New data abstraction capabilities designed to enable clinical analysis
June 30, 2014 – London, UK – Clinithink, an industry leading provider of technology to manage unstructured healthcare data, today announced its new data abstraction platform, CLiX ENRICH, and a further multi-million dollar equity finance deal with its existing institutional investors: New York based Vanguard Atlantic Ltd. and UK-based Finance Wales.
There is evidence of significant traction for solutions in the healthcare analytics space that deal with unstructured data. A wide variety of healthcare companies are recognizing that considerable value lies within narrative clinical data, a previously untapped asset.
“Responding to this demand for value, we developed CLiX ENRICH, which sits on top of our core clinical natural language processing (CNLP), CLiX, and plugs into third party business intelligence and analytics solutions,” said Clinithink CEO and founder Chris Tackaberry. “The initial response from the market to this latest offering has been encouraging and we approached existing and potential investors for additional capital to support our short and medium term plans for growth. I am delighted that our existing partners, Vanguard Atlantic and Finance Wales have both chosen to take the opportunity to invest further in Clinithink leaving the round fully subscribed. It’s a great vote of confidence in the team, the product and the market from two very experienced technology investment companies.”
“As recent transactions indicate, interrogation of healthcare data―and unstructured data in particular―is regarded as a strategic high growth market by the technology investment community,” said Ernest E. “Lee” Keet, CEO and Chief Investment Officer at Vanguard Atlantic. “We are content with our investment thesis in relation to this space and are happy to have Clinithink in our portfolio.”
“Having backed Clinithink to open its R&D facility in Wales, we are pleased to continue to support them through this latest phase of development. Clinithink has high growth potential and is well positioned to take advantage of the huge opportunities they have identified,” said Dr. Melanie Goward, Deputy Fund Manager, Finance Wales.
The CLiX ENRICH platform, created specifically for the healthcare industry, enables sophisticated clinical analysis to support a wide range of business and clinical applications, Health Information Exchanges (HIEs), providers, payers and organizations conducting clinical research all benefit from the narrative data unlocked by CLiX ENRICH, ultimately leading to improved population health.
Vanguard Atlantic Ltd. has been making private equity investments in American and European high-technology companies since 1985, with a special focus on software-leveraged advanced healthcare technologies. Previous healthcare investments have included Alara, Inc., a film-less radiographic company using proprietary software to reduce exposure times and improve image quality, and Axolotl, Inc., a health-exchange and clinical networking company. Alara was sold to private investors in 2013 and Axolotl was purchased by United Health in 2012. Vanguard Atlantic is the lead investor in Clinithink, with Ernest E. (Lee) Keet the Vanguard Atlantic Ltd.’s representative on the Clinithink board of directors.
Finance Wales was established by the Welsh Government in 2001 and provides commercial funding to small and medium-sized businesses throughout Wales to enable them to realise their potential for innovation and growth. The company is part of the Finance Wales Group and in 2013-14 Finance Wales invested over £31 million through 201 debt and equity investments in growing Welsh businesses. The Finance Wales Group is one of the UK’s largest SME investors, having invested over £328 million through more than 3,296 investments and currently managing funds in excess of £400 million. Finance Wales manages a range of funds and has the ability to invest in more Welsh SMEs than ever before.
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With operations in the US and UK, Clinithink is the healthcare industry’s preferred clinical natural language processing (CNLP) provider, enabling innovative discoveries made only through the interrogation of unstructured data. The CLiX CNLP Platform transforms clinical narrative into rich structured data for healthcare providers and solution vendors. CLiX ENRICH, powered by the CLiX CNLP to support analytics, converts unstructured clinical data into actionable data facilitating queries to help solve today’s toughest healthcare business problems. Through ease of integration, consumption and optimization―Clinithink offers a smarter approach.
For more information, visit www.clinithink.com or request information here.