Key facts
- Healthleap has raised $38 million in seed and Series A funding.
- The AI platform analyzes patient records to identify risks of conditions like malnutrition and delirium.
- The company's software flags potential issues for review but does not diagnose patients.
- Healthleap's platform is used in over 50 hospitals.
- Customers include Penn Medicine, Cedars-Sinai, Intermountain, Houston Methodist, and Emory Healthcare.
- The startup plans to use the funds to expand support for identifying more health conditions.
Healthleap, a startup that uses artificial intelligence to identify hospital patients at risk of undiagnosed illnesses, has secured $38 million in seed and Series A funding. The financing includes an $8 million seed round co-led by Sequoia Capital and First Round Capital, and a $30 million Series A led by Hummingbird Ventures.
Founded in South Africa in 2022 by siblings Jemima and Josiah Meyer, Healthleap initially offered a clinical nutrition tool. The company later pivoted to its current platform, which aims to identify patients admitted to hospitals who may be suffering from conditions like malnutrition or delirium that are often not identified early enough. CEO and co-founder Josiah Meyer explained that the platform extracts key indicators from clinicians' written notes, such as poor appetite or recent weight loss, in addition to structured data like lab results and vital signs.
The company's platform is currently deployed in over 50 hospitals, screening patients for conditions such as malnutrition and delirium. Healthleap has also developed programs to identify aspiration pneumonia, pressure ulcers, and risk of readmission for congestive heart failure, which are undergoing further clinical validation. The software highlights items for additional review by care teams but does not diagnose patients.
Healthleap has seen significant growth, expanding from three hospital partners to over 50 in the past year, with customers including Penn Medicine, Cedars-Sinai, Intermountain, Houston Methodist, and Emory Healthcare. Revenue has grown more than tenfold during the same period. The startup sells three-year contracts based on a hospital's licensed bed count and also employs an outcome-based pricing model, with customers reportedly seeing a minimum 5x hard ROI, and in some cases over 20x annual total ROI.
At the Hospital of the University of Pennsylvania, Healthleap's malnutrition program reportedly resulted in $23.8 million in annualized financial impact, comprising $6.3 million from additional reimbursement and $17.5 million from shorter hospital stays. The company plans to use the new capital to invest in engineering, product development, sales, and customer success, with ambitions to support the identification of over 40 major health conditions and expand into outpatient and home care.