HiLabs, a US-headquartered healthcare data management company with offices in Pune and Bengaluru, has raised $39 million in a Series B round co-led by Eight Roads Ventures and Denali Growth Partners.
The funding brings the total equity raised by the company to $41 million to date.
HiLabs plans to use the capital to spruce up its technology enhancement and ramp up recruitment in its product teams.
Established in 2014, HiLabs offers data management services for healthcare payers, providers, and patients. Its cloud-based platform MCheck reportedly cleans and enriches critical healthcare information, thus claiming to help healthcare organisations reduce operational costs and improve patient outcomes.
“As we embrace this next phase of growth… 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.
In India, the company has a headcount of 150 people.
“Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable,” said Prem Pavoor, Senior Partner and Head of India and Healthcare Investments at Eight Roads Ventures.
Fidelity-backed Eight Roads Ventures is a global venture capital firm managing over $11 billion of assets across offices in China, India, Japan, the UK, and the US.
In May 2022, the VC launched its first dedicated $250-million healthcare and life sciences fund for India. Its active and exited healthcare partner companies in the country include Ashish Life Science, Bicara Therapeutics, Caplin Steriles, Carestack, and Cipla Health.
