Healthcare information analytics startup Socially Decided introduced Tuesday that it had closed a $26 million Sequence B funding spherical led by Questa Capital.
Different members within the increase embrace present buyers LRVHealth, OSF Healthcare, Ziegler Hyperlink-Age Funds and HealthWorx. The startup wrapped up its $11.1 million Sequence A in early 2020.
WHAT IT DOES
Socially Decided is concentrated on utilizing information to supply insights into the social determinants of well being, elements like entry to meals, housing and transportation.
The corporate’s SocialScape platform consists of public and industrial information. It permits shoppers like healthcare suppliers, insurers, life science corporations and nonprofits to visualise the potential social elements behind sufferers’ and populations’ well being.
Dr. Trenor Williams, Socially Decided’s CEO and cofounder, mentioned well being organizations can then measure the efficiency of their social determinants initiatives and work to enhance them.
“An instance that we discovered with one in every of our companions was a produce prescription program targeted round people that had a few completely different food-sensitive ailments. And there is a sub-segment of the inhabitants that wasn’t partaking and benefiting from that,” he informed MobiHealthNews.
“As we seemed on the information, a part of what we realized is that the sub-segment additionally had an elevated threat round transportation. So then [you have] the flexibility to start out to consider, how do you modulate and evolve interventions to proceed to get higher and supply better impression?”
WHAT IT’S FOR
The startup plans to make use of the funding to rent throughout the enterprise, together with in engineering, information science, account administration and advertising. It additionally plans to make use of funds to attend conferences, develop its advertising efforts and proceed to enhance the platform.
“We’ll proceed to guage and add information sources on a regular basis,” Williams mentioned.
“We imagine it is a endless journey with our prospects to proceed to refine and make it possible for our social threat intelligence is as actionable because it presumably might be.”
One other firm targeted on social determinants of well being is Unite Us, which makes use of information to determine areas of want and join sufferers to social providers. Final yr, the corporate acquired analytics agency Carrot Well being and inhabitants health-focused NowPow. Unite Us additionally scored $150 million in Sequence C funding in March 2021.
In the meantime, healthcare software program and providers firm WellSky acquired social service coordination platform Healthify final yr to spice up its social determinants of well being choices.