DocSynk raises additional funding for its virtual intelligent assistant for healthcare industry
DocSynk, a Dallas-based healthcare AI startup, announced today it has raised a bridge funding to further grow its Artificial Intelligence Healthcare engine platform. The total amount of investment was not disclosed. The funding came from Chicago-based PE firm Colosseum Group. DocSynk had previously raised its seed round of funding from Dallas-based Naya Ventures. Naya Ventures is reiterating its continued commitment by participating in the bridge round.
Founded in 2015 by Vaidyanatha Siva, DocSynk is a virtual intelligent assistant for healthcare that uses machine learning to automate population health analysis, and improve both revenue cycle management and patient engagement. DocSynk offers an Artificial Intelligence Healthcare engine that incorporates machine learning and deep learning to help healthcare organizations transform the way they deliver care that clearly targets and improves financial and clinical outcomes.
The DocSynk platform has proven to deliver real-world results for ACOs, hospital-based physician groups, large employer groups, labs, telemedicine, and payers. The platform is designed to seamlessly partner with healthcare solution providers and provide them with the most advanced up-to-date machine learning technology for use in their solutions.
“We’re very happy that the Colosseum Group has chosen to invest in our story,” Siva said. “Shailu is a brilliant and successful serial entrepreneur. Each of the companies he has founded or invested in has gone on to create immense value for all stakeholders. With this funding round and the expertise the principals of Colosseum bring, we are confident that we’re well positioned for our Series A Growth round in Q3, 2020.”
“We’re super excited to invest in DocSynk, a promising healthcare AI startup,” Shailu Tipparaju, founder of the Colosseum Group, said. “We believe that our ecosystem can help turbocharge growth for DocSynk and help Siva in his mission of making healthcare better. We’re excited about the tremendous potential of our partnership in 2020 and beyond.”
The bridge funding announcement follows DocSynk’s recent accolades:
Vaidyanatha Siva, the CEO of DocSynk, was voted the Startup Innovator of the year for 2020 by DCEO Magazine and Dallas Innovates magazine.
In addition, DocSynk and its Partner LightBeam Health Solutions were selected as one of the 25 participants invited to participate in the CMS Artificial Intelligence (AI) Health Outcomes Challenge. This is an opportunity for innovators to demonstrate how AI tools – such as deep learning and neural networks – can be used to predict unplanned hospital and skilled nursing facility admissions and adverse events.
The DocSynk® SaaS AI platform includes the Diagnose™ & CashFlow+ Solutions which use an ensemble of clinical informatics, recommender systems, and deep learning to analyze structured and unstructured patient data sets to find hidden patterns, trends, and similarities, even when data is sparse. The solutions have proven to be reliably successful in production.