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Healthcare Technology Startup InsightRX Raises $10 Million to Enable Precision Dosing at Point of Care
SAN FRANCISCO, Sept. 20, 2019 /PRNewswire/ -- InsightRX, a pioneer in precision medicine, announced today the closing of its $10 million Series A funding led by HealthX Ventures, with participation from Rock Health, OSF Healthcare, Leawood Venture Capital, Premier Inc., and earlier investor GreatPoint Ventures. InsightRX has created an integrated healthcare platform that individualizes treatment at the point of care. The company will use the funding to broaden its therapeutic areas and provide additional hospitals and pharmaceutical companies with access to its innovative technology. Since its founding in 2015, InsightRX has raised more than $13 million altogether.
The company's cloud-based precision dosing platform, InsightRX Nova©, seamlessly integrates with hospital electronic health record (EHR) systems and enables clinicians to individualize medication dosing regimens at the bedside. InsightRX leverages patient-specific data, quantitative pharmacology models, and Bayesian forecasting to understand each patient's pharmacological profile to guide treatment decisions. The quantitative pharmacology models are continuously improved over time using real-world clinical data and human-assisted artificial intelligence processes that leverage the team's deep pharmacology expertise and various machine learning and modeling techniques. Currently, InsightRX Nova optimizes treatment across more than 100 drug and therapeutic areas, including oncology and infectious disease.
Additionally, with the aggregated analytics provided by InsightRX Apollo©, hospitals and care teams are able to improve treatment responses and discover novel factors that impact drug efficacy and toxicity. The Nova and Apollo platforms are used by more than a hundred healthcare institutions and life science companies throughout the US and Europe.
"The future of healthcare relies on individualizing therapy and improving patient outcomes by providing clinicians with tools to make better treatment decisions," said Sirj Goswami, co-founder and CEO of InsightRX. "Our platform individualizes dosing at the point of care and establishes a data-driven framework to continuously learn about treatment effectiveness—and the underlying factors influencing drug response."
The funding round was led by HealthX Ventures, a digital healthcare-focused venture capital firm.
"InsightRX's platform and unique value proposition will improve treatment effectiveness for commercially available drugs in the hospital setting, while allowing pharma companies to start incorporating precision dosing early on during the drug development process," said Mark Bakken, General Partner of HealthX Ventures. "We chose to invest because we are confident that InsightRX will work to achieve its goals, and facilitate the mass adoption of precision dosing."
Additional investors include leading venture capital firms Rock Health Venture and GreatPoint Ventures.
We're excited to invest in InsightRX because of the substantial impact of precision dosing in both the short- and long-term," said Rock Health Venture Principal Jeff Trost. "InsightRX's technology is removing costs from the healthcare system, while drastically improving care and outcomes for patients."
"InsightRX has the right team, platform, and commercial strategy to pursue its mission to optimize treatment administration globally," said GreatPoint Ventures General Partner Ashok Krishnamurthi.
This past March, InsightRX partnered with the Children's Hospital Los Angeles (CHLA) to bring precision dosing to clinicians, with the company incorporating CHLA's technology into its Nova platform.
"Precision dosing allows us to best achieve optimal therapeutic targets for each patient. This is especially important for many medications used in hospitalized infants and children who have highly variable concentrations after standard dosing—concentrations often below or above what is considered safe and effective," said Dr. Michael Neely, Chief of Infectious Disease at CHLA. "As such, it is important to account for individual patient characteristics to maximize the chances of treatment success while minimizing toxicity."
InsightRX also partners with leading biopharma companies to develop drug-specific companion applications for use in clinical trials. The ultimate goal is to include the IRX companion application as part of the drug label, accelerating the adoption of precision dosing on a global scale.
InsightRX plans to use the new funding to deepen its integration capabilities, broaden development across additional therapeutic areas, and continue its expansion into health systems and life science companies.
To learn more about InsightRX, visit https://insight-rx.com/.
InsightRX is a healthcare technology company that has developed a platform for precision medicine and clinical analytics designed to individualize treatment at the point of care. The platform leverages patient-specific data, pharmacology models, and machine learning to understand each patient's unique pharmacological profile to guide treatment decisions.
About HealthX Ventures
HealthX Ventures is a digital healthcare-focused venture capital firm that invests in innovative companies making healthcare safer, more efficient and more affordable by delivering easy-to-use, cost-effective and scalable solutions to the market. Based within miles of Epic Systems' Madison, WI headquarters and led by seasoned, successful entrepreneurs and investors, HealthX provides unique value to its portfolio companies though extensive operational support, deep industry knowledge, and executive-level networking.