Caresyntax, a surgical data analytics company, closed a $100 million Series C funding round.
PFM Health Sciences led the funding round with participation from Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital III, Arno Capital, Rezayat Investments, IPF Partners, Relyens Group, and Surgical.AI.
According to Caresyntax, the funding will help the company accelerate expansion in key markets, further research and development of its AI analytics, build out its platforms, and expand its employee base. The investment will also strengthen technology and expand the company’s reach.
Caresyntax says its digital surgery platform uses artificial intelligence to analyze large volumes of video, audio, images, device data, clinical, and operational data real-world data in and around the operating room.
The real-world evidence can be used by the care team live, during a procedure, and accessed by those outside the operating room via the platform’s dedicated telehealth link. The Caresyntax software is used by more than 4,000 operating rooms worldwide and supports surgical teams in over two million procedures per year, the company said.
Caresyntax also offers virtual, real-time access to outside experts, such as medical school instructors or medical device representatives, through its digital platform.
“Operating rooms need to perform as effectively and efficiently as possible, and this is especially true now to make up for the surgical backlog driven by the pandemic,” said Dennis Kogan, Caresyntax founder, and CEO. “With better technology to safely automate surgical pathways while generating decision-grade real-world evidence, we will improve health care decision-making, mitigate surgical risks, and advance high-value medical technology.”
In late 2019, Caresyntax announced the acquisition of Syus, an operating room operations and cost analytics company, to expand its footprint and further enhanced the company’s capabilities to improve business outcomes for hospitals via real-world data.
“We’ve witnessed a rapid evolution in the devices that are used to perform the surgery itself, but less progress in the tools that help the caregivers handle the increasing complexity and volume of surgical procedures,” said Stacey Shulman at Intel Capital.
“If we’re going to see real improvement in surgical outcomes, we must first help everyone in and around the operating room clear the surgical backlog post-COVID while collecting the unique clinical insights that can power more reliable decision support systems for the long term. Caresyntax can provide the granular workflow access and the surgical data needed to accomplish those goals.”
Healthcare data analytics companies raised $906 million in Q1 2021, according to the recently released Mercom’s Q1 2021 Digital Health Funding and M&A Report.