A Madison company is planning to use $15 million in recently raised funds to expand commercialization of its tech-based medical management platform.
Investors participating in the round of funding for HealthMyne included Madison’s Venture Investors, the largest venture capital fund in Wisconsin, 4490 Ventures, another Madison venture fund, and the Wisconsin Alumni Research Foundation (WARF), the patent and licensing organization of the University Wisconsin-Madison which also manages profitable research for the university.
HealthMyne uses algorithms to extract data from medical imaging systems such as CT, MRI and PET. The company combines that with data from electronic medical records, picture archiving systems, or PACS, and radiation therapy systems to give healthcare institutions information that “enhances the quality and reduces the cost of care for cancer patients”.
“There is exceptional interest in the market for an integrated platform that can solve multiple high-impact problems in the diagnosis and treatment of patients across the healthcare enterprise,” said Arvind Subramanian, president and CEO of HealthMyne, in a statement. “We are currently making that breakthrough in oncology, but our roadmap includes expansion into other major clinical specialties over time.”
Venture Investors recently launched a $100 million fund dedicated to health care startups. The $15 million round for HealthMyne was led by Missouri-based Ascension Ventures.