Company Name: Carenostics
Location: New York
Business Focus: Healthcare AI targeting chronic disease detection and treatment.
Funding Details: Carenostics successfully bagged $5M in its Seed funding round.
Purpose of Funding:
The newly-acquired funds are earmarked for a two-fold objective. Primarily, Carenostics has set its sights on expediting its reach to a greater number of health systems. Simultaneously, the company aims to delve into a broader spectrum of chronic conditions, thereby amplifying its impact.
At the heart of Carenostics' mission is to transform chronic disease management. Co-founders Kanishka Rao, donning the COO hat, and Dr. Bharat Rao, the company's CEO, have pioneered an AI platform. This platform is adept at pinpointing chronic disease patients who either remain undiagnosed or are undertreated. But Carenostics doesn't stop at identification. It proactively nudges clinicians, prompting them to step in at early stages. The USP of this platform is its adaptability. It customizes AI models based on the data pool of each health system, tapping into the existing electronic health record (EHR) data. This ensures a seamless integration into clinicians' workflow. Plus, in an age where data breaches are rampant, Carenostics places patient data privacy on a pedestal. The platform is designed such that no patient data ever ventures out of the hospital's ecosystem.
Carenostics is not merely an AI platform; it's an ally for healthcare professionals in the battle against chronic diseases. Its success can be gauged by its integration with premier health systems. A case in point is Hackensack Meridian Health, New Jersey's largest hospital system boasting 18 hospitals and a whopping 6 million patient records. Here, Carenostics aids physicians across a diverse range of chronic conditions. Further accentuating its industry prominence are collaborations with pharmaceutical giant AstraZeneca, the VA, and a unique partnership coupled with an investment from Bayer G4A. Notably, this investment from Bayer G4A was its sole early-stage investment in 2022.
With stalwarts like Kurt Hilzinger, Chairman of Humana, not just investing but also joining the advisory board, the future seems bright for Carenostics.