Integrated medication dosing platform InsightRX has closed a $10 million Series A funding round headed by HealthX Ventures. Other participants in the round included Rock Health, OSF Healthcare, Leawood Venture Capital and Premier Inc., as well as returning backer GreatPoint Ventures.
According to the announcement, this brings the company’s total backing to $13 million.
WHAT THEY DO
Founded in 2015, InsightRX has built a software platform that relies on EHR data to develop individualized medication dosing regiments. Called InsightRX Nova, physicians can employ the tool at the bedside to assist with treatments for more than 100 drug-assisted therapeutic areas.
While Nova’s regimens are designed to be improved over time via artificial intelligence examining real-world clinical data, the company also offers an aggregated analytics platform called InsightRX Apollo that aims to help organizations identify larger trends in treatment responses, such as yet-unreported toxicity or efficacy.
“The future of healthcare relies on individualizing therapy and improving patient outcomes by providing clinicians with tools to make better treatment decisions,” Sirj Goswami, cofounder and CEO of InsightRX, said in a statement. “Our technology optimizes dosing at the point of care and establishes a data-driven framework to continuously learn about treatment effectiveness—and the underlying factors influencing drug response.”
InsightRX says that its two products are already being used “by more than a hundred healthcare institutions and life science companies throughout the US and Europe.”
WHAT IT’S FOR
InsightRX said that this latest funding will help the company push its platform into new therapeutic areas and improve system integrations. The company is also looking to expand its reach within the provider and pharmaceutical markets.
MARKET SNAPSHOT
InsightRX has a handful of competitors looking to fine tune medication dosing. Notably, Australian startup DoseMe’s pitch involved a fairly similar push for web-based precision dosing that led the company to be acquired late last year by Tabula Rasa Healthcare, another company looking to ensure medication safety.
ON THE RECORD
“InsightRX’s platform and unique value proposition will improve treatment effectiveness for commercially available drugs in the hospital setting, while allowing pharma companies to start incorporating precision dosing early on during the drug development process,” Mark Bakken, general partner of HealthX Ventures, said in a statement. “We chose to invest because we are confident that InsightRX will work to achieve its goals, and facilitate the mass adoption of precision dosing.”
