AdaptX, a Seattle tech company that uses AI to help healthcare providers analyze medical data to improve patient care, raised an additional $10 million to support its growth and further invest in its technology.
Led by investment firm Cercano Management, the new funding brings the company’s total amount raised to more than $20 million. Other investors in the round included Memorial Hermann Health System and Morningside Ventures, plus prior AdaptX investors Founders’ Co-op, Fortson VC, Star Equity, and WRF Capital.
Self-serve tools developed by AdaptX let clinical leaders analyze data from their electronic medical records to detect patterns and trends that might indicate ways to improve care or reveal inefficiencies in how care is delivered. For example, AdaptX can indicate if one approach to patient care is resulting in better outcomes than another, or identify disparities in treatment.
The fundraising round “was oversubscribed despite the challenging economic environment,” said Warren Ratliff, AdaptX CEO, in a news release.
Cercano Management was spun out of Vulcan Inc., the late Microsoft co-founder Paul Allen’s investment company, as a standalone investment firm last year. Vulcan Capital led AdaptX’s Series A investment round.
Houston-based Memorial Hermann, with 17 hospitals in Southeast Texas, is using the AdaptX technology, in addition to investing in the Seattle company.
AdaptX, originally known as MDMetrix, was started in 2016 by a pediatric anesthesiologist, Dr. Dan Low, to address the challenges he had encountered in determining whether a new drug being used in one of the most common surgeries at Seattle Children’s was working better than a prior one.
The company “has proven that our solutions catalyze dramatic improvements for any health system, from large-scale academic environments to much smaller rural communities,” said Low, the AdaptX chief medical officer, in the news release.
AdaptX has grown to more than 40 employees, up from about 20 employees when it raised it previous funding round in July 2021.
