April 21, 2022
Mendel, the leading clinical artificial intelligence and natural language processing platform, today announced it has raised $40 million in Series B funding round led by Oak HC/FT. The round includes participation from existing investor DCM, who led Mendel's Series A funding round in June 2021.
This funding comes amidst surging customer demand for Mendel's AI infrastructure. The fresh capital will enable the company to expand its team of AI and engineering teams and scale the commercial organization. It will also help accelerate the release of Mendel's new, breakthrough product, Resolve, which consolidates clinical information to create a coherent longitudinal view of the patient journey. Traditionally, it takes nearly five years to manually abstract 2 million patient lives. Mendel's Resolve abstracts the same number in less than 24 hours.
"The capital we have raised is a testament to the strong market fit and demand," said Karim Galil, Co-Founder and CEO of Mendel. "Our vision it to weave Mendel into the fabric of every healthcare data platform. It's exciting to partner with Oak HC/FT as we enable the healthcare ecosystem to provide better care for every patient."
The healthcare industry faces immense challenges in parsing unstructured medical data that is highly valuable, but also extremely difficult and expensive to access. Mendel's solution unlocks 80% of the world's clinical data by leveraging contextual understanding to transform unstructured electronic medical record (EMR) data and clinical literature into comprehensive and compliant analytics-ready data. It abstracts data 27,000 times faster than the primarily manual methods most frequently used in clinical settings, and its output is reviewed and validated by a team of clinical experts to guarantee research-grade output.
"We believe Mendel can become a mission-critical infrastructure platform for the healthcare industry," said Billy Deitch, Partner at Oak HC/FT. "Mendel's technology sets a new standard in accuracy and scalability for processing unstructured medical data and we are confident that the company will continue to lead the industry with cutting edge solutions [and delivering for their customers]."
"Going as far back as our first investment in 2017, we've always known that Mendel's novel AI technology was going to change the face of healthcare's information infrastructure," said Hurst Lin, General Partner at DCM. "We're proud to continue to support Mendel through its next phase of growth that comes at such a critical time for the entire healthcare industry."
Mendel is a machine that can read and understand medicine. Mendel Health is a for-profit corporation headquartered in San Jose, California that uses novel AI technology to absorb clinical data in medical literature as well as patient health records, to unlock a wide range of Real World Data applications. For more information about Mendel, visit Mendel.ai.
About OAK HC/FT
Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $3.3 billion in assets under management and is headquartered in Greenwich, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more at oakhcft.com.
DCM is a global venture capital firm based in Silicon Valley, Beijing and Tokyo with over $4.2 billion under management and a 25-year track record of top performance. DCM has invested in more than 400 early-stage technology companies globally and provides hands-on operational guidance and a global network of business and financial resources. DCM portfolio companies have an aggregate enterprise value exceeding $250 billion including industry leading companies Bill.com, Careem (UBER), Hims & Hers, Kuaishou, Musically (TikTok) and SoFi. For more information, visit https://www.dcm.com.