Mendel, an AI-powered software platform that analyses clinical data, including medical history and genetic information, raised $18 million in Series A funding.
The round was led by DCM, a venture capital firm, with participation from OliveTree, Zola Global Investors, and Millennium Technology Value Partners. Return investors include Launch Capital, SOSV, Bootstrap Labs, and Chairman of UCSF Health Hub Mark Goldstein.
As part of the funding, Olive Tree Managing Partner, Nichola Eliovits, will join the board. “Our mission is to build a machine that can learn from the care journey of every patient. We’ve spent the last three years building an end-to-end platform that can quickly and intelligently interpret unstructured patient data,” said Dr. Karim Galil, Mendel CEO and founder.
Karim Galil added: “Since our platform became commercially available last year, our revenue has increased by 15X. It is clear that our customers see Mendel’s value as we have had a 100% conversion rate from our pilot program to multi-year agreements. This funding will help us grow the team and reach the next phase of our business.”
According to Mendel, its clinical AI platform understands the unstructured, natural language content within medical documents and provides analytical data to the end-user. All of the analytical output is validated by a team of clinicians. The company said the analytical data is then used for hypothesis generation, trial matching, synthetic control arms, outcome research, and commercial intelligence.
“There is huge potential for the global healthcare industry to leverage AI,” said Mendel board member and partner at DCM, Kyle Lui. “Mendel has created a unique and seamless solution for healthcare organizations to automatically make sense of their clinical data using AI. We look forward to continuing to work with the team on this next stage of growth.”
Healthcare Data Analytics companies secured $906 million in venture capital funding in Q1 2021, a 54% increase quarter-over-quarter, compared to $587 million raised in Q4 2020, according to Mercom Digital Health Funding and M&A Report.