ClosedLoop Employs AI to Target Unnecessary Health Spending

The Austin, TX-based company has raised $34 million in a series B round to help it accomplish this task.

Omar Ford

August 17, 2021

1 Min Read
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ClosedLoop.ai is hoping to use artificial intelligence to overcome some of the biggest obstacles in medicine including unnecessary healthcare spending. The Austin, TX-based company has raised $34 million to help it accomplish this task.

The investment round was led by Telstra Ventures with participation from Breyer Capital, Greycroft Ventures, .406 Ventures, and Healthfirst. Angel investors that participated in the round include Adam Boehler (former director of CMMI & CEO of Rubicon Founders) and Sam Palmisano (former CEO of IBM) also participated in the round.

ClosedLoop has developed a data science platform that combines an end-to-end machine learning platform with a comprehensive library of healthcare-specific ML features and model templates. The platform integrates several data science workflows (data onboarding and normalization, automated feature engineering, autoML, and MLOps) and includes capabilities that facilitate experimentation, collaboration, oversight, and management.

ClosedLoop said it would be addressing unnecessary health spending. The firm noted the U.S. wastes 25% of the $4 trillion it spends each year. The company said AI will help providers succeed under Medicare and Medicaid models because it gives them the ability to predict patient-specific outcomes so they can adjust patient care, improve outcomes, and reduce costs. 

“Addressing this is a national imperative; it’s becoming a crisis of access, affordability, and equity" said Adam Boehler, former Director of the Center for Medicare and Medicaid Innovation and CEO of Rubicon Founders, "When the right incentives are paired with AI solutions to predict adverse health events, there is the potential to greatly improve the lives of Americans everywhere.”

About the Author

Omar Ford

Omar Ford is a veteran reporter in the field of medical technology and healthcare journalism. As Editor-in-Chief of MD+DI (Medical Device and Diagnostics Industry), a leading publication in the industry, Ford has established himself as an authoritative voice and a trusted source of information.

Ford, who has a bachelor's degree in print journalism from the University of South Carolina, has dedicated his career to reporting on the latest advancements and trends in the medical device and diagnostic sector.

During his tenure at MD+DI, Ford has covered a wide range of topics, including emerging medical technologies, regulatory developments, market trends, and the rise of artificial intelligence. He has interviewed influential leaders and key opinion leaders in the field, providing readers with valuable perspectives and expert analysis.

 

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