Healthcare data analytics startup Social Determind announced Tuesday that it has closed a $ 26 million Series B funding round led by Questa Capital.
Other participants in the increase include existing investors LRVHealth, OSF Healthcare, Ziegler Link-Age Funds and HealthWorx. Startup wrap her up 2020 11.1 million Series A in early 2020.
What does this mean?
The social determinant of socially determined health focuses on using data to provide insights on issues such as access to food, housing and transportation.
The company’s SocialScape platform includes public and commercial data. It allows clients such as healthcare providers, insurers, life science companies and nonprofits to visualize the potential social factors behind the health of patients and the population.
Dr. Trainer Williams, CEO and co-founder of Social Determination, says health organizations can then measure the performance of their socially determining initiatives and work to improve them.
“One example we found with one of our partners is a product prescription program that focuses around people who had various food-sensitive diseases. And there’s a sub-segment of the population who weren’t involved and are taking advantage of it,” he said. MobiHealthNews.
“As we’ve seen in the data, part of what we’ve realized is that sub-divisions also have increased risks in the vicinity of transportation. So [you have] The ability to start thinking, how do you modify and develop interventions to get better and provide more impact? “
What is it for
The startup plans to use the investment to recruit across businesses, including engineering, data science, account management and marketing. It plans to use the funds to attend the conference, expand its marketing efforts and continue to improve the platform.
“We will continue to evaluate and add data sources at all times,” Williams said.
“We believe this is an endless journey to continue to refine with our customers and to ensure that our social risk intelligence is as effective as possible.”
Snapshots of the market
Another organization focusing on social determinants of health is Unite U, which uses data to identify areas of need and connect patients to social services. Last year the company acquired an analytics firm Carrot Health and Population Health-Centered NowPow. Unite UO scored $ 150 million in Series C funding in March 2021.
Meanwhile, healthcare software and services company Welsky The social services coordination platform HealthFi was acquired last year to enhance the social determinants of health offers.