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Healthcare knowledge analytics startup Socially Decided introduced Tuesday that it had closed a $26 million Collection B funding spherical led by Questa Capital.
Different contributors within the increase embody current traders LRVHealth, OSF Healthcare, Ziegler Hyperlink-Age Funds and HealthWorx. The startup wrapped up its $11.1 million Series A in early 2020.
WHAT IT DOES
Socially Decided is concentrated on utilizing knowledge to supply insights into the social determinants of well being, components like entry to meals, housing and transportation.
The corporate’s SocialScape platform contains public and business knowledge. It permits purchasers like healthcare suppliers, insurers, life science corporations and nonprofits to visualise the potential social components behind sufferers’ and populations’ well being.
Dr. Trenor Williams, Socially Decided’s CEO and cofounder, stated well being organizations can then measure the efficiency of their social determinants initiatives and work to enhance them.
“An instance that we discovered with one in all our companions was a produce prescription program centered round people that had a few totally different food-sensitive ailments. And there is a sub-segment of the inhabitants that wasn’t partaking and profiting from that,” he advised MobiHealthNews.
“As we seemed on the knowledge, a part of what we realized is that the sub-segment additionally had an elevated danger round transportation. So then [you have] the flexibility to begin to consider, how do you modulate and evolve interventions to proceed to get higher and supply better impression?”
WHAT IT’S FOR
The startup plans to make use of the funding to rent throughout the enterprise, together with in engineering, knowledge science, account administration and advertising and marketing. It additionally plans to make use of funds to attend conferences, develop its advertising and marketing efforts and proceed to enhance the platform.
“We’ll proceed to guage and add knowledge sources on a regular basis,” Williams stated.
“We consider this can be a unending journey with our prospects to proceed to refine and make it possible for our social danger intelligence is as actionable because it probably could be.”
MARKET SNAPSHOT
One other firm centered on social determinants of well being is Unite Us, which makes use of knowledge to establish areas of want and join sufferers to social companies. Final yr, the corporate acquired analytics agency Carrot Health and inhabitants health-focused NowPow. Unite Us additionally scored $150 million in Series C funding in March 2021.
In the meantime, healthcare software program and companies firm WellSky acquired social service coordination platform Healthify final yr to spice up its social determinants of well being choices.
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