HiLabs raises $39M in Series B round

Washington, US-headquartered healthcare data management company HiLabs has raised $39 million in a Series B round of funding co-led by Eight Roads Ventures and Denali Growth Partners. Other investors including F-Prime Capital also participated in the round, according to a statement issued by the company.

This brings the total equity funding raised by the company to $41 million to date. The company had also raised a seed round of funding from Season Two Ventures in 2017. HiLabs will utilise the capital for technology enhancement, hiring talent, and for expanding its product teams. 

Founded in 2014 by Amit Garg and Dr Neel Butala, HiLabs offers data management services for healthcare payers, providers, and patients. The MCheck platform of HiLabs uses AI and ML to clean and enrich critical healthcare information, leading to reducing operational costs for healthcare organisations and improved patient outcomes. 

“As we embrace this next phase of growth, we're thankful for the backing of healthcare-focused investors. We stand poised to propel our AI-technology forward, empowering healthcare organisations to make swift, informed decisions based on data that's not just clean, but readily available when it matters most,” said Amit Garg, Co-founder and CEO of HiLabs in the statement. 

HiLabs also has AI/ML R&D hubs in Pune and Bengaluru in India and employs close to 150 people in the country. 

“Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best in-class product suite and strong customer traction, which is testament to their product-market fit,” said Dr Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight  Roads Ventures in the statement.