Total amount raised
$180 Millions
Latest funding date
1/1/2022
Location
Iterative Health has successfully raised $180 million over two funding rounds, with the latest being a Series B in January 2022. The company is pioneering the use of artificial intelligence-based precision medicine in gastroenterology, focusing on optimizing clinical trials for inflammatory bowel disease.
Keep reading to explore the intricacies of Iterative Health's fundraising journey and the investors backing this innovative platform.
What Is Iterative Health?
Iterative Health, founded by Jonathan Ng, is headquartered in Cambridge, Massachusetts, with additional locations in New York City. The company specializes in AI-based precision medicine for gastroenterology, focusing on optimizing clinical trials for inflammatory bowel disease.
Using advanced machine learning and computer vision, Iterative Health interprets endoscopic images and other data to help clinicians better assess GI problems. Their AI tools, such as SKOUT, are designed for colorectal cancer screening and surveillance.
With a team of 51-200 employees, Iterative Health aims to standardize disease severity characterization for IBD and establish better predictors of therapeutic response and disease outcomes.
How Much Funding Has Iterative Health Raised?
- Series A:
- Amount Raised: $30,000,000
- Date: August 2021
- Motivation Behind the Round: To support the development of AI-driven precision medicine technologies for gastroenterology.
- Series B:
- Amount Raised: $150,000,000
- Date: January 2022
- Lead Investors: Insight Partners and Clearlake Capital Group
- Motivation Behind the Round: To advance AI-driven precision medicine for gastroenterology, focusing on improving patient outcomes and accelerating clinical trials for IBD and colorectal cancer.
Total Amount Raised: $180,000,000. Current Valuation: $500,000,000 (~estimated).
Key Investors
- Insight Partners
- Details: Insight Partners is a global venture capital and private equity firm founded in 1995. It has invested in over 400 companies and raised more than $30 billion in capital commitments.
- Investment Focus Areas: High-growth technology, software, ScaleUp companies.
- Notable Investments: Twitter, Shopify, DocuSign.
- Clearlake Capital Group
- Details: Clearlake Capital Group, founded in 2006, focuses on private equity, credit, and other related strategies. It manages over $60 billion in assets.
- Investment Focus Areas: Technology, industrials, consumer sectors.
- Notable Investments: Ivanti, Diligent, ConvergeOne.
- Obvious Ventures
- Details: Obvious Ventures is a venture capital firm that invests in companies creating positive environmental and social impact. It was founded in 2014 by Ev Williams, James Joaquin, and Vishal Vasishth.
- Investment Focus Areas: Sustainable systems, healthy living, people power.
- Notable Investments: Beyond Meat, Medium, Olly.
- Johnson & Johnson Innovation - JJDC Inc.
- Details: JJDC Inc. is the venture capital arm of Johnson & Johnson, focusing on investments in healthcare and life sciences. It aims to support innovations that improve patient care and outcomes.
- Investment Focus Areas: Pharmaceuticals, medical devices, consumer health.
- Notable Investments: Auris Health, Grail, HeartFlow.
- Eli Lilly
- Details: Eli Lilly is a global pharmaceutical company founded in 1876. It focuses on developing innovative medicines to address unmet medical needs.
- Investment Focus Areas: Oncology, diabetes, immunology.
- Notable Investments: Loxo Oncology, Prevail Therapeutics, Dermira.
What's Next for Iterative Health?
Iterative Health stands at the cusp of a transformative journey, leveraging AI to revolutionize gastroenterology. The company aims to enhance patient care through advanced AI-driven tools, such as automated polyp detection and endoscopic scoring systems. These innovations promise to standardize insights from endoscopic videos and optimize clinical trials, presenting a significant opportunity for growth in the healthcare sector.
With $150 million raised in Series B funding, Iterative Health is well-positioned for future fundraising rounds. The involvement of top-tier investors like Insight Partners and Clearlake Capital underscores the potential for continued financial support. However, the company faces challenges, including the need for regulatory approvals and scaling its technical and clinical operations. As the healthcare industry increasingly embraces AI and precision medicine, Iterative Health's journey will be one to watch.
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