New York, United States – Capitol, an AI solution that helps healthcare insurers make critical decisions by visually unlocking data and bypassing decision bottlenecks, announced the closing of its [$10 million (€9.60 million)] seed round with funding from 468 Capital, Designer Fund, Fuel Capital, Tokyo Black (Looker founder), Brian Chesky (founder/CEO, Airbnb), Chase Coleman III (founder, Tiger Global), Nomad Capital, AirAngels, Sanno Capital, and John McCormick (formerly Blackstone). The company’s Data Stories platform uses artificial intelligence to generate insights that give healthcare users new access to data to instantly combat fraud, spot cost savings, and improve the quality of healthcare.
The funding round was led by 468 Capital. The company will use the funds to advance the platform, transition out of stealth and further its adoption in healthcare. The platform will initially be used to help empower insurance executives to find cost savings, improve member engagement and improve quality of care.
Most healthcare users aren’t data scientists yet live in an industry that is data intensive, sensitive, complex and ever changing. A key feature of the Capitol Data Stories platform is the creation of an interface that sits on top of existing data analytic investments but is geared toward business users. Data Stories give business teams access to data insights to make better, faster decisions and stay ahead of customer demand. Already a top three US health insurer will deploy the technology as a customer this year.
”Most healthcare analytic tools are not built for business users, which means insight generation is painstakingly slow and built on clunky legacy products,” says Shaun Modi, CEO of Capitol. “We solve that by letting our platform do the work and letting AI find the insights. We create a visual story for our users that provides them with a guided analytics experience without being a data or design expert.”
“Hiring data scientists and analysts to solve every data question has proven time and time again that it doesn’t efficiently scale,” says Keenan Rice, investor and part of the founding team of Looker. “However, the need for analysis and actionable insights in organisations is only growing. With Capitol’s approach users are surfaced with problems and opportunities in their data, in real time, without the need of a data team doing the analysis. Capitol will fundamentally change the way anyone in an organisation makes decisions.”
“Capitol has assembled a proven team with expertise in design, healthcare analytics and advanced data systems; this combined with experience building healthcare and enterprise startups is a winning combination,” says Florian Leibert, 468 Capital.
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