Applying big data analytics to patient records, OM1 offers insights to hospitals and pharma
OM1, a big-data analytics company for the healthcare industry, has raised $50 million in its latest round of financing to expand its sales and marketing and product development activities as it brings clinical insights to hospitals and big pharma companies alike.
The new financing highlights just how important access to data is in the fight to increase efficiencies and drive down costs in healthcare. Pharmaceutical companies can use the data in their interactions with the Food and Drug Administration to make a case for the utility of certain drugs, while hospitals and physicians use the data to improve treatment by looking at which courses of care produced the best outcomes.
"Clinical outcomes are the most important metric in healthcare," said Dr. Richard Gliklich, CEO and founder of OM1. "With this funding, OM1 will accelerate our work towards delivering rapid access to real-world outcomes and evidence and with helping our customers apply those data in impactful ways."
OM1's latest financing was led by Scale Venture Partners, with participation from existing investors, including General Catalyst (GC), Polaris Partners, and 7wire Ventures.
As a result of the funding, Rory O'Driscoll, a managing director with Scale Venture Partners, has taken a seat on the company's board of directors.
"AI and data are driving factors in the transformation of many industries," said O'Driscoll, in a statement. "OM1 is at the forefront of bridging these two in transformative ways in healthcare, and we are excited to be part of the journey to drive the better development of medicine and delivery of care."
The company focuses on therapeutic areas including chronic conditions like immunology, rheumatology, cardiometabolic disorders, musculoskeletal conditions and particular central nervous system or behavioral health technologies.
Founded in 2015 by Dr. Gliklich when he was working as an executive in residence at General Catalyst, the company's work also supports Gliklich's other duties as the principal investigator for a federal effort looking at outcomes measurement and standardization.