Healthleap Raises $38 Million for AI That Identifies Medical Risks

Healthleap has raised $38 million (approximately 64.6 million AZN) for an artificial intelligence platform that detects disease risks that may be overlooked in hospitals. Of this amount, $8 million (approximately 13.6 million AZN) was raised in an initial funding round led by Sequoia Capital and First Round Capital. Another $30 million (approximately 51 million AZN) was raised in a Series A round led by Hummingbird Ventures. The company did not disclose its valuation.

Healthleap was founded in South Africa in 2022 by siblings Jemima and Josiah Meyer. The company initially developed clinical nutrition software for dietitians. The platform’s scope was later expanded. The system now helps with the early detection of conditions such as malnutrition and acute confusion. According to research, between 20% and 50% of hospitalized patients experience malnutrition.

The platform connects to a hospital’s electronic medical record system. It then reviews the data using language models that understand and analyze text. The system evaluates notes about loss of appetite, weight and muscle loss, and difficulty swallowing alongside laboratory results and vital signs.

The medical records of all adult patients are reviewed every night. In the morning, a risk score and additional information are entered into the system used by medical staff. The software does not make diagnoses. It simply identifies patients who should undergo more detailed evaluation.

Healthleap is currently used in more than 50 hospitals. Over the past 1 year, the number of partner hospitals has grown from 3 to more than 50, while revenue has increased more than 10-fold. Its customers include Penn Medicine, Cedars-Sinai, Intermountain, Houston Methodist, and Emory Healthcare.

Programs that identify the risk of aspiration pneumonia, pressure ulcers, and hospital readmission due to heart failure are also being developed. They are currently undergoing clinical validation.

The company signs 3-year contracts based on the number of hospital beds. Payment amounts may also be determined based on outcomes. Healthleap claims that all customers have received financial benefits worth at least 5 times the amount they spent. In some cases, this figure has exceeded 20 times the amount spent.

At the Hospital of the University of Pennsylvania, the nutrition program had an annual financial impact of $23.8 million (approximately 40.5 million AZN). Of this, $6.3 million (approximately 10.7 million AZN) came from additional payments. Shorter hospital stays generated a financial benefit of $17.5 million (approximately 29.8 million AZN).

Healthleap will spend the new funding on engineering, product development, sales, and customer service. The company plans to add features to the platform that detect more disease risks. Its long-term goal is to cover more than 40 major health problems. In the future, the system could also be used in outpatient treatment and home care.