NEW YORK (360Dx) – Prognos, a company applying artificial intelligence to clinical lab diagnostics, announced it has completed a $20.5 million Series C round of financing, bringing the company's total funding to $42 million.
Investors in the recent financing round include Cigna; GIS Strategic Ventures, which is the venture capital arm of the Guardian Life Insurance Company; Hermed; Hikma Ventures; Maywic; Merck Global Health Innovation Fund; and Safeguard Scientifics.
The new funds will go toward expanding the firm's AI capabilities, entering new markets, and boosting sales and marketing efforts.
Earlier in the summer, the company hired three new executives – COO Lisa Kerber, Chief Commercial Officer Stephen Silvestro, and Chief Data Scientist Fernando Schwartz – in preparation for what it called a "rapid growth phase."
The company said it is currently working with 25 life sciences companies to "find and convert" appropriate patients. Prognos has built a lab connectivity network that has processed and analyzed more than 13 billion lab records for more than 180 million patients. It has developed more than 1,000 proprietary machine learning-enabled algorithms across 50 conditions, including diabetes, asthma, and non-small cell lung cancer, for lab data management and analysis, according to the company.
One of the company's investors, Cigna, has been working with Prognos to use lab data and analytics to improve health engagement among individual and family plan customers.
"We have seen Prognos' capabilities first-hand and believe health plans will greatly benefit from integrating real-time lab and diagnostic data intelligence to refine their approaches to risk adjustment, clinical quality, and care management," Craig Cimini, VP of strategy and business development for Cigna, said in a statement.