Frazier Healthcare Partners, a provider of growth and venture capital to healthcare companies, led the financing round with participation from Longitude Capital and existing investor Euclidean Capital.
The financing will help advance the diagnostic algorithms development engine.
Dascena algorithms predict the onset of complex conditions in advance when meaningful clinical intervention can be made. The algorithms help to diagnose acute decompensation (heart failure), sepsis, and severe kidney injury and enable early clinical mediation and improve care outcomes according to the company.
According to CDC data, every year, over 1.7 million adults in the U.S. suffer from sepsis, which leads to around 270,000 deaths.
“Sepsis kills an American every two minutes, and early detection and treatment are critical to patient survival,” said Matthew Fine, M.D., chief medical officer of Oroville Hospital. “To combat this deadly condition, we have used Dascena’s sepsis prediction technology over the past two years and have found it very helpful for the care of our patients.”
The global sepsis diagnostic market is pegged at 1.1 billion by 2027. The introduction of advanced medical examination systems for life-threatening diseases will help market growth over the years, according to a report by Grand View Research.
“Sepsis kills an American every two minutes, and early detection and treatment are critical to patient survival,” said Matthew Fine, M.D., chief medical officer of Oroville Hospital.
Last year, Feebris, an artificial decision company that develops machine learning algorithms for precision detection of complex respiratory conditions, raised £1.1 million (~$1.39 million) in Seed funding, which was led by 24 Haymarket. Mednition, a developer of real-time machine learning-powered solutions for emergency healthcare providers, raised $10 million in Series A funding round, which was led by healthcare private equity firm Concord Health Partners through its American Hospital Association Innovation Fund.