Knowtions Research has announced that it’s closed $5 million in Series A funding. The round was led by Information Venture Partners with participation from Alibaba Entrepreneurs Fund.
Knowtions’ Lydia AI platform works by building people profiles and learning healthcare behaviours that are specific to each insurer’s region, doctors, and members. The platform then uses these learnings to make predictions about people’s behaviours, health risks, and best care options. Insurers inject these predictions into different workflows to improve efficiency and personalize the customer experience.
Lydia also makes predictions on fraudulent behaviours, and insurers use these predictions to create AI-assisted workflows that automate claims processing and personalize the customer experience.
“We founded Knowtions to make the world’s health data useful,” said Anthony Lee, co-founder and CEO at Knowtions. “In order to do that, we built our foundations in advancing Natural Language Processing (NLP) technology because much of global health data is unstructured and messy. Unlocking these data points enables better predictions on human health and behaviour than ever before.”
The funding will be used to scale the deployment of Lydia and grow the Knowtions team of machine learning scientists and platform engineers over the next year. The company has doubled in headcount since last year and plans to double again by the beginning of 2019.
“As a fund, we invest in vertical applied AI companies, particularly in the financial services, in order to solve core operational pain points,” said David Unsworth, the lead investor of the round and general partner at Information Venture Partners. “We believe Knowtions has a unique approach to applying AI to solving the most pressing issues in the insurance industry including fraud waste and abuse.”