HiLabs Raises USD 39 Mn in Series B Led by Eight Roads Ventures and Denali Growth Partners US-based HiLabs with R&D hubs in Pune and Bengaluru aims to use the funds for technology enhancement, hiring talent, and expanding its product teams.
By Entrepreneur Staff •
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Healthcare-based data intelligence platform HiLabs has raised USD 39 million in a Series B round led by Eight Roads Ventures and Denali Growth Partners. Eight Roads' US-based sister fund, F-Prime Capital, also participated in the round.
In 2017, Season Two Ventures provided seed money to the company as well.
HiLabs plans to use the funds for hiring talent, improving technology, and growing its product teams.
Amit Garg, Co-founder and CEO of HiLabs, said, "We stand poised to propel our AI-technology forward, empowering healthcare organisations to make swift, informed decisions based on data that's not just clean, but readily available when it matters most."
Founded in 2014 by Amit Garg and Neel Butala, HiLabs provides data management services to patients, providers, and payers in the healthcare industry. The cloud-based MCheck platform from HiLabs ingests, purifies, and enhances critical healthcare data. As a result, operating expenses for healthcare organisations are significantly reduced, and patient outcomes are improved.
HiLabs employs about 150 individuals in India and maintains AI/ML R&D facilities in Bengaluru and Pune.
Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures in the statement, said, "Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best in-class product suite and strong customer traction, which is testament to their product-market fit."
