What You Should Know:
- HiLabs, a leading provider of AI-powered solutions to manage dirty data, unlocking its hidden potential for healthcare transformation, today announced a $39 million Series B financing.
- The round was led by Denali Growth Partners and Eight Roads Ventures, with participation from F-Prime Capital. The capital raise follows rapid customer adoption of its healthcare data ingestion, cleansing, and enrichment platform, MCheck™, and will support continued enhancement of the technology as well as recruitment of top-tier talent and expansion of its product teams.
Revolutionizing Healthcare Data Management: The HiLabs Story and Partnership with Denali Growth Partners
Founded in 2014, HiLabs is dedicated to ensuring timely access to clean data for payers, providers, and patients, especially as healthcare organizations globally shift towards data-driven decision-making. HiLabs’ cloud-based MCheck platform plays a pivotal role by ingesting, cleansing, and enriching critical healthcare information, leading to substantial reductions in operational costs for healthcare organizations and improvements in patient outcomes. Featured in the Journal of the American Medical Association (“JAMA”), the MCheck platform technology supports some of the largest health insurance companies in the US, aiding in the automation and enhancement of administrative processes.
Moreover, the company’s provider directory management solution is operational in most US states, analyzing data from over 80% of the country’s healthcare providers. Currently, HiLabs is expanding its platform capabilities to incorporate other data types like electronic medical records and value-based care data. As a leading provider of AI-powered solutions, HiLabs is dedicated to unlocking the hidden potential of dirty data for healthcare transformation. The company emphasizes innovation, collaboration, and a relentless focus on enhancing patient outcomes.
Denali Growth Partners, a Boston-based growth equity firm with over $250 million in regulatory assets under management, seeks to partner with rapidly-growing and capital-efficient businesses operating in the healthcare and technology sectors. Through strategic resources and capital, DGP assists management teams and companies in accelerating their growth trajectory.
“Timely and high-quality data exchange between payers and providers is key to reducing care costs, improving outcomes,” said Amit Garg, co-founder, and CEO of HiLabs. “As we embrace this next phase of growth, we’re thankful for the backing of healthcare-focused investors. We stand poised to propel our AI-technology forward, empowering healthcare organizations to make swift, informed decisions based on data that’s not just clean, but readily available when it matters most.”