Editor’s note: This article has been updated with a quote from Layer Health’s cofounder and CEO.
Layer Health, an AI-enabled chart review company, announced it secured $21 million in Series A funding.
Define Ventures led the round, with participation from GV (Google Ventures), Flare Capital Partners and MultiCare Capital Partners.
WHAT IT DOES
Layer Health’s AI platform is built on machine learning algorithms that leverage large language models (LLMs) to streamline the chart review process from unstructured data.
The company touts its AI as performing better than a human at complex chart abstraction and that all major registries are supported, including cardiovascular and oncology registries and national surgery.
The technology can be integrated into existing products and aims to help with quality measurement, curation of real-world evidence, revenue cycle management, quality measurement and registry submissions without the need for labeled data.
Layer will use the investment to scale its AI platform and expand its workforce.
“Our Series A marks a major milestone in Layer Health’s mission to bring AI-powered clinical understanding to the heart of healthcare operations. The complexity of managing clinical data across fragmented systems is one of the biggest barriers to scalable, high-quality care-especially in value-based environments,” David Sontag, CEO and cofounder of Layer Health, told MobiHealthNews in an email.
“This funding allows us to accelerate our work with health systems and life sciences organizations to solve that problem at scale. We’re also fortunate to have a world-class group of investors behind us, whose deep expertise in healthcare and technology will be instrumental as we enter this next phase of growth.”
MARKET SNAPSHOT
Layer Health, spun out of MIT, launched in 2023 with $4 million in funding from GV (Google Ventures), General Catalyst and Inception Health.
Earlier this month, the company announced a multi-year collaboration with the American Cancer Society (ACS) to expedite cancer research.
ACS will use Layer Health’s LLM-powered data abstraction platform to pull clinical data from thousands of medical charts of patients enrolled in ACS research studies.
Another company that uses natural language processing to analyze and summarize EHRs is DigitalOwl.
DigitalOwl raised $20 million in Series A funding in 2022 and last year scored a $12 million investment from insurance giant Reinsurance Group of America (RGA).
Last year, DigitalOwl collaborated with Quest Diagnostics company ExamOne with the aim of improving the efficiency of record retrieval and analysis through DigitalOwl’s View product. ExamOne provides risk-assessment tools for the life insurance industry with a suite of services aimed at streamlining the underwriting process.
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