Clinical AI technology company Mendel secures $18m in Series A funding
Mendel, a California-based clinical AI technology company, has secured $18 million in a Series A funding round led by global venture capital firm DCM.
The funding round had participation from new investors – Olive Tree, Millennium Technology Value Partners, and Zola Global Investors.
Mendel’s existing investors – Launch Capital, Bootstrap Labs, SOSV, and UCSF Health Hub chairman Mark Goldstein also took part in the Series A round.
Mendel has developed a platform which leverages artificial intelligence (AI) technology to take in clinical data in medical literature and also patient health records for unlocking a broad variety of real world data applications.
Kyle Lui – partner at DCM said: “There is huge potential for the global healthcare industry to leverage AI.
“Mendel has created a unique and seamless solution for healthcare organizations to automatically make sense of their clinical data using AI. We look forward to continuing to work with the team on this next stage of growth.”
The California-based company plans to use the proceeds from the funding to quickly expand its business and sales team to cope up with the demand for clinical AI technologies from healthcare organizations. It will make global, strategic appointments across sales, business development, human resources, and communications to grow its workforce in its San Jose and Cairo, Egypt offices by four times by Q1 2022.
Dr. Karim Galil – Mendel CEO and founder said: “Our mission is to build a machine that can learn from the care journey of every patient. We’ve spent the last three years building an end-to-end platform that can quickly and intelligently interpret unstructured patient data.
“Since our platform became commercially available last year, our revenue has increased by 15X. It’s clear that our customers see Mendel’s value as we’ve had a 100% conversion rate from our pilot program to multi-year agreements.”