ScienceIO, a data-science firm offering an artificial intelligence (AI) based platform for life-sciences organizations, has announced its emergence from stealth mode, with $8m USD in seed funding. Its technology incorporates AI technology to help organize large amounts of patient data, reportedly improving workflows and enabling elevated patient outcomes.
Many researchers, care providers, and other stakeholders have access to vast repositories of data, but most of that data remains unutilized. According to ScienceIO, their AI-centric technology empowers organizations to take unstructured data and transform it into usable information.
The technology incorporates contextual cues to identify and link biomedical terms to larger concepts; according to the company, a single line of code can discern medical procedures, conditions, therapies, biomarkers, and other information. The automation of data processing and analysis reportedly enables users to make faster decisions, build on top of other data, and lead to better outcomes.
"Healthcare providers and organizations want to make patient-first decisions, but somewhere along the line that mission got buried under vast amounts of fragmented and unused patient data," said ScienceIO co-Founder Will Manidis.
Co-founder Gaurav Kaushik said, “The industry's data problem is too large for people to solve alone. That's why we built ScienceIO, to help every healthcare professional, from technologists to executives, fully leverage data to build new solutions and improve patient outcomes."
Company leaders announced they plan to use the funding to continue expanding its machine learning repositories and healthcare AI capabilities, upgrading its NLP capabilities, and advancing programs with key healthcare systems. Additionally, it anticipates the expansion of its engineering, product, and commercial teams, and it will launch an API early access program for developers.
"Our healthcare system wrestles with ever-expanding volumes of data that often are inaccessible, unstructured, and non-actionable for the user," said Mike Pellini, managing partner for venture firm Section 32. "ScienceIO's machine learning platform directly addresses this challenge; by contextualizing information and weaving and interconnecting data across silos, ScienceIO can potentially deliver transformative change, both at the healthcare system level and ultimately, in individual health outcomes."
Science IO has named Chuck Smolky to serve as its first chief commercial officer. A former vice president of both Optum and Aetna and senior vice president at Health Fidelity, Smolky reportedly has experience delivering significant revenue increases for companies navigating a complex, evolving healthcare market; he will lead ScienceIO's commercial strategy, driving customer digital transformation enablement at the payor-provider interface.