Regard, a software company formerly known as HealthTensor, has secured $15.3 million in Series A funding that will aid the company in growing its team, reduce integration time and expedite its reach to new clients.
Regard is focused on targeting the exacerbated issue of burnout in the medical field through the development of an artificial intelligence co-pilot for physicians.
The Series A funding comes about two years after Regard’s launch. The company’s technology has since diagnosed more than 420,000 medical conditions that otherwise would not have been caught by health care providers.
“Healthcare technology today often makes a physician’s job harder, not easier, and takes time away from patient care,” Eli Ben-Joseph, the co-founder and chief executive of Regard, said in a statement. “We created Regard as a solution to enhance physicians’ workflows and enable them to focus on what matters most— providing the best available care and improving health outcomes.”
The financing round was led by Pasadena-based Calibrate Ventures and Colorado-based Foundry Group. Participation also came from Regard’s existing investors and new investors.
Calibrate’s portfolio leans heavily into advanced automation, with exits from companies such as the Amazon-acquired home security company Ring.
“We first invested in Regard in 2020 because we clearly saw the immense promise of its AI-driven technology to empower doctors to practice more patient-centered medicine, while saving time,” Jason Schoettler, managing partner at Calibrate Ventures and a Regard board member, said in a statement.
Regard’s AI is designed to recognize approximately 50 of the most common medical conditions while augmenting and automating patient medical records to certify that conditions are not overlooked. The AI is not only used for higher quality of care, but also for data accuracy, which impacts billing and reimbursements.
The algorithms created by Regard aggregate and mine patients’ full medical history through their electronic health record. The aggregated data ensures hospital reimbursements and billing processes are optimized and accurate. The company has partnered with electronic medical record providers Cerner and Epic, that latter of which has more than 250 million patients.
“Regard addresses two critically important issues in healthcare: it improves the accuracy of clinical documentation, while simultaneously reducing the workload of physicians. I expect this software will become ubiquitous within the healthcare system because providers and hospitals both want and need it,” Mark Laret, Regard’s newest board member, said in a statement.
