H1 Insights, a startup developing a platform that connects health care and life science professionals and companies, today announced that it raised $12.9 million. With the equity funding, the company plans to further develop its products, which tap AI and machine learning to identify thought-leading doctors in a given disease area.
H1’s service was already lucrative — year-over-year revenue grew 350% in 2019 compared with 2018 — but there’s been renewed interest in light of the novel coronavirus pandemic. Over 35 life sciences, biotech, and pharmaceutical companies (including Novartis, Baxter, and the University of California, San Francisco) are actively using H1’s platform to seek out experts in various health fields, with the goal of accelerating the adoption of new treatments and medical equipment.
“This powerful of a solution in the market didn’t exist before H1,” CEO Ariel Katz told VentureBeat via email. “Linkedin Sales Navigator is used in other industries to find professionals to engage with, but in healthcare, H1 is starting to be used in the same way to find, engage, and keep up to date with healthcare professionals. Within the healthcare industry, we focus on pharma, biotech, medical devices, hospitals, health systems, and medical schools. As an example, within pharma there are several use cases for our data, including identifying healthcare professionals for clinical trials to reading the latest publication by a leading healthcare professional.”
The data set underlying H1’s platform comprises over 8 million researcher, physician, pharmacist, nurse, and administrator profiles across 70 countries, 16,000 health care organizations, 160 million peer-reviewed publications (and citation counts), 350,000 clinical trials, 2 billion procedures, 3 billion diagnoses, 700 medical societies, and proprietary scholarly metrics that are kept up to date weekly. The company claims to capture information on over 95% of health care professional-patient interactions in the U.S., including their speaking history, which can be used to identify treatment leaders and understand their procedural and diagnostic tendencies.
H1 customers can search by relevant codes to identify the physicians doing work directly related to their service line. (Every professional on the platform has a profile listing their publications, trials, payments, congresses, social media history, and more, as well as contact information including email, phone number, and mailing address.) Alternatively, they can filter by institution type and cross-reference the data with referral trends to see which practitioners need referral partners, and then export this information to customer relationship management services like Veeva, Salesforce, and Microsoft Dynamics.
H1 recently began offering free access to professionals on its platform in need of medical supplies, in an effort to combat the pandemic. For a limited time, users can view a subset of H1’s corpora that includes journal articles, trials, open payments, and science congresses.
This latest round of funding — a series A — was led by Menlo Ventures, with participation from Novartis DRX, Y Combinator, Baron Davis Enterprises, ClearPoint Investment, Jeff Hammerbacher, Liquid 2 Ventures (a seed stage fund led by Joe Montana), and Underscore VC. As a part of it, Menlo Ventures partner Greg Yap will join H1’s board of directors.
New York-based H1 was cofounded by Katz and Zachary Feuerstein in 2017, and it has 25 full-time employees. To date, it’s raised close to $20 million.
Author: Kyle Wiggers.
Source: Venturebeat
