Justpoint, a developer of proprietary machine learning algorithms for analyzing individual medical malpractice claims, raised $1 million in Seed funding.
The round was led by Vivek Garipalli, founder and CEO of Clover Health, with participation from Amino Capital, Whoa Ventures, and Harry Langenberg of Optima Tax Relief.
Justpoint is offering consumers and law firms a way of understanding the legal merits of a claim as well as an instant prediction of the likely settlement amount. According to the company, the machine learning models created using a database of over 300,000 historic and active claims from over 900 law firms.
The seed funds will be used for scaling the company, including hiring more engineers and designers, as well as expanding customer acquisition channels, customer support, and developing partnerships with medical malpractice insurance companies and self-insured hospitals.
Medical errors are currently the third leading cause of death in the US and often lead to the financial ruin of those who survive. “Our goal is to ensure that the medical malpractice system fulfills its promise with the help of artificial intelligence,” said Victor Bornstein, CEO & Co-founder of Justpoint.
Victor Bornstein added: “We believe that better distinguishing lawsuits with merits and those without, as well as the future application of our technology in the clinical setting, will contribute to an improvement of health care provided to patients while providing a safety net for families that have suffered the consequences of medical mistakes. This additional capital will allow us to further impact the world of medical malpractice and meet the needs of our customers.”
Founded in 2018, Justpoint employs more than ten people with an office in New York. According to Mercom’s latest funding report, Digital health companies raised a record of $6.3 billion in the first half (1H) of 2020 compared to $5.1 billion raised in 1H 2019.