Strategic investment from Oak HC/FT and Cedars-Sinai Health Ventures will support the rapid expansion of Regard’s AI-powered clinical insights platform aimed at unlocking the full power of the EHR
LOS ANGELES, July 11, 2024 /PRNewswire/ — Regard, the AI-powered clinical insights platform that empowers clinicians to unlock the full potential of patient data, announced today the close of a $61 million Series B financing round, led by Oak HC/FT, with participation from Cedars-Sinai Health Ventures, as well as existing investors TenOneTen Ventures, Calibrate Ventures, and Techstars. The investment will enable the company to accelerate product development with their core clinical insights platform, invest in fundamental research in large language models (LLMs) and expand beyond inpatient facilities.
“Regard is positioned to revolutionize how we think about clinical decision-making support for doctors,” said Nancy Brown, General Partner at Oak HC/FT. “The team at Regard has built a platform that is driving value for patients, physicians and health systems alike by improving outcomes, increasing efficiency, reducing burnout, and increasing revenue. Eli and Nate have been thoughtful about product development and we are thrilled to be a part of this next chapter where they look to deliver this value at scale.”
An influx of new technologies has generated more healthcare data than ever, yet much of it remains untapped for clinical care. According to The World Economic Forum, less than 3% of available patient data is used by a physician. With an average of 50,000 data points per patient, the gap between the vast amount of data available and clinically actionable insights generated from it is significant. Regard bridges the clinical insights gap by analyzing all available data and recommending diagnoses, enabling clinicians to deliver better care. Once recommendations are reviewed and approved by the clinician, Regard ensures complete and accurate documentation in a standardized format, a critical step to ensure clinical quality and enhance hospital revenue.
“Cedars-Sinai has been working alongside Regard from the early days of the business because we saw a real need to empower physicians with the data that can provide critical analysis and insights to assist in diagnosis and treatment,” said Maureen Burgess, Partner at Cedars-Sinai Health Ventures. “And, even more importantly, we believe it will improve patient care as well as the patient experience.”
Since its launch in 2021, Regard’s technology has surfaced more than three million diagnoses to care teams and generated more than $50 million in incremental revenue for enterprise health system partners including Banner Health and Sentara. Most recently, the company announced a partnership with WakeMed Health & Hospitals, a leading health system in Raleigh, North Carolina.
“Imagine a doctor having all the EHR information they need about a patient, right in front of them, in just seconds. Regard is augmenting patient care by analyzing overwhelming mountains of clinical data and providing clinicians with potential diagnoses and treatment recommendations, impacting the quality and safety of care in real-time,” said Eli Ben-Joseph, CEO at Regard. “That’s a game-changer – not just for doctors, but for the people whose lives are in their hands.”
About Regard
Regard, the leading AI clinical insights platform, unlocks the full potential of patient data. Regard’s clinical intelligence layer drives the future of healthcare by augmenting clinical workflows and turning data into actionable insights. The technology helps health systems get the most value out of their clinical data: improving patient care, saving physicians time, and rejuvenating hospital finances. Regard is carving a path forward for health systems and physicians to meaningfully leverage AI, with the goal of empowering physicians to provide world-class healthcare to everyone.
About Oak HC/FT
Oak HC/FT is a venture and growth equity firm specializing in investments in fintech and healthcare. Using partnership as a foundation, Oak HC/FT guides companies and founders at every stage, from seed to growth, to create businesses that make a measurable and lasting impact. Founded in 2014, Oak HC/FT has invested in over 85 portfolio companies and has over $5.3 billion in assets under management. Oak HC/FT is headquartered in Stamford, CT, with an office in San Francisco, CA. Follow Oak HC/FT on LinkedIn and X and learn more at https://www.oakhcft.com/.
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