OM1, a big data analysis company for the health care industry, has raised $ 50 million in its last round of financing to expand its sales and marketing and product development activities, as it provides clinical knowledge to hospitals and large pharmaceutical companies alike.
The new financing highlights how important is the access to data in the fight to increase efficiency and reduce costs in medical care. Pharmaceutical companies may use the data in their interactions with the Food and Drug Administration to defend the usefulness of certain medications, while hospitals and doctors use the data to improve treatment by observing which care courses produced the best results.
"The clinical results are the most important metric in medical care," said Dr. Richard Gliklich, CEO and founder of OM1. "With this funding, OM1 accelerate our work to provide quick access to real-world results and tests and help our clients apply that data in a shocking way."
The last OM1 financing was led by Scale Venture Partners, with the participation of existing investors, including General Catalyst (GC), Polaris Partners and 7wire Ventures.
As a result of the financing, Rory ODriscoll, managing director of Scale Venture Partners, has taken a seat on the company's board of directors.
"Artificial intelligence and data are factors that drive the transformation of many industries," ODriscoll said in a statement. "OM1 is at the forefront of bringing these two together in a transformative way in medical care, and we are excited to be part of the journey to promote the best development of medicine and the provision of care."
The company focuses on therapeutic areas that include chronic conditions such as immunology, rheumatology, cardiometabolic disorders, musculoskeletal conditions and particular technologies of the central nervous system or behavioral health.
Founded in 2015 by Dr. Gliklich when he worked as an executive in residence at General Catalyst, The company's work also supports Gliklich's other duties as a principal investigator for a federal effort that seeks to measure and standardize the results.