Phare Health, an emerging AI firm, has successfully raised £2.5 million in a pre-seed fundraising round led by General Catalyst. The infusion of funds is intended to propel the development of artificial intelligence technologies specifically designed for healthcare back offices, with an emphasis on providing cash flow and cost information.
How can we make healthcare systems more financially resilient?
Enter Phare Health – an AI-native financial OS.
We're thrilled to lead its seed & welcome @martin_sen, Lee, @THamamsy, & team to the GC family!
By @chriswbischoff & @AlexandreMomeni ↓https://t.co/xzz5enIY4k
— General Catalyst (@generalcatalyst) November 22, 2023
Using AI to handle non-clinical administrative work, Phare Health was founded by former employees of DeepMind, Google Health, and Stanford alumni with the goal of reducing the strain on staff and costs in healthcare systems.
With NHS England admitting that more than a third of integrated care systems are operating at a loss this year, Phare Health’s goal takes on further relevance. Large language models are used in the startup’s first product to safely help hospitals collect high-quality data about the care they offer. Hospitals may improve resource management, efficiently recover costs, and raise standards by using this strategic approach to acquire a better understanding of patient care.
All patient notes are reviewed by Phare Health using AI, which then converts them into structured, usable data for the teams in charge of operations, finance, and administration. The essential need for artificial intelligence (AI) in healthcare back offices was highlighted by Dr. Martin Seneviratne, co-founder and co-CEO of Phare Health. AI will handle low-risk, manual administrative duties, giving physicians more time to time for patient care.
Dr. Seneviratne said, “AI in healthcare should be invisible – it should help behind the scenes to make healthcare more efficient and safer without getting in the way of doctors and nurses.”
The seed money will play a crucial role in enabling Phare Health to continue developing its AI system, with an emphasis on hiring AI and healthcare specialists from important markets. Building a structured data-based, real-time, action-oriented intelligence engine for healthcare systems is part of Phare Health’s long-term objective.
📣 Check out this exciting news! Phare Health just raised a whopping £2.5m pre-seed funding to fuel the development of their cutting-edge AI products! 🚀 Read all about it here: https://t.co/IMj9wy3Dft #PhareHealth #AI #DigitalHealth
— Philip D Hughes – Breaking #AI News (@PDH_Metaverse) November 27, 2023
Strategic backers KHP Ventures and Bertelsmann Investments joined General Catalyst in the investment round. Among the notable co-founders of Phare Health are Dr. Martin Seneviratne and Lee Kupferman, who both played key roles in DeepMind Health and Google Health teams’ work with the NHS on projects like the AI-powered chatbot MedPaLM
