Health IT

Digital Reasoning pulls in $40M Series D for cognitive computing

Lemhi Ventures and Nasdaq led the round. They were joined by previous investors Goldman Sachs and Hospital Corp. of America.

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Cognitive computing company Digital Reasoning has closed a $40 million round of Series D venture capital that includes some big names in private equity and healthcare.

Lemhi Ventures and Nasdaq led the round. They were joined by previous investors Goldman Sachs and Hospital Corp. of America.

Nashville, Tennessee-based Digital Reasoning said it would use the new cash, in part, to expand its R&D in data science and analysis of audio and video across the three verticals it operates in: healthcare, government and finance/general enterprise.

“The ultimate goal is cognitive computing against video,” said Hal Andrews, Digital Reasoning’s healthcare president.

Now, Digital Reasoning’s technology is able to analyze text documents. By the end of the year, the company hopes to have a voice-scanning product to market, Andrews said, then imaging recognition soon after.

In healthcare, a major focus is on outcomes, though it’s not the only one. “Sometimes, it’s clinical outcomes, but sometimes it’s efficiency,” Andrews said. The technology really is meant for anytime a human needs to scan large amounts of data or documents, he added.

“Digital Reasoning is helping healthcare professionals deliver better patient outcomes and achieve greater operational efficiencies by uncovering insights that were previously concealed within electronic health records and other healthcare data sets,” Lemhi Ventures Founder and Managing Partner Tony Miller said.

“We … are confident they have the right team to truly help providers, payer, and patients fundamentally make better-informed decisions in less time,” said Miller.

With the Lemhi investment, Miller, who previously consulted for Deloitte in the managed care sector, joins the Digital Reasoning board as a director. Nasdaq President and COO Adina Friedman also is joining the board, though only as an observer, Digital Reasoning said.

Photo: Flickr user Keith Cooper

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