Ferrum Health Announces $9 Million Series Seed to Combat Preventable Medical Errors

SAN FRANCISCO, April 8, 2020 /PRNewswire/ -- Ferrum Health, developer of an enterprise IT and AI patient safety platform for health systems, today announced that it has closed a $9 million Series Seed funding round led by Blumberg Capital with participation from GSR, Vulcan Capital, Valley Capital Partners, and an undisclosed strategic family office.Ferrum Health's next generation artificial intelligence (AI) technology is designed to help health system executives prevent costly medical errors across their patient population, serving as a safety net that uses AI algorithms to assist quality teams in the peer review of radiology studies. Last month, Sutter Health, a large nonprofit healthcare system in Northern California, announced the deployment of Ferrum's patient safety platform across its Sacramento facilities to deliver higher quality and more consistent care to its millions of patients.The seed funding will be used to continue to advance and refine Ferrum's flagship AI patient safety platform, make key engineering hires, and grow its sales and marketing capabilities. "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," said Patrick Steele from Blumberg Capital. "Far too many lives are lost every year to preventable medical errors. Ferrum offers a unique opportunity to integrate technology to solve problems and catch errors that are missed by humans. We're excited about the opportunity Ferrum has to improve the quality of care that health systems deliver at the population level."Ferrum's AI patient safety platform provides health systems with a multi-pronged patient safety evaluation system. The system deploys multiple computer vision algorithms that assess radiologic images for commonly missed pathologies, such as lung nodules or fractures, and then uses a proprietary natural language processing algorithm to correlate those findings with physician notes, flagging potentially missed findings for hospital quality officers to follow-up on - all without disrupting provider workflows. In this way, Ferrum's platform acts as a tool to assist team members looking to improve patient safety practices at their hospital.
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