MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Qventus, an operations management solution for health systems, announced today that it has secured $30M in Series B funding from Bessemer Venture Partners, with participation from NewYork-Presbyterian Hospital as well as existing investors Mayfield Fund and Norwest Venture Partners. In conjunction with the financing, Stephen Kraus, Partner at Bessemer Venture Partners, will join the board.
The company, which has now raised over $43M in total funding, intends to use the capital for the continued rapid expansion of their AI-based platform.
“Hospitals are under tremendous pressure to increase efficiency, improve margins and enhance patient experience, all while reducing the burden on frontline teams, and they currently lack tools to use data to achieve operational productivity gains,” said Stephen Kraus. “Qventus is the first to effectively use AI/ML to solve this real operational need in hospitals with clear ROI. We believe Qventus will become the leading logistical operating system for hospitals by turning healthcare data into insights, and turning these insights into action.”
Over the last decade, healthcare has been focused on creating effective systems of record. Qventus is the first “System of Action” that brings together data, technology and people to make it possible for health systems to run their operations efficiently, in real time and at scale. Qventus proactively streamlines and automates workflows across the entire enterprise while allowing team members at all levels to work collaboratively to mitigate issues. The platform offers modules to enable flow and throughput across emergency departments, perioperative areas, and inpatient units, as well as modules to enable patient safety, enhance pharmacy operations and outpatient access.
“Health systems have increasingly complex operations; for them, operational excellence depends on empowering real-time decision making by thousands of disparate employees,” said CEO and Co-Founder Mudit Garg. “This financing provides us with the opportunity to expand our ability to enable decisions across the enterprise and continue to deliver on positive outcomes for our innovative customers and their patients.”
In just under three years, the software has enabled more than 3.8M patient encounters to date and has been deployed at notable health systems across North America, including NewYork-Presbyterian Hospital, Emory Healthcare and the Mercy health system.
“NewYork-Presbyterian has been a leader in leveraging breakthrough technology to improve outcomes, and we are pleased to work with this innovative company to enhance our delivery of care,” said Dr. Peter Fleischut, senior vice president and chief transformation officer at NewYork-Presbyterian. Dr. David Tsay, associate chief transformation officer at NewYork-Presbyterian Hospital, adds: “We look forward to expanding the positive impact of intelligent automation in healthcare, and to using technology to improve patient length of stay and other operational advancements.”
Qventus’ technology comes at a time when healthcare costs are soaring. Hospitals account for $1 trillion dollars in spend, a third of annual U.S. healthcare spend. A 2012 JAMA paper noted that $140 billion yearly could be saved by increasing patient flow in ways that do not require health systems to add new resources.
Qventus’ mission is to simplify how healthcare operates so it just works -- for everyone. The company offers an AI-based software platform that helps hospital teams make better operational decisions in real-time, with positive impacts on financial performance and patient experience. Qventus addresses operational challenges across the hospital including emergency departments, perioperative areas, patient safety, inpatient, outpatient and pharmacy. Located in Silicon Valley, Qventus is honored to be working with leading public, academic and community hospitals across the United States. Qventus was named among Fast Company’s Most Innovative Companies for 2018. The company has also been recognized as a leader and innovator in operational excellence, with the 2016 Fierce Innovations Award in Healthcare and Healthcare Informatics 2017 Innovator Award. For more information about Qventus, please visit www.qventus.com