AI-Powered Healthcare Data Firm H1 Secures $6M Funding and Files for IPO

VCBeat (WeChat ID: VCbeat) has learned that on October 29, 2018, healthcare data company H1 completed a new round of financing amounting to $6 million, invested by Shore Group. H1 will utilize these funds to accelerate its growth and development.

H1’s platform integrates public clinical and academic databases with AI to assist healthcare professionals in leveraging targeted databases. H1’s data platform is built on a foundation of over 50 million journal articles, 250,000 clinical trials, and the experience of 750,000 clinicians.

Currently, H1 operates three major platforms, each named after a renowned scientist and innovator: H1 Ada, H1 Curie, and H1 DaVinci. H1 Ada provides profiles of healthcare institutions and experts along with their mapped names. By conducting in-depth analyses of therapeutic areas, clinical trials, drugs, or diseases, H1 Ada helps users identify every healthcare professional and life sciences researcher in the United States. H1 Curie is an analytical tool that highlights key information about healthcare practitioners by examining their publications, specialties, clinical trial involvement, and affiliations. It presents details such as conferences attended, drugs studied, contact information, and co-author networks. Additionally, H1 Curie offers visualization tools to assist users in benchmarking and standardized assessments within any given research or therapeutic area. H1 DaVinci is the latest data tool designed to support strategic planning by enabling the creation of corporate management profiles and facilitating competitive intelligence. Market analysis and competitive reports start at $10,000, while opportunity identification analysis is priced at $30,000.

H1 Product Components (Image from H1 Official Website)

“In a statement, Ariel Katz, co-founder of H1, said: ‘Leveraging Shore Group’s expertise in data collection provided by the world’s largest financial institutions, H1 has built its unique healthcare insurance database. Now that H1 has established a solid foothold and identified a clear path for growth, we are pleased to secure investment from Shore Group to operate independently.’”

Data is becoming increasingly important in the healthcare sector, but organizing and identifying relevant data points poses a challenge for health insurance providers and life sciences professionals.

The CEO of Shore Group stated in a press release: “H1 has been highly successful in developing technologies to uncover deeply embedded healthcare data, and leverages this data to support clients, enabling them to make faster, data-driven decisions in drug development.”

Artificial intelligence is transforming healthcare, and H1 is not the only company leveraging AI to help firms gain insights from medical data. In September 2018, Clarify Health Solutions, an AI-enabled health insurance technology company, completed a $57 million Series B financing round led by the global firm KKR. Unlike H1, Clarify provides users with predictive analytics and machine learning-driven care models. Google’s subsidiary DeepMind has partnered with University College London Hospitals to explore the use of AI in isolating healthy tissues during radiotherapy for head and neck cancers. According to a recent CB Insights report, AI startups have completed 576 funding rounds totaling $4.3 billion since 2013, surpassing all other industries.

Meanwhile, Global Market Insights predicts that by 2024, the AI healthcare market will exceed $10 billion, with the AI-based medical imaging and diagnostics market growing by over 40% to reach $2.5 billion.

H1, founded in January 2017 and headquartered in New York, USA, is a data company that leverages AI technology to address challenges in healthcare coverage and life sciences. H1 empowers users to access data intuitively and make more informed scientific decisions.