Prognos, a US-based healthcare-focused artificial intelligence (AI) technology developer, has closed a $20.5m series C round backed by a host of insurance and healthcare corporates, Xconomy reported on Tuesday.
Insurance firms Cigna and Guardian Life Insurance, through its GIS Strategic Ventures unit, backed the round, as did Merck Global Health Innovation Fund and Hikma Ventures, respective investment subsidiaries of pharmaceutical firms Merck and Hikma Pharmaceuticals.
The round also featured Hermed Alpha Industrial, Maywic Select Investments and Safeguard Scientifics.
Founded in 2010 as Medivo, Prognos has developed AI software to analyse lab results and diagnostics records to detect patients suffering from 50 medical conditions, including asthma, non-small cell lung cancer and diabetes.
Prognos currently works with 25 life science businesses who use the software to identify patients who might benefit from early-stage treatments. The cash will enable Prognos to further develop its AI technology and to drive sales and marketing efforts as it enters new markets.
Prognos has raised $42.5m to date. Merck Global Health Innovation Fund previously led a $15m series B round in 2013, with participation from Safeguard Scientifics and MentorTech Ventures. In 2011, Safeguard Scientifics had led a $7m series A round.