HealthMyne has raised nearly $4.5 million in Series A money to move its healthcare software into the market this year, the startup said today.
Madison, WI-based HealthMyne, which Xconomy profiled in November, has developed data analytics software and a search engine that can comb hospitals’ vast stores of electronic health records and medical images, such as X-rays and CT scans.
The idea is to allow a doctor to rapidly search a healthcare system’s medical imaging archives, bring up the desired image on any device, and overlay relevant patient data and analytics reports. The ultimate goal is to give doctors quicker access to the information they need to make better, faster decisions, ideally resulting in healthier patients and more cost-effective care.
Founded in 2013 by a group of experienced local healthtech entrepreneurs (pictured above), HealthMyne said it intends to launch its first product later this year. It will focus on helping radiologists and oncologists detect and diagnose potentially cancerous lung nodules.
The company’s commercialization efforts will be aided by the infusion of new cash. The Series A round was led by Madison-based Venture Investors and 4490 Ventures, with participation by HealthX Ventures and angel investors, according to a press release. As of mid-November, the company said it had raised $1.25 million, a mix of equity investments from the co-founders and angel investors, a federal research grant, and a state technology development loan.
“In order to move to a whole new level of patient care, healthcare enterprises must find a way to unlock the power, and resulting impact, contained within their big data—and there is no bigger sea of digital data than that contained in clinical imaging,” said Scott Button, Venture Investors managing director, in a statement.
