AI-enabled clinical data abstraction company CARTA Healthcare won $18.25 million in Series B1 Finance, led by UPMC Enterprises.
New Investors MemorialCare Innovation Fund, Tampa General Hospital Ventures and Rex Health Ventures (UNC Health's Investment Fund) participated in the round alongside existing investors Memorial Hermann Health System, Paramark Venture, Storm Venture, Mass General Brigham Venture, CU Healthcare Innovation Fund and Flyst Cressy Ventures.
What it does
CARTA Healthcare provides an AI-powered data abstraction platform for structured and unstructured data with analytics, in order for clinical teams to generate insights to find patients in clinical trials, improve efficiency, and automate registry data collection.
The San Francisco-based company will use the funds to expand its customer base, particularly in the life sciences sector.
“This investment further examines our mission to leverage the power of data and ensures that our healthcare teams and researchers have the information they need when and when they need it.” Email MobiHealthNews.
“With support from key healthcare systems, we continue to expand our deep clinical expertise, expand operations, optimize AI-driven data abstractions to provide high-quality insights in real time. This funding will help accelerate innovation, improve efficiency and ultimately support better patient outcomes.”
Market Snapshot
December, CARTA Healthcare has acquired Reylyze Intelligence, a portfolio company of UPMC Enterprises that uses AI to match patients with clinical trials.
In 2023, the company announced the final closure of its $25 million Series B funding round. In 2021, the company won $17.3 million in Series A funding.
Other digital health organizations in the Data Abstraction Space include AI-enabled chart review companies Layer Health raised $21 million in Series A funding earlier this year.
Another company in the data abstraction market, Digitalowl Analyze and summarize EHR using natural language processing. Last year, the company won a $12 million investment from America (RGA), a leading insurance reinsurance group, and in 2022 it raised $20 million in Series A funding.
