SAN MATEO — Apixio Inc., the data science company for healthcare, has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care.
The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstructured medical records, for an accurate view of a patient’s chronic conditions so payers and providers can deliver better care. Apixio’s cognitive computing platform has analyzed data from more than six million patients, achieving 210 percent year-over-year growth in patients analyzed.
“At SSM Partners we have more than two decades of experience working with high-growth companies in healthcare. We immediately recognized Apixio’s value proposition and their strong management team, which together form the bedrock for success,” said Casey West, managing partner at SSM Partners. “As the healthcare industry accelerates toward a pay-for-value world, we’ve seen organizations become increasingly eager to deploy Apixio-like technologies that enhance healthcare quality. Apixio is well-positioned to meet this demand and improve care with its cognitive computing platform.”
As the healthcare industry shifts toward value-based care, there is a greater need to transform previously unusable data into actionable insights. As a result, funding for cognitive computing technologies, like Apixio’s, has held strong, with Grand View Research estimating that the market will reach $5 billion by 2022.
“SSM Partners’ commitment to innovative products, smart growth and true data-driven care matches our vision at Apixio,” said Darren Schulte, MD, CEO at Apixio. “We will use this capital to develop new applications that create insights for appropriate care and quality measurement. We’re eager to meet the healthcare market’s increasing appetite for applied data science and are confident our cognitive computing platform will play a leading role in the transformation of how healthcare is consumed and delivered.”