Health IT, Startups

Apixio raises $19.3M for expansion of cognitive EMR search support, boost headcount by 50%

SSM Partners led the financing round, supported by First Analysis, Bain Capital Ventures and Apixio’s largest angel investor.

Apixio-project-dashboard-overview (2) (1)(1)Health IT company Apixio, which built its business on creating tools to make it easier to find and identify actionable data in electronic medical records and supporting documents has raised a $19.3 million Series D round.

In a phone interview with Apixio CEO Dr. Darren Schulte, he said the funding would be used to accelerate product development and boost staff numbers across its business by 50 percent from its current level of 43 to 65 by the end of the year.

SSM Partners led the financing round, supported by First Analysis, Bain Capital Ventures and Apixio’s largest angel investor.

Among the company’s products are HCC Profiler solution, which mines unstructured data in medical records to get a better read on a patient’s chronic conditions so payers and providers can deliver better care. The company’s Iris cognitive computing platform has analyzed data from more than six million patients, Schulte said.

Schulte noted that given the continued dependence on faxes to transmit patient data, its cognitive platform was critical to mine data for information relevant to providing the most accurate, risk adjusted codes for Medicare patients.

In a statement, Schulte said: “We’re eager to meet the healthcare market’s increasing appetite for applied data science and are confident our cognitive computing platform will play a leadership role in the transformation of how healthcare is consumed and delivered.”