26 July 2012, UK – Spurred on by policy reforms in the US, investment in health IT continues to surge in 2012 [external content no longer available] as more and more healthcare providers continue to implement technology to improve patient care and reduce the cost of delivering medical services. Demonstrating the trend to invest in high-value health IT solutions is Clinithink, a UK-based healthcare software company which has successfully concluded a Series A funding round led by Vanguard Atlantic, a US-based equity firm focused on technology.
After securing an initial multi-million dollar investment during the 1st tranche of the company’s Series A funding round in March 2012, Clinithink secured additional multi-million dollar investments from Finance Wales, one of the UK’s largest regional SME investment companies, and existing investors to complete the round. The investment in Clinithink will fund ongoing development of the company’s technology, establish the company’s US operation, as well as its UK-based R&D function.
Clinithink is a specialist technology vendor in the Natural Language Processing (NLP) field focusing on the healthcare sector. The company has developed innovative cloud-based text processing capability that can be used to support data analytics, coding and decision support in healthcare applications. Clinithink’s patent-pending Clinical Language Indexing software (CLiX) uses NLP to construct coded output from physicians’ notes using industry data standards (ICD-9, ICD-10, and SNOMED CT).
The CLiX solution addresses the need for healthcare data to be “repurposed” – entered freely at the point of care, yet structured behind the scenes to support a wide variety of value-adding activities. CLiX allows third party resellers targeting healthcare providers, insurers, pharma companies and other aggregators of clinical data to add value to their solutions and enable their customers to gain valuable insights into increasingly large volumes of rich, unstructured textual data.
CEO of Clinithink, Chris Tackaberry said, “We are delighted to have concluded our Series A round successfully and brought such strong partners on board. This investment demonstrates the potential that the investment community sees not only in our company but also in free-text processing and data analytics within the healthcare vertical. We are seeing growing demand for our technology and look forward to deploying this capital to support growth in our operation and market presence not only in the US and UK but also worldwide.”
Senior Investment Executive at Finance Wales, Melanie Goward said: “We’re delighted that Clinithink has successfully concluded this Series A funding round. This is a significant achievement for Chris and his team. Having raised this capital, the company is now well-positioned to take advantage of the huge opportunities we see in this space in US and other markets. We look forward to working with the company to establish its UK R&D function in South Wales and fulfil its commercial potential.”
Interest in CLiX technology has been worldwide because of the necessity for healthcare organizations to derive value and meaning from their unstructured data. Clinithink will continue expansion and deployment of its technology with particular focus on the US market, where CLiX enables third party re sellers and vendors in the healthcare sector to meet Meaningful Use criteria and facilitate health information exchange.