Canadian Digital Health Platform Think Research Secures $25 Million in Strategic Funding to Accelerate AI-Driven Clinical Decision Support Solutions

VCBeat (WeChat ID: vcbeat) has learned that on October 31, 2018 (local time), Think Research, a leading digital health platform provider based in Toronto, Canada, raised over US$25 million in its latest funding round. This round stands as one of the largest financing events for Canadian healthcare technology companies. Participants in this round included National Bank of Canada, Kayne Partners, Fidelity Investments, and Canaccord Genuity Group. Previously, Think Research had secured early-stage funding from Epic Capital Management, Lumira Ventures, and iGan Partners, with the specific amounts undisclosed.

Think Research is a leading provider of digital health platforms, dedicated to delivering knowledge-driven clinical applications and associated content to clinicians. This round of financing will help the company further enhance its product portfolio, improve the learning capabilities of its AI tools, and continue expanding into new markets.

Under the leadership of CEO Sachin Aggarwal, Think Research develops applications that facilitate clinical decision-making by leveraging medical evidence and digital algorithms, while delivering healthcare solutions through multiple application platforms. Its portfolio includes applications such as eMED-PASS, how2track, and EntryPoint. Additionally, the company provides knowledge translation services to its users.

“Our portfolio of clinical decision-support products not only enables providers to enhance the quality of care, but also generates medical and behavioral data to support the innovation and upgrading of next-generation AI systems. The newly injected capital will allow us to accelerate innovation and product iteration on a global scale,” said Sachin Aggarwal.

Over the past year, Think Research has achieved rapid expansion in the healthcare markets of the United States and the European Union. According to the company, its software applications are now used by more than 1,200 healthcare institutions, guiding clinical decisions for millions of patients annually. This success has reinforced investors’ confidence that Think Research can continue to increase the adoption of its products in Canada and surrounding regions. “Our investment will help ensure they remain leaders in this field, as a growing number of hospitals and institutions seek cost-effective digital health solutions that integrate seamlessly with their existing systems,” said Nishita Cummings, a partner at Kayne Partners.

Clinical decision support can help physicians develop more effective, personalized treatment plans, improve therapeutic outcomes, and eliminate waste in healthcare. Reports indicate that clinical decision support tools are poised for “rapid adoption” by the market in the coming years, with the global market expected to grow to $791 million by 2024.

Think Research, founded in 2006 and headquartered in Toronto, Canada, is a leading provider of digital health platforms. The company develops software applications that support clinical decision-making by leveraging an expanding body of clinical evidence and healthcare algorithms, and delivers medical solutions through multiple secure application platforms.

Kayne Partners, founded in 2002 and headquartered in California, USA, is a provider of capital and relationship networks for rapidly growing enterprises in North America. Kayne Partners primarily seeks to partner with driven companies, acting as a non-controlling minority investor and providing transformative financial support. Since its inception, it has invested over $740 million in corporate investments and add-on acquisitions.

Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on investments in energy, infrastructure, and real estate, as well as niche investments in growth equity, private credit, and diversified liquid credit. As of August 31, 2018, Kayne Anderson managed $30 billion in assets and employed more than 300 professionals across eight offices in the United States.