Smart hospital platform Artisight has secured $42m in an oversubscribed Series B financing round.
The round saw the participation of new strategic and client health system investors, as well as existing investors from the Series A round, including US technology company NVIDIA.
The new capital is expected to enable the company to double its current number of staff to meet the growing demand for its platform.
Developed by clinicians for clinicians, Artisight’s platform uses Internet of Things (IoT) sensors, with deep learning and open integration standards, to help in enhancing patient care, including virtual nursing.
This platform also features Health Insurance Portability and Accountability Act-compliant capabilities, such as voice recognition, computer vision, vital sign monitoring, indoor positioning, and actionable analytics reports.
All of these integrated features aim to alleviate the documentation and coordination workload for clinicians, allowing more time for direct patient care.
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In turn, this is expected to reduce administrative costs and improve patient outcomes.
Healthcare providers that have implemented Artisight’s technology report significant improvements.
According to data from Northwestern Medicine, cited by Artisight, the system has seen a 76% reduction in nursing turnover, a 52% reduction in nursing overtime, an approximately 89% decrease in patient falls, and high satisfaction scores from nurses and patients.
Northwestern Medicine is a hospital system with more than 4,000 practising physicians.
Artisight said that it dedicates 64% of its resources to developing new capabilities to address current and emerging challenges in healthcare.
Artisight co-founder and CEO Andrew Gostine said: “Our Series B round, which was oversubscribed by 2.4 times, provides further validation of the results we have delivered for over 100 hospitals, evidenced by the fact that many of them are also investors.
“With nearly 200 more hospitals undergoing implementation, it was clear we needed to grow to support our emerging client base.
“Our novel yet widely adopted approach to helping alleviate these problems has made Artisight the most validated all-in-one platform supporting remote nursing, ambient intelligence, and real-time health system applications.”
In October last year, Artisight partnered with US-based healthcare technology company Avidex to provide a virtual care solution for hospitals.