Stanford spinout Cardinal Analytx has raised $20.6m out of a targeted $29.3m, adding to a $6.1m series A round backed by Stanford-StartX Fund in 2017.
Cardinal Analytx, a US-based population health management spinout of Stanford University, has obtained $20.6m in initial series B funding from undisclosed backers, according to a regulatory filing.
The company is targeting a $29.3m final close but has not yet made any formal announcements.
Founded in 2013, Cardinal Analytx has developed machine learning and artificial intelligence technology that predicts which health insurance customers are high risk, recommending clinical interventions to improve patient outcome and prevent costs from rising.
The spinout commercialises work by two Stanford researchers – Arnold Milstein, professor of medicine and director of the Clinical Excellence Research Center, and Nigam Shah, associate professor of medicine and biomedical data science and assistant director of the Center for Biomedical Informatics Research.
Cardinal Analytx raised $6.1m in series A funding in 2017 from investors including the Stanford-StartX Fund, the investment vehicle of Stanford-affiliated accelerator StartX. The spinout had previously taken part in StartX.
The series A round was led Cardinal Partners and also included Premera Blue Cross, a health insurer licensed by insurance provider Blue Cross Blue Shield.
