A health-care giant was among the leading investors in Davidson-based Lucem Health's latest funding round.
The health-tech startup, a provider of clinical AI technology and solutions, closed on $7.7 million in Series A funding. The round, announced May 9, was led by several investors, including Mayo Clinic, a top-ranked hospital by Newsweek and U.S. News & World Report. Granger Management and St. Louis' Mercy Hospital also helped lead the venture round, which included financing from existing shareholder Rally Ventures.
Lucem Health said the capital will enable it to advance development of its platform for clinical AI solution deployment and grow its solution portfolio and footprint. That will allow the startup to help more health-care providers detect various diseases earlier and enhance how they deliver care, Sean Cassidy, CEO and co-founder at Lucem Health, told CBJ.
He said the firm, with key partners such as Mayo Clinic, also intends to strengthen its network of strategic partnerships. That will ultimately help "innovative health-care provider organizations build and scale their clinical AI programs," Cassidy added.
"By continuing to invest in our clinical AI platform, we will be able to bring more high value solutions to market — solutions that help our provider customers deliver better care to their patients and communities while improving the clinical and financial yield of their scarce resources," he said.
Lucem Health aims to improve health-care experiences for not only the patient, but also physicians and providers — resulting in improved outcomes, the company said. Cassidy said he believes AI has the ability to reshape how doctors and providers practice medicine and produce decisions.
"Yet, so far, we have barely scratched the surface of AI's potential in health care," he said. "We started Lucem Health to accelerate integration of powerful AI-generated insights into care delivery workflows in a thoughtful, responsible way. In a challenging market for raising capital, we appreciate our investors' confidence and support."
The startup also recently launched Lucem Health Reveal — a batch of solutions that detects patients who may be more at risk of serious or chronic diseases.
Lucem Health was founded in the first quarter of 2021 with the help of Rochester, Minnesota-based Mayo Clinic.
