HiLabs closes $39 million Series B financing

HiLabs a leading provider of AI-powered solutions to clean dirty data, unlocking its hidden potential for healthcare transformation closed a $39 million Series B financing.

The round was led by our Eight Roads Ventures India team and Denali Growth Partners, with participation from F-Prime Capital and one of the largest national healthcare payers in the United States.

HiLabs will use the funds to amplify its revolutionary AI platform MCheck™,and facilitate the recruitment of top-tier senior talent and the expansion of its product teams, ensuring continued innovation and excellence.

Founded in 2014, HiLabs has built a cloud-based platform, MCheck, capable of ingesting, cleaning, and extracting critical healthcare information, potentially resulting in a 90% reduction in healthcare organizations’ operational costs and a 50% improvement in patient access to care. The platform supports some of the country’s largest health insurance companies in their efforts to automate and improve administrative processes.

"In healthcare, accessing clean and vital information promptly is crucial, with inefficiencies costing over $300 billion annually in the United States alone," said Amit Garg, co-founder, and CEO of HiLabs. "As we embrace this exhilarating next phase of growth, we're deeply thankful for the backing of healthcare-focused investors. We stand poised to propel our responsible AI technology forward, empowering healthcare organizations to make swift, informed decisions based on data that's not just clean, but readily available when it matters most."

“Payers are increasingly looking for innovative technology solutions to make complex and disparate healthcare data actionable. The HiLabs team really impressed us with their vision, best-in-class product suite and strong customer traction, which is testament to their product-market fit,” says Dr. Prem Pavoor, Senior Partner, Head of India and Healthcare Investments at Eight Roads Ventures. "We have closely followed Amit's journey over the past couple of years as he has leveraged the US-India corridor very effectively to build both a top tier leadership team and deep AI/ML talent in their India R&D centers. We look forward to partnering with him and his team in this next, exciting phase of growth.”

Read more about the fundraise here