OM1, a US-based medical data technology developer backed by automotive components maker Wanxiang, secured $21m in a series B round led by venture capital firm Polaris Partners on Tuesday.
Venture capital firm General Catalyst and VC fund 7wire Ventures also participated in the round, having joined Wanxiang subsidiary Wanxiang Healthcare Investments and Glikvest for OM1’s $15m series A round in April 2017.
Founded in 2015, OM1 has built a software platform that applies artificial intelligence to large amounts of clinical data in order to help its clients understand how different treatments work for different patients, meaning they can make better decisions on care.
The proceeds from the round will be put into product development, and Polaris Partners managing partner Dave Barrett will join OM1’s board of directors.
Richard Gliklich, founder and chief executive of OM1, said: “Healthcare stakeholders are moving rapidly towards recognising that clinical outcomes are the most important metric in healthcare.
“With this funding, OM1 can accelerate the technologies that are making those outcomes accessible, and useful across a spectrum of needs for real world evidence and value-based care.”