Cardinal Analytx, a US-based population health management provider backed by health insurance provider Premera Blue Cross, has received $20.6m in series B funding from undisclosed investors, according to a securities filing.
The company is targeting a $29.3m final close, the filing states, but it has not yet made any formal announcements concerning the round.
Founded in 2013, Cardinal Analytx has developed machine learning and artificial intelligence technology that predicts which health insurance customers are at a higher risk of illness, recommending clinical interventions to improve patient outcome and prevent costs from rising.
The spinout commercialises work by two Stanford University researchers: Arnold Milstein, professor of medicine and director of the Clinical Excellence Research Center, and Nigam Shah, associate professor of medicine and biomedical data science and assistant director of the Center for Biomedical Informatics Research.
Cardinal Analytx raised $6.1m in a 2017 series A round led Cardinal Partners and backed by Premera Blue Cross, which is licensed by health insurance group Blue Cross Blue Shield, and Stanford-StartX Fund, the investment vehicle of Stanford-affiliated accelerator StartX, from which the company had graduated.
The original version of this article appeared on our sister site, Global University Venturing.
