HiLabs Completes $39 Million Funding Round as Company Embarks on ‘Next Stage of Expansion’

HiLabs, a health technology enterprise powered by artificial intelligence, is dedicated to reshaping the member experience within healthcare plans. Recently, the company concluded a Series B funding round, securing an impressive $39 million. Leading this financing endeavor were Denali Growth Partners and Eight Roads Ventures, with notable participation from F-Prime Capital.
Central to HiLabs’ mission is its innovative cloud-based platform, MCheck, designed to streamline operations for healthcare entities while concurrently enhancing patient outcomes. Notably, this platform exhibits remarkable efficiency, capable of processing clinical data at a rate 100 times faster than conventional methods.
This addresses an issue brought to light by a recent study published in JAMA, which exposed inconsistencies in physician entries within health insurer provider directories. HiLabs collaborates with healthcare plans to mitigate this disparity, ensuring adherence to regulations such as the No Surprises Act and optimizing performance in audits conducted by the Centers for Medicare & Medicaid Services (CMS).
Amit Garg, Co-founder and CEO of HiLabs, stresses the importance of seamless data exchange between payers and providers in driving cost reduction and augmenting outcomes. Expressing gratitude for the unwavering support from investors focused on healthcare, Garg underscores the company’s dedication to advancing its AI technology. HiLabs’ objective is to empower healthcare entities with impeccably clean and readily available data, particularly during pivotal moments of decision-making.
The provider directory solution offered by HiLabs, which encompasses a significant segment of the nation’s healthcare providers, underscores the company’s holistic approach to addressing industry challenges. Looking forward, HiLabs aims to broaden the platform’s functionalities by integrating electronic medical record (EMR) and value-based care data, thereby augmenting its efficacy and influence.
Leaders of the funding round, Eight Roads Ventures and Denali Growth Partners, exhibit confidence in HiLabs’ vision and product suite. Dr. Prem Pavoor, Senior Partner and Head of India and Healthcare Investments at Eight Roads Ventures, commends HiLabs’ alignment with market demands and celebrates the company’s strides in harnessing artificial intelligence and machine learning expertise, particularly within its research and development hubs in Pune and Bengaluru, India.
The allocated funds will be directed towards enhancing technology infrastructure, acquiring top-tier talent, and expanding product teams.