OptMyCare(TM) Secures $3 Million in Series A Funding from Investor Group Led by LiveOak Ventures
Wednesday, May 15, 2024
DALLAS, May 7, 2024 /PRNewswire/ -- OptMyCare(TM), a clinically engineered AI platform in healthcare & risk management, announced today that it raised $3 million in Series A financing from a robust group of investors led by LiveOak Ventures of Austin, Texas. This infusion of additional capital will enable OptMyCare(TM) to accelerate its customer acquisition plans, continuously refine its technology, onboard key management personnel, and add experienced healthcare & technology leaders. Total investment to date is $4.5 million.
OptMyCare(TM) is a scalable, secure, and cloud-based SaaS product. It combines precision analytics with actionable risk stratification solutions across multiple chronic conditions and delivers recommendations that are based on real-time input. The product leverages clinically-engineered algorithms that take data from 55 chronic clinical diagnoses--their associated procedures and claims costs--and facilitates rapid and accurate risk identification. These predictive and prescriptive solutions actively help risk bearers improve workflow, lowering the time and cost involved with this process.
In response to this exciting announcement, Dr. Saravanan Balamuthusamy, CEO and co-founder of OptMyCare(TM) says, "The need for a clinically driven AI solution to identify and mitigate rising risk across multi-chronic diseases is lacking, OptMyCare is the first machine learning platform that comprehensively addresses holistic care incorporating social determinants of health (SDOH) and behavioral health while mitigating risk progression and healthcare cost. We are excited to partner with LiveOak Ventures to expand our platform to evolve into an industry leader in AI solutions for value-based care."
Dr. Antony E. Pfaffle, co-founder, adds, "Providing patients, their providers, and payors with relevant information to empower decision-making and appropriation of resources helps improve the efficiency of our healthcare system."
LiveOak Ventures is a leading Texas-based venture fund. Its partners have invested in early-stage businesses for more than 25 years, partnering with compelling entrepreneurs developing revolutionary technologies and helped them evolve into the category dominating companies of the future.
"Drs. Balamuthusamy and Pfaffle bring incredible clinical domain knowledge and success in developing one of the most accurate ML-based predictive risk-stratification models at a patient level," says Krishna Srinivasan, Board member and founding partner of LiveOak. "We are excited about the potential to apply this distinctive capability combined with their expertise to build a next-generation software and solutions company that can materially improve health outcomes and reduce costs for broad swathes of the population. As such, we are delighted with the opportunity to expand the LiveOak portfolio in digital health and collaborate with them to build a great business in the nexus between care delivery and predictive analytics."
About OptMyCare(TM)
Founded in 2019 by Dr. Antony E. Pfaffle, MD, and Dr. Saravanan Balamuthusamy, MD, MPH, FASN, FASDIN, OptMyCare(TM) brings a uniquely clinical perspective to the engineering of health risk solutions. Dr. Pfaffle has twenty years of experience in stop-loss and risk management consulting and has founded or co-founded multiple healthcare companies. Dr. Balamuthusamy cofounded a large multispecialty physician group in North Texas and brings in two decades of academic clinical experience in developing a comprehensive health risk management solution. Working with a team of healthcare, tech, and insurance experts, Dr. Pfaffle and Dr. Balamuthusamy aim to revolutionize the field of risk management, utilizing technologically unique precision analytics to change the way that companies navigate risk.
For more information, contact Us
Nick Cassalia, Vice President of Sales.
ncassalia@opt-mycare.com
https://opt-mycare.com/
Public Relations Contact:
Keri Walling, MedVoice PR/Hahn Health & Nutrition
Keri@medvoicepr.com
(512) 517-9801
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SOURCE OptMyCare Inc
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