Healthcare firm Carta Healthcare, powered by AI, has raised $18.25 million in Series B1 funding to speed up the development of its clinical data abstraction platform. The round was led by UPMC Enterprises and featured new investors like MemorialCare Innovation Fund, Tampa General Hospital Ventures, and Rex Health Ventures, which is part of UNC Health.
Current investors, Memorial Hermann Health System, Mass. General Brigham Ventures, Paramark Ventures, Storm Ventures, CU Healthcare Innovation Fund, and FirstCrisis Ventures also doubled down on the San Francisco company.
What does Carta Healthcare do?
Carta Healthcare enables hospitals and researchers to derive actionable insights from both structured and unstructured medical information with the use of artificial intelligence. Its solution assists:
Matching patients to clinical trials
Automating registry data collection
Streamlining clinical workflow efficiency
Offering actionable analytics to healthcare teams
With health data generally quiet and unstructured, Carta's technology is meant to close the gap between uncooked data and real-time clinical decision-making.
Funding for expansion into life sciences
New funding will fund Carta Healthcare's ambitions to move more into life sciences, a move that might link researchers with the data they require to make more discoveries and enhance patient outcomes.
This investment further validates our mission to harness the power of data, ensuring that healthcare teams and researchers have the information they need, when they need itBrent Dover, CEO of Carta Healthcare
Recent Activity: Acquisitions and Past Fundings
"With the support of leading health systems, we can continue expanding our deep clinical expertise, scaling our operations and optimizing AI-driven data abstraction to deliver real-time, high-quality insights. This funding allows us to accelerate innovation, improve efficiency and ultimately support better patient outcomes," Brent Dover stated.
This new round comes after Carta's December buyout of Realyze Intelligence, an AI-focused firm to match patients to trials. Realyze was also in the UPMC Enterprises portfolio.
Carta Healthcare has been building its financial foundation steadily:
2023: Raised a $25 million Series B round.
2021: Raised $17.3 million in Series A.
There is increasing competition in AI data summarization.
Carta is not alone in this emerging market. Layer Health, another AI-driven chart review startup, just raised $21 million in Series A funding. DigitalOwl, which uses NLP to generate electronic health record summaries, last raised $12 million from America's Reinsurance Group last year.
As healthcare's appetite for quicker, more accurate data processing expands, Carta Healthcare's AI-driven methodology positions it well among an expanding community of disruptors.
(Input from various sources)
(Rehash/Muhammad Faisal Arshad/MSM)