Machine-learning start-up closes $1m seed funding round
October 25, 2016
Dallas start-up DocSynk's has closed a US$1m seed funding round for its machine-learning platform for healthcare.
The platform uses data science to put people in control of their healthcare, driving productivity and reducing costs for employers, insurers and doctors.
Finding doctors, scheduling appointments, keeping on top of insurance, and complying with wellness and treatment plans can be difficult. DocSynk is working to make it easier with a smarter, simpler app that uses machine learning and data science to deal with the complexity.
The company has closed a $1m seed funding round led by India-based Naya Ventures.
"DocSynk's mission of bringing transformation in patient engagement is sorely needed in US healthcare," said Dayakar Puskoor, managing director of Naya Ventures. “Organisations of every size are looking for DocSynk's innovations. With DocSynk, healthcare providers, employers and employees can all benefit in a win-win partnership."
The patent-pending technology provides a one-stop app for a patient's healthcare needs. Although patient-focused, the platform also benefits employers, healthcare providers – hospitals, physician groups and ACOs (accountable care organisations) – and insurers by reducing complexity and operating expense while increasing patient engagement.
Employers can transform from traditional benefits to employee wellness programmes, reducing stress and enhancing health and productivity. Hospitals, physician groups and ACOs can increase patient transparency while improving the trifecta of revenue cycles, operational excellence and patient satisfaction. Insurers working with DocSynk benefit from improved in-network use, lower operating costs and increased client satisfaction.
DocSynk is led by medical technology innovator Vaidyanatha Siva, the former director and executive of Parkland Hospital's Center for Clinical Innovation and CTO of Infosys’ life sciences business unit. Siva is an alumnus of the Indian Institute of Technology, Madras. He brings twenty years of global technology leadership experience, including previous start-up IT Solutions, acquired in 2002 by NTT Data, to the Dallas start-up.
"Dallas and North Texas," said Siva, "are the perfect place to launch a healthcare start-up. We have more than eight million people, a diverse ecosystem of healthcare providers, multiple insurers and large employers. The technical and professional talent pool is deep, operating costs are low, and we have world-class investors on tap. We are excited about the possibilities of solving both consumer and business-related challenges and look forward to sharing exciting news about several key partnerships in the coming weeks."
Naya Ventures is an early-stage venture capital firm focused mainly on USA and India-based companies.