OM1 Secures $50 Million in Series C Funding to Advance Personalized Medicine Through AI and Big Data

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on December 19, 2019, OM1 (formerly known as Better Outcomes), a U.S.-based healthcare outcomes analytics company, announced the completion of a $50 million Series C financing round. The round was led by Scale Venture Partners, with participation from existing investors General Catalyst (GC), Polaris Partners, and 7wire Ventures.

Concurrent with this financing, Rory O'Driscoll, a partner at Scale Venture Partners, will join the board of directors of OM1.

OM1 plans to use the proceeds from this funding round to expand its data cloud and enhance clinical registry-related operations, thereby acquiring more healthcare data to deliver personalized medical services to patients.

OM1, Inc., founded in 2015, is a medical outcomes analytics company. OM1 has developed a large-scale data analytics platform to predict post-diagnosis patient outcomes, enabling hospitals, healthcare systems, and other stakeholders to make better-informed decisions regarding patient care.

OM1’s data analytics platform leverages comprehensive and rich clinical data, utilizing artificial intelligence to provide analytical predictions that can enhance hospitals’ clinical, financial, and operational management.

Beyond hospitals, healthcare providers are also actively seeking analytical insights that incorporate patients’ clinical data to deliver more precise care. Life sciences researchers aim to leverage patient data to validate the efficacy and safety of their products. Meanwhile, insurers, including the federal government, are exploring more valuable healthcare payment models based on relevant medical data.

Furthermore, OM1’s data analytics platform can help healthcare institutions better optimize patient rehabilitation services. Currently, the company focuses on specific therapeutic areas, including chronic conditions such as immune-mediated diseases, rheumatology, cardiometabolic disorders, musculoskeletal diseases, and central nervous system (CNS)/behavioral health. Its product portfolio includes registries for medical research, such as those for rheumatoid arthritis (RA) and systemic lupus erythematosus (SLE), as well as AI-driven solutions for predicting patient outcomes.

“Clinical outcomes are the most important metrics in healthcare. With this funding, we will continue to advance our data analytics platform to rapidly acquire more healthcare data and help our clients apply these data effectively,” said Dr. Richard Gliklich, CEO and founder of OM1.

Driscoll stated, “Artificial intelligence and data are driving forces behind the transformation of many industries. OM1 has creatively combined these two factors to provide personalized medical services for patients. We are delighted to promote the better and faster development of precision medicine.”

Scale Venture Partners was founded in 2000 as BA Venture Partners, the venture capital arm of Bank of America. In 2007, the firm spun off from Bank of America and was officially renamed Scale Venture Partners. Currently, Scale Venture Partners manages nearly $1 billion in assets.

(Compiled by Wang Fang)