HiLabs, a Bethesda, Maryland-based provider of AI-powered solutions tailored for managing and optimizing healthcare data, has closed $39 million in Series B funding.
Investors
The round was led by Denali Growth Partners and Eight Roads Ventures, with participation from F-Prime Capital.
Denali Growth Partners is a Boston-based growth equity firm with over $250 million in regulatory assets under management. DGP seeks to partner with rapidly growing and capital-efficient businesses within the healthcare and technology ecosystems, assisting management teams and companies in accelerating growth through capital infusion and strategic resources.
Eight Roads Ventures is a global proprietary investment firm backed by Fidelity, managing over $11 billion of assets across offices in China, India, Japan, the UK, and the U.S. With a 50-year history of investing, they have partnered with over 300 healthcare and technology companies.
HiLabs Use of Funds
The fresh funds will primarily be allocated towards further enhancing HiLabs' technology infrastructure, enabling the company to continuously innovate and improve its AI-powered solutions. Additionally, a portion of the funds will be dedicated to recruiting top-tier talent, expanding the company's product teams, and supporting overall business expansion initiatives.
About HiLabs
Established in 2014, HiLabs is a company that specializes in providing AI-powered solutions to clean dirty data, unlocking its hidden potential for healthcare transformation. Its mission is to ensure timely access to clean data for payers, providers, and patients at a time when healthcare organizations worldwide are transitioning toward data-driven decision-making. HiLabs' cloud-based platform, MCheck™, is dedicated to ingesting, cleansing, and enriching healthcare data, thereby facilitating informed decision-making, reducing operational costs, and enhancing patient outcomes for healthcare organizations globally.
Funding Details
Company: HiLabs Inc.
Raised: $39.0M
Round: Series B
Funding Month: March 2024
Lead Investors: Denali Growth Partners, Eight Roads Ventures
Additional Investors: Prime Capital
Company Website: https://www.hilabs.com/
Software Category: Data Management Solutions
Source: https://www.prnewswire.com/news-releases/hilabs-announces-closing-of-39-million-series-b-financing-to-advance-its-ai-powered-data-management-solutions-for-healthcare-organizations-302088742.html