Prognos, the healthcare AI company that was known as Medivo until a major pivot in January, has raised $20.5 million in new funding according to a report in the Wall Street Journal. Cigna, Guardian Life Insurance, Hermed, Hikma Pharmaceuticals, Maywic, Merck Global Health Innovation Fund, and Safeguard Scientifics all contributed to the round, which brings the company's total funding to $42 million.
As Medivo, the company was a participant in StartUp Health's inaugural class and one of the first serial acquirers in the mobile health space, snapping up WellApps and OnTrack in 2012 and 2013, respectively. The company's original mission was a patient-facing one: Medivo aimed to make it easier for patients to access and understand their lab results.
But as of a January name-change, Prognos has a new mission as well. Per the company's website, Prognos aims "to utilize AI and advanced analytics to improve health by tracking and predicting disease the earliest." To do this the company works not with patients, but with payers and pharma companies. It uses AI to turn the data the company collected as Medivo into a predictive engine, which helps payers and pharma companies spot diseases early and engage with their members or recruit for clinical trials.
"The launch of Prognos elevates our ability to leverage the largest aggregated database of lab results in the US and deliver actionable clinical insights to the medical community," cofounder and CEO Sundeep Bhan said in a statement back in January.
One pharma company working with the company is Biogen — specifically, the company's rare disease group. On the payer side, Cigna is also working with the AI company. Both were featured in the company's January launch announcement.
"Prognos' analytics help us identify customers with chronic conditions such as diabetes, rheumatoid arthritis, and hepatitis C, so that we can engage them early and support them with health management options," Brian Evanko, president of Cigna's Individual and Family Plans segment, said in a statement at the time. "This helps drive better health outcomes for our customers, resulting in improved health care quality, and a better customer experience."
The Prognos Registry consists of 5 billion clinical records for 100 million patients in more than 30 disease areas. As of now, the Medivo app is still available in app stores and was last updated in March.