AiCure's Series B Expands Core AI Clinical Research AND Population Health Services
NEW YORK, November 17, 2017 – AiCure, a clinically-validated patient monitoring platform that uses artificial intelligence today announced the completion of a $15 million Series B financing round led by Baird Capital with participation from Silicon Valley Bank. All prior institutional investors participated in the round, including New Leaf Venture Partners, the Pritzker Group, Biomatics Capital, and Tribeca Venture Partners. The investment will accelerate commercial and engineering activities.
AiCure is solving the lack of patient oversight and poor adherence to therapy, a $500 billion problem in the US alone. In clinical research this translates into 20% to 30% of clinical trials failing due to lack of drug exposure. In population health, the need for continuity of care is placing a huge strain on the current healthcare system with an expected one million nurse shortage by 2020. Furthermore, a lack of adherence to therapy contributes to over 100,000 deaths each year.
When a nurse cares for a patient, he or she uses visual cues to assess, interact, and assist patients, ensuring high standards of care. AiCure is automating this form of visual observation and interaction through intelligent software. The core platform offers interactive assistance to patients on their smartphone, performs visual dose confirmation, allows for coordination of care, and is even starting to visually assess disease progression over time. By augmenting patient oversight, a higher quality of care traditionally available to a select few now has the potential to be accessible to a much broader patient population.
“Today, the majority of the top-10 pharmaceutical companies are depending on AiCure to increase drug exposure and understand if there is a drug effect, the primary indicator determining trial success. We are seeing trials on the platform that otherwise would have failed without the use of the AI technology. The deployment of the platform is preventing potentially billions of dollars in lost revenues. In population health, high-risk patients are getting better care leading to better outcomes and clear savings,” said Adam Hanina, CEO of AiCure. “We are delighted by the Series B and our new partners at Baird Capital. This is further validation of our rapid growth, strong scientific integrity, and clinical and market needs.”
“We are thrilled to lead an investment in AiCure as they have taken a sophisticated approach to building value: advanced artificial intelligence technology, clinical evidence, patent protection and the ability to serve both clinical research and population health,” said Michael Liang, a Partner in the Venture Group at Baird Capital. “I believe they will impact healthcare not just in the US but globally for multiple stakeholders.”
AiCure is a clinically-validated artificial intelligence company that helps ensure successful clinical trials and positive health outcomes. The AI platform monitors and optimizes dosing and treatment progression. Researchers, providers, and payers benefit from advanced and previously unobtainable insights into patient behavior allowing them to intervene in real time. AiCure’s extensive clinical evidence base prioritizes scientific integrity – validating the platform for accuracy, ability to increase treatment exposure, early identification of behavioral patterns and predictive analytics. AiCure has developed an extensive intellectual property portfolio and is one of the leaders in the capture of visual datasets by disease and patient risk profile. Funded by the National Institutes of Health and leading institutional investors, AiCure is globally recognized and recipient of the Scrip Award and AI 100. For more information, please visit www.aicure.com
About Baird Capital
Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 295 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through a proactive portfolio operations team and a deep network of relationships which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit www.BairdCapital.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (“SVB”) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com.
Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (NASDAQ: SIVB).