Boston, Massachusetts-based Caresyntax has announced a $30 million addition to its Series C funding round, bringing the total Series C funding to $130 million.
Earlier this year, Caresyntax announced the close of its $100 million Series C funding round. For OTW’s coverage of the initial funding, see “Caresyntax Closes $100 Million Funding Round.”
Caresyntax is one of a new generation of software companies that are creating an operating system for the operating room.
Funding was initially led by San Francisco, California-based PFM Health Sciences, LP. Additional investors include the following: New York, New York-based BlackRock, Inc.; Birmingham, Alabama-based ProAssurance; and Palm Springs, California-based Harmonix. Existing investors took part as well, including Geneva, Switzerland-based IPF Partners and Lyon, France-based Relyens Group.
Caresyntax provides “actionable insights to improve patient outcomes by using proprietary software and AI [artificial intelligence] to analyze large volumes of data in and around the OR [operating room].” Its software is used globally in more than 4,000 operating rooms. The funding will be used to expand its platform and create new data solutions for value-based care providers.
Caresyntax Co-Founder, Chairman and CEO Dennis Kogan explained, “Caresyntax is helping a network of over 40,000 high-performing providers improve their bottom line by up to 60 percent, while improving safety and satisfaction for over 2 million patients a year.”
Kogan continued, “We are proud to welcome BlackRock and ProAssurance’s expertise in health tech and risk management; their support will allow us to expand our open, data-driven system for value-based care in surgery.”
Rhonda Wallen, chief strategy officer and executive vice president of technology and evidence solutions told OTW, “Since the initial Series C round, Caresyntax has continued to prove its position as the leading enterprise-level digital surgery platform, releasing research showing that hospitals using their analytics technology retained 16 percent more of their surgical caseload through July 2020, versus the national average drop of 35 percent.”
Wallen continued, “We plan to use the latest round of funding to continue developing our platform as well as advance new data solutions that support value-based care providers. We also see an opportunity to continue providing solutions for orthopedics. As care for patients undergoing endoscopic surgeries shifts to ambulatory surgical centers, orthopedic surgeons have a great opportunity to build their practices.”
“For orthopedic surgeons, Caresyntax provides video and data analytics to ensure consistently performing arthroscopic procedures are leading to improved patient outcomes. Caresyntax also provides scheduling tools for orthopedic surgeons to help ensure that their time spent in the OR is optimized for every procedure.”
Wallen explained, “For endoscopy companies and other medical device innovators providing great tools and technologies for orthopedic surgeons, Caresyntax provides a rich digital ecosystem that complements endoscopy imaging to increase adoption and use of new products with surgical video (live and post-procedure) for teaching, training, and opportunities for engagement.”
Increased funding is just one of many ways Caresyntax will expand its influence. Caresyntax also announced that it was “selected by the American Board of Surgery to provide a platform for its pilot program incorporating video-based assessments into ABS’ [American Board of Surgery] board certification process.” Additionally, from Caresynatx’s work with Relyens, Europe’s largest medical malpractice insurer, the company will be able to develop its risk management model in the United States.
