HiLabs Secures $39 Million in Series B Funding to Propel Healthcare Data Management Solutions

• ByStartupStory     |    March 15, 2024

HiLabs, a leading healthcare data management company headquartered in Washington, US, has announced the successful closure of a $39 million Series B funding round. Co-led by Eight Roads Ventures and Denali Growth Partners, with participation from F-Prime Capital, this latest round of funding underscores the growing demand for innovative solutions in the healthcare data sector.

The investment brings HiLabs’ total equity funding to $41 million, building upon previous support from investors such as Season Two Ventures in a seed round back in 2017. With a strategic focus on technology enhancement, talent acquisition, and product team expansion, HiLabs aims to further advance its pioneering MCheck platform.

Founded in 2014 by Amit Garg and Dr. Neel Butala, HiLabs specializes in providing data management services tailored for healthcare payers, providers, and patients. Leveraging artificial intelligence (AI) and machine learning (ML), the MCheck platform effectively cleanses and enriches critical healthcare information, resulting in reduced operational costs for healthcare organizations and improved patient outcomes.

Commenting on the successful funding round, Amit Garg, Co-founder and CEO of HiLabs, expressed gratitude for the support of healthcare-focused investors. He stated, “As we embrace this next phase of growth, we’re thankful for the backing of healthcare-focused investors. We stand poised to propel our AI-technology forward, empowering healthcare organizations to make swift, informed decisions based on data that’s not just clean, but readily available when it matters most.”

In addition to its headquarters in Washington, HiLabs maintains AI/ML research and development hubs in Pune and Bengaluru, India. The company currently employs approximately 150 professionals in India, further underscoring its commitment to innovation and talent development in the region.

Dr. Prem Pavoor, Senior Partner and Head of India and Healthcare Investments at Eight Roads Ventures, highlighted the significance of HiLabs’ solutions in addressing the evolving needs of healthcare payers. “Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best-in-class product suite, and strong customer traction, which is a testament to their product-market fit,” Dr. Pavoor remarked.

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