Preveta secures $2m funding for AI and data-driven cancer care coordination platform
Preveta raises $2m seed funding for AI and data-driven platform prioritising value-based care to improve cancer patient outcomes
AI and data-driven cancer care coordination platform for healthcare providers, Preveta, secures a $2 million in seed funding led by MaC Venture Capital and TSVC. This occurred just three months after the Los Angeles-based company attended the Techstars LA Accelerator programme.
Preveta was founded by Victor Lee, his wife, Shirley Lee, and Steven Hu in 2018 in bid to create a platform for cancer care that prioritises value-based care in bid to improve patient outcomes through early detection. Despite having only been launched in early 2020, the $2m funding will go towards sales, marketing and creating a brand for the company.
Lee tells Crunchbase News how the idea came to him after helping his friend navigate Stage 4 ovarian cancer:
We realized all of the things that should have been done and not done, but we were too slow,
By the time we got to the right doctor and referred to the right specialists, it took three months, and by that time, it was too late.
Those would have fallen through the cracks because of a missing diagnostic or scan, […] For those people, their cancer would have progressed before their next visit, and we got them in early. That’s validation of our approach.
This is achieved by employing AI and data-driven approaches to care coordination to bring knowledge to healthcare providers for early intervention.
Lee shares the logistics around the platform to Crunchbase News stating:
We gather the clinical protocols that a doctor or clinician has, bring them into an algorithm and then provide information that a nurse could use so that certain protocols are taken off of the provider’s plate,
The care coordination platform gives them a workflow to follow you in a more specific way. There are also system alerts to make sure those get done.
Adrian Fenty, managing general partner at MaC Venture Capital (who lead the funding), shared in an interview:
I love the personal enthusiasm that Victor and Shirley had, as well as the expertise and being personally affected by cancer,”
At its core, we are confident that it will be a great company because of the team, but the bigger hope is that through AI and their unique use of data for patients, providers and clinicians, that their solution can be used in a broader context, as well as all over the health care arena.
Currently, the company is focussing on urology, chronic diseases and cancer (specifically prostate and bladder cancers), with 2,000 patients and six major medical groups under their wing. However. Preveta is aiming to expand into other areas such as the gastrointestinal space in the future.
See also: Clinical Research IO (CRIO) finalises a $3.5m Series A funding round to give this paper-based industry a digital makeover
Source: Crunchbase News