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Sunday, December 3, 2023

Health tech startup Mendel raises $40M to expand its AI, engineering teams

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A health tech startup, Mendel, has secured $40 million in a round of funding. The company will use the money to expand its AI and engineering teams.

Mendel, a firm that utilizes artificial intelligence to clean unstructured clinical data, announced a $40 million Series B fundraising round on Thursday.

Oak HC/FT led the round, with participation from existing investor DCM. The Series B round comes less than a year after the business raised $18 million in June.

Mendel provides artificial intelligence (AI) technologies that make sense of unstructured clinical information, such as EHR data, so that it can be used for study and analysis.

Retina, which can extract text from scanned pictures such as faxes, Redact, which de-identifies patient health information, and Recruit, which screens data for possible clinical trial participants, are just a few of Mendel’s products.

The business stated that it intends to utilize the funds to expand its AI and engineering teams. It will also assist Resolve, Mendel’s new solution that will integrate clinical data so customers can obtain a longitudinal view of patient journeys.

Cofounder and CEO Karim Galil stated, “The financing we have raised is a testament to the great market fit and demand. Mendel will be woven into the fabric of every healthcare data platform, according to our vision. It’s an honor to collaborate with Oak HC/FT as we help the healthcare ecosystem provide better care for every patient.”

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