HOUSTON--(BUSINESS WIRE)--Medical Informatics Corp. (MIC) announced today that it will accelerate the rollout of its patient monitoring and predictive analytics platform with $11.9 million in Series A funding. The financing was led by Data Collective Venture Capital (DCVC) with significant participation from Intel Capital and the Texas Medical Center (TMC) Venture Fund. DCVC’s Scott Barclay and Intel Capital’s Eric King will join MIC’s Board of Directors.
“This investment comes at a great time. We are growing rapidly to enable delivery of our breakthrough technology to every bedside in every hospital in the country,” said Emma Fauss, PhD, co-founder and CEO of Medical Informatics Corp. “The Series A funding will accelerate our ability to execute on current implementations and support the hundreds of additional hospitals in our pipeline.”
MIC’s FDA-cleared, vendor-neutral platform, called Sickbay™, expedites care and reduces patient risk in near real-time and at scale, especially in the most complex critical care environments such as intensive care (ICUs).
Hospital systems across the country are searching for ways to use machine learning and AI to get ahead of deterioration and risk in these complex care areas. Yet current predictive “analytics” are often created from discreet data points within the electronic medical record (EMR) data, which can often be incomplete, significantly delayed, and subject to human error. This results in predictions which can arrive after the patient has already deteriorated or, worse, result in inaccurate predictions altogether.
Sickbay™ solves this problem by continuously capturing and processing high-fidelity, waveform data in near real-time from disparate biomedical devices connected to a patient. Once captured and transformed, results are then delivered to care teams beyond the bedside, central station, or even walls of the hospital to give clinical context so they can expedite care and reduce patient risk. Because the platform also features APIs and development tools, physicians, researchers and other members of the care team can accelerate the creation of their own algorithms and analytics based on accurate, near real-time patient data.
“Our vision is to save lives by modernizing critical care environments and extending patient-centered analytics throughout the continuum of care,” added Dr. Fauss. “Our machine learning and artificial intelligence capabilities allow us to rapidly create and deploy software-based, real-time, predictive analytics that would otherwise not be possible with traditional medical hardware.”
“MIC’s deep compute on top of the ICU approach is a perfect example of Data Collective’s computational care philosophy,” said DCVC partner Scott Barclay. “You have to bring the world’s best technical capabilities and deep empathy for the internist, the nursing staff, and the patient. I have never seen a critical care environment that would not benefit from the MIC implementation.”
“When we add companies to our portfolio, we seek innovative organizations that will shape the future of compute over the next decade,” said Mark Lydon, managing director at Intel Capital. “MIC is one of those companies. They are helping shape the future of AI by accelerating IoT adoption within healthcare and delivering near real-time analytics at the edge, all of which are core to the Intel strategy.”
“TMC Venture Fund has the opportunity to see the very best of the hundreds of companies that come through our ecosystem in search of solving some of the world’s most complicated healthcare problems, and we select those companies that we think have the best chance of changing the face of medicine and advanced care. Medical Informatics represents one such company that has the potential to profoundly and fundamentally affect healthcare on a global level,” noted TMC CEO & President Bill McKeon.
MIC is also working with Texas Children’s Hospital, whose Heart Center is ranked #1 in pediatric cardiology and heart surgery by U.S. News & World Report. MIC is working with the staff to analyze data that will advance the mission of improving the quality of health care provided to children. This includes work in alarm management, the creation of a dispatch app for emergency response teams as well as the development of a computer algorithm for predicting arrest events in the cardiac population before they happen. Both institutions hope to expedite the development of new predictive algorithms for the benefit of these pediatric patients.
About MIC
MIC is revolutionizing healthcare by transforming the way patients are monitored. The company’s FDA cleared, Sickbay platform creates a pathway from high-fidelity waveform data aggregation to visualization with context and transformation. It enables rapid deployment of vendor-agnostic waveform applications to support clinical needs such as TeleICUs, waveforms to phones, and automated strip charting. Even greater, is its ability to expedite the development and deployment of near real-time predictive analytics at scale, on demand, and in the hands of hospitals and healthcare systems to get ahead of deterioration and risk starting with the most complex critical care environments to enable data-driven medicine and patient centered care.
