Leading Healthcare Artificial Intelligence Company Raises $20m Series A Extension
EnsoData’s additional funding, coupled with new partnerships and an executive hire, fuels rapid growth and accelerated delivery of its validated AI solution for sleep medicine
Earlier today, we officially announced the closing of a $20 million Series A extension, led by Inspire Medical Systems, Inc. (NYSE: INSP) (“Inspire”), with participation from existing investors including Zetta Venture Partners, Venture Investors, Supermoon Capital, Colle Capital, HealthX Ventures, M25 Ventures, Board members Justin Mortara, Ph.D., Fred Robertson, MD, and other investors. We are also expanding our leadership team with the appointment of Justin Mortara, PhD, as President. This news comes on the heels of EnsoData winning Inc. Magazine’s Best Workplaces award for the second year in a row. A growing, thriving team, coupled with funding and new partnerships, we aim to quickly scale our operation and help accelerate the adoption of AI technology across healthcare beyond sleep medicine.
What’s Happening Behind the Scenes at EnsoData
EnsoSleep, our flagship product, is one of the most widely used and adopted AI technologies clinically used today. Over the past year, we have experienced tremendous growth, driven by demand from customers seeking to enable faster and more accurate diagnoses and improve patient outcomes in the communities they serve. Our team is working tirelessly to unlock the role of sleep in human health and disease through the implementation of our novel AI solution, though we do make sure we get a good night’s sleep each day. As an organization, we are laying the groundwork for a future in which some of healthcare’s most intractable problems can be addressed with AI, including clinician burnout and both access and affordability challenges for patients.
With our AI solution helping to diagnose patients with obstructive sleep apnea – a disease that goes undiagnosed in 80-90 percent of the population – our proven technology lays the foundation for expanding access and reach across health systems and clinics, payors and employers, and medical device and therapy companies in order to help improve health outcomes. Through partnerships with more than 100 leading provider organizations at more than 500 clinics across the U.S., our customers have supported over 500,000 patients using our AI scoring technology. And as of this month, we’re actively helping 32,000+ new patients each month.
In the past year, we received our second FDA clearance, doubled the size of our team, expanded partnerships with leading providers worldwide, and extended further support for virtual and at-home diagnostics. Our world-class team (yes, that’s right!) has been recognized repeatedly for our culture of innovation, with team members being featured on Forbes 30 Under 30 in Healthcare list, and winning both the 2021 Wisconsin Inno Fire Award for health technology and the 2021 Wisconsin Innovation Award for Health IT, and members serve on boards in sleep medicine organizations, including the BRPT and the AASM‘s AI in Sleep Medicine Committee.
What will EnsoData do with the New Funding?
With this new funding, we will rapidly scale multinational expansion and commercial distribution partnerships, continue building out our world-class team, and expand our product offerings to address new customer use cases and features to enable more accurate, affordable, and accessible care globally.
We are among the leading healthcare startups at the forefront of the digital shift in healthcare. See this post titled, “FDA Approvals for Artificial Intelligence-Based Devices in Medicine,” published in the Nature Journal. That’s us, second from the top.
Now is the time to act.
The healthcare industry as a whole is at a major inflection point as trends like the overnight shift to telehealth in response to COVID-19 pandemic and the broad consumerization of healthcare have forced the industry to rapidly adopt novel technologies to catch up with the digital-first world.
With a focus on increasing access and overall quality of care, we are uniquely positioned to help redefine the way service providers and health care systems address the multidimensional challenges facing the industry today – including a shrinking workforce, rising care costs, and poor compliance. Our new partnership with Inspire represents a natural collaboration between two of the fastest-growing companies in the sleep and healthcare industry and will serve to help patients navigate their treatment journeys.
New Leadership Aims to Scale Budding Company
As President, Mortara will support our vision by preparing the company to scale in our next stage of growth – expanding our team, advancing commercial strategy, and identifying new strategic opportunities. He brings 20 years of experience as a proven executive leader, innovator, and investor across digital health and life sciences.
Previously he spent over 20 years at Mortara Instrument, a leading provider of diagnostics for cardiovascular disease, where as CEO he led the company to over 10x growth and market leadership, culminating in its acquisition in 2017 by Hillrom (Baxter) for $330m. Prior to joining in this role, Justin was EnsoData’s Executive Chairman and also managed a portfolio of early-stage healthcare investments spanning devices, tech-enabled services and life sciences.
“I’ve had the great pleasure to advise Chris and the EnsoData team for the last two years. During that time I have come to appreciate their culture, passion, and tremendous innovations in sleep. Drawing on my experience in cardiology, I see enormous potential for further growth and I am excited to start this next chapter as President,” said Justin Mortara, President of EnsoData.
What’s Next for Us?
Launched in 2015, we are among the earliest and largest in scale of real-world adoption and clinical use of AI across medicine today. With the first two FDA clearances on AI for Sleep, our solution, EnsoSleep, represents one of the fastest, most accurate, and most interoperable AI technologies available to analyze and help diagnose diseases from data collected while people sleep.
Our proven technology is trained on the world’s largest sleep database, including more than 1,000,000 patient sleep studies and over 7,000,000 hours of resulting health waveform data.
“EnsoData and its impactful technology represent an opportunity to improve the experience of treatment for patients and providers and accelerate big-picture shifts by opening greater access to diagnosis. Our proven, clinically validated technology has generated real demand and traction and as we continue to scale our team and growth. With this confluence of new funding, new partnerships, and the addition of industry veterans like Justin to our team, we’re even better positioned today to continue our upward trajectory and to successfully navigate the evolving state of healthcare,” said Chris Fernandez, CEO and Co-Founder of EnsoData.
Where else is our big news being shared?
- Justin Mortara named president of Madison health care AI startup via Milwaukee Business Journal
- Justin Mortara named president of EnsoData as company raises $20 million in funding via Milwaukee BizTimes Media
- EnsoData’s $20M raise to move AI startup beyond sleep, fuel global growth via Wisconsin Inno
- AI Sleep Scoring Leaders Raise $20m, Appoint New President via RTSleepWorld
- EnsoData Raises $20M, Which Will Help the Company Accelerate the Adoption of AI Technology Across Healthcare via Sleep Review Magazine
- Business Class: Madison sleep data company clinches $20M investment via Madison.com
- Sleep Apnea Treatment Initiation Linked to Reduced Long-Term Health Costs via HCP Live
- Leading Healthcare Artificial Intelligence Company Raises $20m Series A Extension via Cision/PRWeb
- Term Sheet Call-out via Fortune
- Leading Healthcare Artificial Intelligence Company Raises $20m Series A Extension via WFMZ News
- 🍍 EnsoData Closes $20M Series A Extension Funding via Midwest Startup News
- Funding News of the Day via Topio on LinkedIn
- EnsoData Closes $20M Series A Extension Funding via FinSMEs