News Report Technology
November 22, 2023

UK Startup Phare Health Raises $3.1 Million to Develop AI Tools for Clinicians

In Brief

London-based Phare Health announced the successful closure of a €2.8 million (USD 3.1 million) seed funding round led by General Catalyst.

UK Startup Phare Health Raises $3.1 Million to Develop AI Tools for Clinicians

Founded by ex-DeepMind and Google Health alumni, the London-based Phare Health announced the successful closure of a €2.8 million (USD 3.1 million) seed funding round led by General Catalyst.

According to the company, the funding will be utilized to propel AI innovation and development while fostering partnerships within the United Kingdom’s National Health Service (NHS) and internationally.

“As a young doctor working in hospitals in Sydney and London, the most frustrating thing was having to spend time on admin, at the expense of patient care. While there is much discussion of the potential use of AI for clinicians, there is a much more urgent need for AI in the back office – doing low-risk, manual, administrative tasks that will free clinicians up to spend more time caring for patients,” said Phare Health’s co-founder and co-CEO, Dr Martin Seneviratne.

“AI in healthcare should be invisible – it should help behind the scenes to make healthcare more efficient and safer without getting in the way of doctors and nurses,” Seneviratne added.

KHP Ventures and Bertelsmann Investments also joined the funding round as strategic backers, bringing industry insights, healthcare resources and expansive networks across Europe. The funding will also support the expansion of Phare Health’s team by recruiting AI and healthcare experts in key markets.

Leveraging AI to Enhance Operational Efficiency

According to the health tech firm, it aims to support global healthcare systems in enhancing operational efficiencies through the safe and practical application of AI for non-clinical tasks. This poses a significant challenge in both the UK, where the NHS spends £2.7 billion annually on administration, and in the US, where administrative roles outnumber clinicians by 10 to one.

Founded this year, the startup’s initial product leverages large language models to assist hospitals in capturing high-quality data about the care they deliver, managing resources more effectively, and recovering costs efficiently.

The AI system reviews all patient notes written by clinicians, transforming them into structured, usable data for administrative, operational, and financial teams, bridging the gap between clinicians and hospital operations to enhance visibility and transparency for hospital leaders.

This facilitates efficient resource allocation across healthcare systems and enables an accurate understanding of patient treatment for improved care standards.

“We believe Phare is pioneering an entirely new category of financial resilience products for health systems. By partnering with industry stakeholders from the outset, they have demonstrated the ability to collaborate with those who share their commitment to modernizing the financial stack of the health system, with sustainability, patient care, and workforce well-being in mind,” said General Catalyst’s managing director, Chris Bischoff.

Phare Health plans to create a real-time, action-oriented intelligence engine for healthcare systems built on structured data, fostering financial resilience for the benefit of patients, the workforce, and the overall system.

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About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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