Carenostics, a healthcare AI startup based in New York, announced today that it has raised $5 million in seed funding to expand its platform that helps diagnose and treat chronic diseases.
The round was led by M13, a venture capital firm that invests in technology sectors such as health, work, and commerce. Other investors include Greatpoint Ventures, Gaingels, and Kurt Hilzinger, the Chairman of Humana, who also joined Carenostics’ advisory board.
Carenostics was founded in 2020 with the mission of addressing the gap in chronic disease care, which affects millions of people worldwide and costs billions of dollars in healthcare spending. The company has developed an AI platform that uses existing electronic health record (EHR) data to identify patients who are undiagnosed or undertreated for chronic conditions such as diabetes, hypertension, and heart failure. The platform then prompts clinicians to intervene earlier and more effectively within their current workflows, improving patient outcomes and reducing costs.
The company claims that its platform is tailored to each health system and supports physicians across multiple diseases while prioritizing patient data privacy. Carenostics also says that its platform is powered by clinically-oriented artificial intelligence, which is based on the latest research and validated by peer-reviewed publications.
The company plans to use the new funding to scale its platform to more health systems and chronic conditions, as well as to grow its team and partnerships. Carenostics has already partnered with several leading health systems in the US, such as Mount Sinai Health System, NYU Langone Health, and Northwell Health.
Carenostics has also received recognition from various organizations for its innovative approach to chronic disease care. The company has won awards from Bio-IT World, the National Science Foundation, and the Digital Health Hub Foundation. Additionally, the company’s work has been accepted for publication in prestigious conferences and journals such as NeurIPS and AMGA.