Clinithink secures investment to scale AI tech, expand into Asia-Pac

10-Jan-2019 - Last updated on 10-Jan-2019 at 15:30 GMT

(Image: Getty/Milkos)

Clinithink has secured investors to scale its technology, which leverages unstructured data to guide treatment decisions, identify clinical trial participants, and ensure proper reimbursement.

Clinithink has received a growth-equity investment from TT Capital Partners (TTCP) and the MSD Global Health Innovation Fund (GHI) to scale its patented CLiX natural language processing (NLP) platform.

According to the company, its technology uses artificial intelligence (AI) to “read” and interpret up to two million clinical documents an hour.

Clinithink CEO Chris Tackaberry said the funding will be used to broaden the company’s product and service offering. The company also plans to use the investment to “contribute to the acceleration of our growth in the US and the UK, and to expand into Asia Pacific.”

Tackaberry told us Clinithink explored a number of options as it pertains to investors, as the company had “considerable interest” in its offering. “However, we feel that, although they are very different, the partners we have chosen really complement our strategic vision,” he added.

A growing market – and a Guinness World Record

The demand for Clinithink’s offering has evolved as the market better understands “the power and value of real-world data,” said Sarah Beeby, executive vice president, general manager, life sciences, Clinithink.

“We are in a growing market, and our unique combination of pioneering AI approaches with real-world data has driven a rapid expansion in the way our partners and customers see the value we can create,” she told us.

“This has meant that they are looking to utilize our offering in a far broader range of use-cases across the health care and life sciences ecosystems,” Beeby added.

As part of a collaboration, the company recently set a Guinness World Record for the fastest genetic diagnosis – at a time of approximately 19.5 hours.

Clinithink’s technology also supports patient matching for clinical trials and real-world evidence (RWE) studies. Additionally, it can be used to aid site selection and protocol optimization, and provides revenue cycle management capabilities to help hospitals and health systems, according to the company.