Start-up raises $15m for healthcare data platform
February 13, 2018
Israeli start-up MDClone has raised $15m for its healthcare data paradigm that enables real-time access to data and insights with no risk to patient privacy.
The money has come from OrbiMed Israel Partners, which led the initial investment in 2016, and Lightspeed Venture Partners, which led the 2017 financing.
The company says it has introduced a new approach to healthcare data access, privacy, analytics and research. It addresses the challenge posed by a vast and ever-expanding amount of data, but a limited ability to derive meaningful insights that can lead to more effective patient care and streamlined hospital operations.
"MDClone has one of the most innovative, experienced and passionate teams in digital health in Israel, a rare combination in any start-up," said OrbiMed managing director Anat Naschitz. "I believe this team can realise the significant potential afforded by the company's unique technology, translating it into commercial success. We see the entire healthcare industry benefiting from MDClone."
The platform can enhance the use of data and the company’s Synthetic Data Engine can eliminate the risk of releasing identifiable patient information when conducting healthcare analysis and research.
"The technology and vision we were presented caught our attention, and once we spoke to MDClone's customers throughout Israel and in the USA, we were convinced this is a game-changing company," said David Gussarsky, partner at Lightspeed Venture Partners. "MDClone offers a giant leap in the way healthcare data is analysed; with MDClone, organisations are finally capable of realising the full value of their data assets to transform medical research, technology development and healthcare delivery."
MDClone is based in Beer Sheba, Israel, where it was founded in 2016 by CEO Ziv Ofek (founder and former chief innovation officer of DbMotion, acquired by Allscripts in 2013), CTO Luz Erez and CFO Boaz Gur-Lavie. The company released its first product in February 2017, and counts most of Israel's healthcare system as customers.
In January 2018, the company signed its first major deal in the USA with the Washington University School of Medicine in St Louis.
The funding will be used for on-going development of the MDClone Platform and for global expansion.
OrbiMed is a investment firm dedicated to the healthcare sector, with over $15bn in assets under management. Lightspeed Venture Partners is an early stage venture capital firm focused on accelerating innovations and trends in the enterprise and consumer sectors.