HiLabs, an India-based healthcare solutions provider, has on Thursday announced a $39 million Series B financing.

The round was led by Denali Growth Partners and Eight Roads Ventures, with participation from F-Prime Capital, HiLabs said in a statement.

According to the statement, the capital raise follows rapid customer adoption of its healthcare data ingestion, cleansing, and enrichment platform, MCheck™, and will support continued enhancement of the technology as well as recruitment of top-tier talent and expansion of its product teams.

“Timely and high-quality data exchange between payers and providers is key to reducing care costs, improving outcomes,” said Amit Garg, Co-founder, and Chief Executive Officer of HiLabs.

“As we embrace this next phase of growth, we’re thankful for the backing of healthcare-focused investors,

“We stand poised to propel our AI-technology forward, empowering healthcare organizations to make swift, informed decisions based on data that’s not just clean, but readily available when it matters most,” he added.

Founded in 2014, HiLabs is a provider of artificial intelligence (AI)-powered solutions to manage dirty data, unlocking its hidden potential for healthcare transformation.

The firm’s mission is to ensure timely access to clean data for payers, providers, and patients at a time when healthcare organizations worldwide are transitioning toward data-driven decision-making.

The firm’s cloud-based MCheck platform ingests, cleans, and enriches critical healthcare information, resulting in significant reduction in healthcare organizations’ operational costs and improvement in patient outcomes.

The MCheck platform technology supports some of the largest health insurance companies in the United States in their efforts to automate and improve administrative processes.

The company’s provider directory management solution is live in most US states, analyzing data of over 80 percent of the country’s healthcare providers.

It is expanding its platform capabilities to include other data types such as electronic medical records and value-based care data.

“Payors are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable,

“The HiLabs team really impressed us with their vision, best-in-class product suite and strong customer traction, which is testament to their product-market fit,” said Dr. Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures.

“We have closely followed Amit’s journey over the past couple of years as he has leveraged the US-India corridor very effectively to build both a top tier leadership team and deep AI/ML talent in their India research and development (R&D) centers,

“We look forward to partnering with him and his team in this next, exciting phase of growth,” he added.

Eight Roads Ventures is a global proprietary investment firm backed by Fidelity managing over $11 billion of assets across offices in China, India, Japan, the United Kingdom, and the U.S.

Its investing includes partnerships with over 300 healthcare and technology companies.

In May 2022, the firm launched its first dedicated $250 million healthcare and life sciences fund for India.

“We are thrilled to support HiLabs as they continue to solve critical data issues within healthcare,

“While many discuss the potential of AI, particularly in the healthcare ecosystem, HiLabs is demonstrating real-world impact by leveraging advanced AI techniques to ingest and cleanse data for four of the nation’s top ten health payers, along with numerous regional players,” said Jesse Lane, Founder and Managing Member of Denali Growth Partners.

Denali Growth Partners is a Boston-based growth equity firm with more than $250 million in regulatory assets under management.

“At athenahealth and in venture, I’ve seen many approaches to applying data science to healthcare data,

“HiLabs’ AI-driven approach to data management not only fills a critical gap in the market but it also enables transformational change among payers and providers to leverage real-time data to improve user experiences, cost, and value,” said Carl Byers, Partner at F-Prime.

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