There has been considerable progress in the digital transformation of health care this year, majorly due to the pandemic. In the long term, health care spending is expected to rise at a CAGR of 5% between 2019-23, up from 2.7% in 2014-18.
Technologies such as cloud computing, Artificial Intelligence (AI), Natural Language Processing (NLP), and the Internet of Medical Things (IoMT) can help streamline health care delivery and align it with changing consumer preferences.
In the recent development, healthtech startup Savana has raised $15M (approx €12.8M) in its Series B round of funding led by Cathay Innovation.
Other investors include Seaya Ventures (the lead investor in the previous $5M round), as well as new investors, such as MACSF – the French mutual insurer for health professionals.
The raised capital will be used to support Savana’s international expansion and operations in the US. Currently, the company has a team of more than 100 professionals, and over the next year, Savana’s New York team is expected to grow by 20 to 30 people.
Founded in 2014 in Spain, Savana develops and applies artificial intelligence (AI), such as natural language processing, machine learning, and deep learning, providing real-time access to patient population information, reading all clinical documents, including unstructured information, and converting this information into knowledge.
The multilingual artificial intelligence behind Savana enables hospitals, health centres, and professionals to use their clinical information for management, prevention, and research.
Savana has designed a platform that allows any health care professional to analyse a huge amount of clinical parameters in order to improve health care outcomes and adherence to clinical guidelines in real-time, says the company.
Savana’s SaaS platform is already being used in more than 40 Spanish hospitals, as well as one in Chile, and currently covers a population of more than 9 million citizens.
The platform, according to the company, has processed over 400 million electronic medical records in English, Spanish, German, and French. The company already works with the top 20 pharmaceutical companies in the world and more than a hundred healthcare facilities.
According to Savana, its Natural Privacy Methodology takes several technical and organisational measures during the whole process to guarantee that the study database is synthetic and fully anonymised. It also claims to be GDPR and HIPAA compliant, and is approved by worldwide ethics committees.
The company’s technologies and services have been adopted by health systems across Western Europe, the US, and Canada.
Image credits: Savana