Thu. Jun 8th, 2023

Element5 raises $30M to automate post-acute administrative work and more digital health fundings

Element5, which offers software to post-acute care facilities to help automate administrative tasks, announced Tuesday it had scooped up $30 million in a Series B funding round led by Insight Partners. 

The company said the latest round brings its total raise to $48.5 million. Its $15 million Series A was announced less than a year ago in August. Element5 said the funds will go toward increasing its reach into the post-acute care space.

“We’re overwhelmed with the trust and support provided by Insight Partners, who share our common vision, which is to eliminate the need to perform manual, repetitive work for post-acute care,” cofounder and CEO Joe Randesi said in a statement.

“The post-acute care industry demands improvements in operational efficiency and a means to overcome chronic staffing shortages. Over the last two years, we have witnessed significant growth in the adoption of our automation technology, and the next phase of our growth journey is focused on enabling more health organizations to embrace and operationalize the power of automation to reduce administrative costs and enhance patient outcomes.”

Israel-based Imagene AI raised a total of $21.5 million, made up of an $18.5 million Series A round and a $3 million seed.

The Series A was led by individual investors Oracle cofounder Larry Ellison, cancer researcher Dr. David Agus and Zebra Medical Vision cofounder Eyal Gura, while the seed financing was led by Blumberg Capital. The startup uses artificial intelligence to analyze digitized biopsy images, with an aim to find improved treatments for cancer patients and discover novel targets for new drugs.

“Though cancer is a complex disease we might never fully understand, AI is bringing us closer to considering all relevant parameters that affect it, allowing a move towards theragnostics – a personal treatment strategy that combines therapeutics with diagnostics,” Agus said in a statement. “Imagene’s technology can unlock precise and crucial information in real time, changing the way cancer is diagnosed and treated.”

Capable Health, which offers an API for building healthcare apps, scooped up $6 million in a seed-funding round led by M13, with participation from AlleyCorp and Able Partners.

The startup said it planned to use the funding to expand its team and fuel the company’s growth. 

“If you’re building an app for mental health or prenatal care, you shouldn’t be forced to choose between spending tons of resources building your own backend, storing your data in siloed legacy IT systems, or taping together solutions that don’t talk to each other,” founder Peter MacRobert said in a statement. “Our one-stop platform enables any doctor to open a digital clinic in days, not years.”


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