H1 Insights, a healthcare startup that develops AI-connected technology to connect healthcare and life science professionals, recently announced its $12.9 million funding round. The new investment will allow the company to further develop its AI-based product for a range of medical conditions.
The New York-based company was co-founded four years ago by Katz and Zachary Feuerstein and now has 25 full-time employees. It has successfully raised $20 million till date. Read the article to see how they did it and what their platform provides.
How did it grow?
The novel coronavirus pandemic ignited renewed interest in H1’s innovative platform. In the face of this new threat, many businesses are turning to H1’s expert-finding database, which is being used by bio and pharma companies to find experts in various health fields. The system is already immensely valuable, and with more demand from private businesses and governments, it’s a good bet that the rate of growth will continue.
“More than 35 life sciences, pharma, and biotech companies are using H1’s database”
More about the company’s platform:
Ariel Katz (CEO, H1) told VentureBeat that “This powerful solution in the market didn’t exist before H1.”
He further mentioned that just like how other industries use LinkedIn Sales Navigator to network and engage with professionals, H1 was created to do the same job for the healthcare industry. Their main focus is on biotech, pharma, hospitals, medical devices, medical schools, and health systems.
H1 uses a dataset of over 8 million physicians, researcher, nurse, pharmacist, and administrator profiles that are based in over 70 countries, 160 million peer-reviewed publications (and citation counts), 16,000 health care organizations, 350,000 clinical trials, 3 billion diagnoses, 2 billion procedures, 700 medical societies, and other proprietary scholarly metrics that are updated every week.
The company has also claimed to capture data of over 95% of health care interactions in the US alone, which includes information on the nature of the interaction, the patient’s response or treatment preference, and the doctor’s spoken language. The data can be anonymously used to identify treatment leaders and examine their tendency to prescribe certain medicines or procedures.
But how does it work?
The users of H1 are given relevant codes that can be used by them to identify physicians according to their needs. Users can find a profile of each professional on the platform, which will showcase their publications, payments, trials, social media history, congresses, contact information, and much more.
Users can also use filters that are categorised, for instance, into institution type. The data can be cross referenced with referral trends to see which practitioners need referral partners. This information can then be exported to customer relationship management services, like Salesforce, Veeva, and Microsoft Dynamics.
In an effort to combat Covid-19, H1 decided to offer free access to its users who are in need of medical supplies. But it’s just for a limited time. In this time period, users can easily view a subset of H1’s corpora. This would include trials, journal articles, science congresses, open payments.
Menlo Ventures led H1’s latest round of funding (Series A), where companies like Novartis DRX, Baron Davis Enterprises, Y Combinator, Jeff Hammerbacher, ClearPoint Investment, Underscore VC, and Liquid 2 Ventures (a seed stage fund led by Joe Montana) participated.
Menlo Ventures partner Greg Yap also announced that he will be joining H1’s board of directors.