Strategic investment from Oak HC/FT and
Cedars-Sinai Health Ventures will support the rapid expansion of
Regard's AI-powered clinical insights platform aimed at unlocking
the full power of the EHR
LOS
ANGELES, July 11, 2024 /PRNewswire/ -- Regard,
the AI-powered clinical insights platform that empowers clinicians
to unlock the full potential of patient data, announced today the
close of a $61 million Series B
financing round, led by Oak HC/FT, with participation from
Cedars-Sinai Health Ventures, as well as existing investors
TenOneTen Ventures, Calibrate Ventures, and Techstars. The
investment will enable the company to accelerate product
development with their core clinical insights platform, invest in
fundamental research in large language models (LLMs) and
expand beyond inpatient facilities.
"Regard is positioned to revolutionize how we think about
clinical decision-making support for doctors," said Nancy Brown, General Partner at Oak HC/FT. "The
team at Regard has built a platform that is driving value for
patients, physicians and health systems alike by improving
outcomes, increasing efficiency, reducing burnout, and increasing
revenue. Eli and Nate have been thoughtful about product
development and we are thrilled to be a part of this next chapter
where they look to deliver this value at scale."
An influx of new technologies has generated more healthcare data
than ever, yet much of it remains untapped for clinical care.
According to The World Economic Forum, less than 3% of available
patient data is used by a physician. With an average of 50,000 data
points per patient, the gap between the vast amount of data
available and clinically actionable insights generated from it is
significant. Regard bridges the clinical insights gap by analyzing
all available data and recommending diagnoses, enabling clinicians
to deliver better care. Once recommendations are reviewed and
approved by the clinician, Regard ensures complete and accurate
documentation in a standardized format, a critical step to ensure
clinical quality and enhance hospital revenue.
"Cedars-Sinai has been working alongside Regard from the early
days of the business because we saw a real need to empower
physicians with the data that can provide critical analysis and
insights to assist in diagnosis and treatment," said Maureen Burgess, Partner at Cedars-Sinai Health
Ventures. "And, even more importantly, we believe it will improve
patient care as well as the patient experience."
Since its launch in 2021, Regard's technology has surfaced more
than three million diagnoses to care teams and generated more than
$50 million in incremental revenue
for enterprise health system partners including Banner Health and
Sentara. Most recently, the company announced a partnership with
WakeMed Health & Hospitals, a leading health system in
Raleigh, North Carolina.
"Imagine a doctor having all the EHR information they need about
a patient, right in front of them, in just seconds. Regard is
augmenting patient care by analyzing overwhelming mountains of
clinical data and providing clinicians with potential diagnoses and
treatment recommendations, impacting the quality and safety of care
in real-time," said Eli Ben-Joseph,
CEO at Regard. "That's a game-changer – not just for doctors, but
for the people whose lives are in their hands."
About Regard
Regard, the leading AI clinical insights
platform, unlocks the full potential of patient data.
Regard's clinical intelligence layer drives the future of
healthcare by augmenting clinical workflows and turning data into
actionable insights. The technology helps health systems get the
most value out of their clinical data: improving patient care,
saving physicians time, and rejuvenating hospital finances. Regard
is carving a path forward for health systems and physicians to
meaningfully leverage AI, with the goal of empowering physicians to
provide world-class healthcare to everyone.
About Oak HC/FT
Oak HC/FT is a venture and growth
equity firm specializing in investments in fintech and healthcare.
Using partnership as a foundation, Oak HC/FT guides companies and
founders at every stage, from seed to growth, to create businesses
that make a measurable and lasting impact. Founded in 2014, Oak
HC/FT has invested in over 85 portfolio companies and has over
$5.3 billion in assets under
management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT
on LinkedIn and X and learn more
at https://www.oakhcft.com/.
Media contact:
Dori
Young
dori@12080group.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/regard-raises-61m-to-close-the-clinical-insights-gap-in-healthcare-with-leading-ai-solution-302194821.html
SOURCE Regard