Healthcare information analytics startup Socially Decided introduced Tuesday that it had closed a $26 million Collection B funding spherical led by Questa Capital.
Different contributors within the increase embrace current traders LRVHealth, OSF Healthcare, Ziegler Hyperlink-Age Funds and HealthWorx. The startup wrapped up its $11.1 million Series A in early 2020.
WHAT IT DOES
Socially Decided is targeted on utilizing information to supply insights into the social determinants of well being, components like entry to meals, housing and transportation.
The corporate’s SocialScape platform contains public and industrial information. It permits purchasers like healthcare suppliers, insurers, life science corporations and nonprofits to visualise the potential social components behind sufferers’ and populations’ well being.
Dr. Trenor Williams, Socially Decided’s CEO and cofounder, mentioned well being organizations can then measure the efficiency of their social determinants initiatives and work to enhance them.
“An instance that we discovered with considered one of our companions was a produce prescription program centered round people that had a few completely different food-sensitive illnesses. And there is a sub-segment of the inhabitants that wasn’t partaking and benefiting from that,” he advised MobiHealthNews.
“As we regarded on the information, a part of what we realized is that the sub-segment additionally had an elevated threat round transportation. So then [you have] the power to begin to consider, how do you modulate and evolve interventions to proceed to get higher and supply larger affect?”
WHAT IT’S FOR
The startup plans to make use of the funding to rent throughout the enterprise, together with in engineering, information science, account administration and advertising and marketing. It additionally plans to make use of funds to attend conferences, broaden its advertising and marketing efforts and proceed to enhance the platform.
“We’ll proceed to guage and add information sources on a regular basis,” Williams mentioned.
“We consider this can be a endless journey with our prospects to proceed to refine and make it possible for our social threat intelligence is as actionable because it presumably might be.”
One other firm centered on social determinants of well being is Unite Us, which makes use of information to establish areas of want and join sufferers to social companies. Final 12 months, the corporate acquired analytics agency Carrot Well being and inhabitants health-focused NowPow. Unite Us additionally scored $150 million in Collection C funding in March 2021.
In the meantime, healthcare software program and companies firm WellSky acquired social service coordination platform Healthify final 12 months to spice up its social determinants of well being choices.