HealthMyne, Developer of Health Records Analytics Software, Adds $15M
HealthMyne, a Madison, WI-based startup developing software that integrates medical imaging data and information from patients’ electronic health records, says it has raised $15 million in new funding.
Ascension Ventures, an investment arm of the St. Louis-based healthcare provider Ascension, led the Series B funding round, HealthMyne says. Other participants included two Madison-based VC Funds (Venture Investors and 4490 Ventures) and the Wisconsin Alumni Research Foundation, which manages patents and the licensing of intellectual property for the University of Wisconsin-Madison.
HealthMyne says its software can help radiologists, oncologists, and other users track changes in a tumor or nodule’s size, which can have major implications for a patient’s treatment regime. HealthMyne’s tools can combine measurements of the volume and density of cancerous masses with clinical information from a hospital’s electronic health records software and picture archiving and communication system, the startup says. The latter system, abbreviated as PACS, is used to store X-rays, CT scans, and other types of images.
“Only a fraction of the available structural information is actually captured in the radiology report and made available to care teams” today, says John Kuelper, Ascension Ventures’ investment director, in a news release. “A rapidly growing pool of [imaging] research has the potential to add this quantitative data to better predict disease progression and therapy response.”
Arvind Subramanian, who has led HealthMyne since joining the company as president and CEO in late 2016, says in the release that HealthMyne currently focuses on diagnosing and treating cancer patients. However, the startup’s tools could eventually be used in other clinical specialties in the future, he says.
HealthMyne was founded in 2013 by a team of successful, Madison-based serial entrepreneurs who wanted to launch a healthtech company. The startup received FDA clearance for its imaging informatics platform in 2015, and for its imaging analytics software the following year.
The startup had raised more than $6.8 million prior to announcing the new funding, according to SEC filings.