Digital Surgery Leader Caresyntax Extends Series C to Total Raise of $130 Million; BlackRock Funds and ProAssurance Join to Accelerate Growth
BOSTON, Sept. 16, 2021 /PRNewswire/ -- Caresyntax, the leading enterprise-level digital surgery platform delivering actionable insights to make surgery smarter and safer, today announced a $30 million extension to its Series C funding round, initially led by PFM Health Sciences, LP. Selected investors include funds and accounts managed by BlackRock, as well as ProAssurance, Harmonix, and existing investors such as the Relyens Group and IPF Partners.
The additional investment brings the total Series C funding to $130 million, building on the first stage announced in April 2021. That round also included investments from Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital III, Arno Capital, Rezayat Investments, and Surgical.AI. The funding will be used to continue developing its platform as well as advance new data solutions that support value-based care providers.
"Caresyntax is helping a network of over 40,000 high-performing providers improve their bottom line by up to 60 percent, while improving safety and satisfaction for over 2 million patients a year," said Dennis Kogan, Caresyntax Co-Founder, Chairman, and CEO. "We are proud to welcome BlackRock and ProAssurance's expertise in health tech and risk management; their support will allow us to expand our open, data-driven system for value-based care in surgery."
Caresyntax's digital surgery platform uses proprietary software and artificial intelligence to analyze large volumes of real-world data in and around the operating room to deliver insights that can be used immediately by the care team and longer-term by a variety of critical stakeholders, including surgeons, to assess and improve care. Caresyntax also offers virtual, real-time access to outside experts, such as medical school instructors or medical device representatives, through its digital platform.
"Post-operative complications are one of the biggest cost drivers of sugical care," said Ned Rand, President and CEO of ProAssurance Corporation, which insures over 100,000 health care providers nationwide. "As health care liability and risk management evolves in complexity, objective data will be increasingly important in evaluating – and improving – the life-saving care delivered in the operating room. Technology of the kind Caresyntax has developed is exactly in keeping with our mission to Protect Others."
Caresyntax has worked with Relyens, the largest medical malpractice insurer in Europe, to prevent and reduce surgical risk by utilizing its platform for video and other real-world data assessments linked to patient outcomes. The company creates, benchmarks, and promotes risk sharing, risk mitigation and value-based care models. Now Caresyntax will expand its risk management model in the United States.
"While surgery accounts for more than half of all hospital revenue, it is also unfortunately by far the biggest driver of post-treatment complications and mortality for patients, meaning health systems must use every tool at their disposal to manage risk in and around the OR," said Björn von Siemens, Caresyntax Co-Founder and Chief Business Officer. "As more U.S. health care systems shift to value-based care arrangements, Caresyntax brings a proven model for reducing variability in surgical outcomes, and thereby driving big gains in financial performance."
The Series C extension follows important milestones for the company. Caresyntax was selected by the American Board of Surgery to provide a platform for its pilot program incorporating video-based assessments into ABS' board certification process. Research recently published in the Journal of Hand Surgery found that surgeons who used Caresyntax's video assistance for deliberate practice improved surgical performance and reduced operative risk.
Additional research found that in 2020, Caresyntax customers were better prepared to handle the ebbs and flows of surgical case surges, completing 16-percent more surgeries than the national average. Over the past year, Caresyntax has partnered with leading institutions, including University of Iowa Health Care.
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