Ferrum Health, a San Francisco-based healthcare technology company, has closed a funding round worth $9 million. The money is expected to go toward improving the company’s AI-powered patient safety platform, which is designed to help healthcare providers limit medical errors. Improvements are also planned for Ferrum Health’s engineering, sales and marketing efforts.
The AI platform uses a variety of algorithms to assess medical imaging data for findings that radiologists commonly miss, including lung nodules and fractures. Natural language processing then helps flag any noticed errors, alerting the healthcare team as needed.
“As a society, it is unconscionable that we allow preventable medical errors to remain the third leading cause of death in the world,” Pelu Train, co-founder and CEO of Ferrum Health, said in a prepared statement. “Ferrum's mission is to eliminate avoidable harm across all of healthcare, and this capital will be instrumental to further building out and scaling our platform to more health systems and patients. With this seed funding, Ferrum will focus on rapidly expanding the number of patient lives and types of medical errors our AI patient safety platform covers. We are now well positioned with our mix of investors to drive this important mission forward alongside the many quality-focused health systems that we serve.”
Blumberg Capital led the funding round, with additional investments coming from GSR, Vulcan Capital and Valley Capital Partners.
“Ferrum's platform stood out to us as a differentiated solution with broad market potential to provide unique quality insights to healthcare professionals that could make an enormous impact on saving lives,” Patrick Steele of Blumberg Capital said in the same statement. “Far too many lives are lost every year to preventable medical errors.”