The rise of Big Data has led to a particular problem for the health care industry: It's generating huge amounts of information but doesn't necessarily have the ability to make sense of it all.
The industry generates roughly 30% of the world's data, according to a recent estimate from RBC Capital Markets. But much of that information isn't in particularly good shape for analysis.
The people behind Cornerstone AI Inc. believe they have the answer. The San Francisco startup has developed software that's specifically designed to clean and prepare health care data for analysis and research.
"Poor-quality data leads to drug development being delayed, patients being misdiagnosed and inaccurate scientific conclusions," Michael Elashoff, co-founder and CEO of Cornerstone, said in a news release. "Cornerstone was created to efficiently solve these problems at a time when resources are precious."
The startup's service has drawn the attention of venture backers. Cornerstone announced Monday it's raised a $5 million seed round from Healthy Ventures and Initiate Ventures. It plans to use its new funds to further develop its software, it said in the news release.
Here's more on Cornerstone's new round and other seed funding news from this past week:
DeltaStream Inc., San Mateo, $10 million: New Enterprise Associates invested in this provider of database management software for streaming applications.
Bobidi Inc., Los Gatos, $5.8 million: Y Combinator led the round for this provider of a service for testing and improving artificial intelligence models. We Ventures, Hyundai Motors Group, ZER01NE, Scrum Ventures, New Product Experimentation, Meta, Lotte Ventures and Atlas Pac Capital also invested.
Cornerstone AI Inc., San Francisco, $5 million: Healthy Ventures and Initiate Ventures invested in this provider of software that automates the preparation of health care data for analysis and research.
