Silicon Valley-based predictive health analytics company Lumiata has raised $11 million in a funding round led by Khosla Ventures and BlueCross BlueShield Venture Partners. The round also included participation from Sandbox Industries, Intel Capital, and other unnamed investors.
The new backing will primarily be used to accelerate deployment of the company’s health analytics offering, according to the funding announcement.
“Lumiata has jumped out of the gate with building strong predictive models that have the power to radically disrupt and improve how insurers operate,” John Banta, executive director at BlueCross BlueShield Venture Partners, said in a statement. “We are not only impressed with the data science and engineering team Lumiata has assembled, but also with the company’s leadership and vision of what they can deliver to millions across this country.”
Lumiata also took advantage of the funding announcement to introduce Dilawar Syed, its newly appointed CEO. Syed comes most recently from a president position at the cloud-based software company Freshworks, and before that served as CEO of Yonja Media Group as well as head of platform operations at Yahoo.
“With the appointment of Dilawar Syed as CEO, we have found not only an excellent and highly experienced leader, but also someone who knows how to build and grow enterprise products,” Matt Downs, chairman of the Lumiata board of directors and managing director of Sandbox Industries, said in a statement. “Syed has already hit the ground running since joining Lumiata. In just a matter of weeks, he has led the company in securing this new round of funding and is firmly at the helm as Lumiata accelerates development of a new suite of predictive analytics products to support payers and risk-bearing entities.”
Lumiata’s analytics offering works with health plans and providers to identify at-risk patients and manage costs. According to the company, its models have so far been used to predict risk or chronic condition onset for more than 20 million patient lives.
“The stakes couldn’t be higher as the demand for smarter healthcare at lower cost resonates with millions of Americans. Healthcare today is undergoing extreme volatility, and requires high-performance, state-of-the-art analytics that will arm payers, providers and employers with the insights they need to manage costs while delivering the best care possible," Syed said in a statement. “This new funding from industry leaders is a vote of confidence in Lumiata’s mission to tackle spiraling healthcare costs. I am very excited to be leading a talented team and partnering with our customers to deliver products that will change the trajectory of healthcare in our country.”