Why investors backed the high-tech Canadian clinical decision support company.
Think Research develops clinical decision support tools for providers to improve patient outcomes.
Think Research, a digital health company focused on clinical decision support tools, has raised more than $25 million in a funding round, according to an announcement today.
The capital is slated to support the Canadian company in its push to advance its digital product line, machine-learning technologies and market presence. So far, Think Research has a footprint in Canada, the United States and Europe, with clinical decision support tools in more than 100 Ontario hospitals and all of the province’s 628 long-term care facilities.
>> READ: Reinventing Clinical Decision Support
“Think Research’s expansion over the past 12 months, particularly into the healthcare market in the United States, has us very confident that the company is well-positioned to continue accelerating the adoption rate for their suite of digital support tools on both sides of the border,” said Nishita Cummings, a partner at investor Kayne Partners, said in a statement.
Think Research and its 220 employees aim to “organize the world’s health knowledge” to fuel optimal medical care, using clinical evidence and algorithms to improve decision making. Its multi-app platform is in roughly 1,200 healthcare facilities and helps steer decisions involving millions of patients each year, according to the company.
Through its technologies, Think Research also generates treatment and behavior data to power artificial intelligence for healthcare, the organization noted.
Clinical decision support tools are poised to see “rapid adoption” over the next several years, with the market projected to grow to $791 million globally by 2024. Clinical decision support can help physicians craft more effective, personalized treatments, improving outcomes and even eliminating healthcare waste.
“These new resources can transform the practice of medicine,” our freelancers Paul Cerrato, M.A., and John Halamka, M.D., M.S., wrote in a June feature on the matter, “but only if clinicians are willing to recognize the need for such tools.”
Investors consider Think Research a prime player in the growing clinical decision support market.
“It’s clear they’re on track to be a leader in the digital healthcare industry,” noted David Rozin, associate vice president of technology banking at the National Bank of Canada, which participated in Think Research’s funding round. “The team and their approach to improving patient outcomes is both impressive and incredibly compelling.”
In addition to Kayne Partners and National Bank, Fidelity Investments Canada ULC and Canaccord Genuity Group contributed to the fundraising round.
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