causes of surgical variations and makes recommendations for fixing them, resulting in reduced readmissions, improved patient safety and better clinical workflows.
“In an era when hospitals and ambulatory surgery centers are focused on improving quality and lowering costs, caresyntax technology is reducing risk and increasing efficiency with its data-driven OR integration platform, which gives surgeons and hospital decision makers the information they need to make optimal decisions,” said Dr. Paul Summerside, MD, CMO of caresyntax and investor in surgical.AI. “The success of caresyntax technology, which is used around the world in more than 1,800 hospitals, is just what healthcare providers here need to boost their ORs to a higher level of performance.”
Used by Chiefs of Surgery, OR Managers and Quality Management officials, the vendor-neutral caresyntax platform consists of PRIME365 OR integration and qvident® surgical performance management software. It addresses surgical outcomes variability, automates workflow processes, improves training protocols, and safeguards reimbursement. Usability, easy reporting and workflow automation are hallmarks of the platform.
Caresyntax was launched in 2013 in Germany, and established its full-time North American operations and headquarters in Boston in October.
Surgical.AI was founded in 2011 by Dennis Kogan and Bjoern von Siemens, the cofounders of caresyntax. The vehicle is backed by its founders and leading healthcare and technology investors from Europe, emerging markets and the U.S. The firm is focused on investing in AI, automation and robotics use cases to revolutionize the $1.5-trillion surgical industry.