India’s HiLabs Secures $39 Million to Expand AI-Powered Healthcare Solutions

Health tech firm HiLabs has secured $39 million in Series B financing, the company announced on Thursday. The funding round was led by Denali Growth Partners and Eight Roads Ventures, with additional participation from F-Prime Capital. This investment follows the rapid adoption of HiLabs’ healthcare data management platform, MCheck, and will facilitate further development of the technology, talent acquisition, and expansion of product teams.

Healthcare organizations often struggle to manage large volumes of complex data from various sources, such as medical records and lab results. HiLabs aims to address this issue by providing AI-powered solutions to ingest, cleanse, and enrich healthcare data, enabling more efficient organization and analysis of vital information within the industry.

Amit Garg, Co-founder and CEO of HiLabs emphasized the importance of timely and high-quality data exchange between payers and providers in reducing care costs and improving outcomes. He expressed gratitude for the support of healthcare-focused investors and highlighted HiLabs’ goal to advance its AI technology to empower healthcare organizations with swift, data-driven decision-making capabilities.

HiLabs’ MCheck technology, capable of processing and cleaning clinical data 100 times faster than humans, is crucial in addressing the challenges of managing complex healthcare data. The recent Series B financing, driven by the rapid adoption of MCheck™, will enable HiLabs to enhance its technology further and expand its team to meet the growing demands of the healthcare industry.

Founded in 2014, HiLabs aims to ensure timely access to clean data for payers, providers, and patients as healthcare organizations globally shift towards data-driven decision-making. The firm’s cloud-based MCheck platform ingests, cleans, and enriches critical healthcare information, significantly reducing costs and improving patient outcomes.

This technology has found utility among some of the largest health insurance companies in the United States, aiding in the automation and enhancement of administrative processes.

Co-founders Amit Garg and Dr. Neel Butala began their journey at Yale University ten years ago alongside a small team of interns and employees based in India. Under Garg’s leadership, HiLabs has established robust AI and machine learning R&D centers in Pune and Bengaluru, employing over 150 experts from reputable Indian institutions. With deep roots in India, the company plans to leverage its new funding to expand its product team and further develop MCheck. 

HiLabs is expanding its platform capabilities to include other data types, such as electronic medical records and value-based care data. With payors increasingly seeking innovative technology solutions to make complex healthcare data actionable, HiLabs aims to empower healthcare organizations with AI technology. 

Dr. Prem Pavoor, Senior Partner and Head of India and Healthcare Investments at Eight Roads Ventures, showed confidence in HiLabs’ vision, product suite, and customer traction, with the company’s effective utilization of the US-India corridor to build top-tier leadership and AI/ML talent in its India R&D centers.

As India’s health-tech market continues to surge, projected to reach US$35 billion by 2030, HiLabs stands at the forefront, demonstrating real-world impact and driving transformational change in the healthcare ecosystem.

Eight Roads Ventures, a global proprietary investment firm supported by Fidelity and managing over $11 billion of assets, is backing HiLabs as it addresses critical data challenges in healthcare. 

The firm’s extensive portfolio includes partnerships with over 300 healthcare and technology companies, with a strong focus on investing in innovative solutions within the healthcare sector. In May 2022, Eight Roads Ventures launched its inaugural $250 million healthcare and life sciences fund dedicated to India. 

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