Health analytics company BaseHealth has raised $8.5 million is Series C funding. HBM Healthcare Investments contributed $2.5 million to the round. Other investors were not disclosed. According to Crunchbase, this round brings BaseHealth's total funding to $17.5 million.
BaseHealth offers a population health tool that combines access to a wide, disparate swath of health data with an analytics engine that utilizes artificial intelligence and machine learning. The proposition, as CEO Jason Pyle shared a few weeks ago from the Health 2.0 stage, is to help payers and providers find the "invisible patients" — those that didn't have significant and costly health problems in the past year, but will have them in the coming year in the absence of an intervention.
"How to we find invisible patients?" Pyle asked during his presentation at Health 2.0. "We gather all the available data on each patient — this includes laboratory data, biometric data, social, family history, and genetic data — and we process it through a unique dynamic learning model for each and every member. And it’s based upon the entirety of the peer-reviewed literature, which associates all known risk factors with all known major diseases. Through that we are able to pick out this very small group of invisible patients amongst a huge sea of otherwise healthy people."
Once those patients are identified, health plans can give them extra attention and attempt to prevent the development of costly chronic conditions.
BaseHealth intends to use the funding to continue developing the analytics engine that powers its offering. HPM Healthcare Investments is a healthcare-specific group.
“We look for companies that are at an advanced stage of development, that are closely tracked and actively guided on their strategic direction," Dr. Andreas Wicki, CEO of HBM Healthcare Investments, said in a statement. "We see a lot of potential in the BaseHealth model in addressing improvements in patient care and controlling costs in the healthcare system."
Earlier this month, Base Health added two new executives to its leaderhip team: Chief Operating Officer Tamara StClaire, a veteran of Roche and Abbott, and Chief Medical Officer Dr. Nick van Terheyden, who previously held that position at Dell.
