London-Based Phare Health Raises €2.8 Million Seed to Bring Invisible AI to Healthcare Back Offices

Phare Health, a startup working on developing cutting-edge AI products to help hospitals better understand the state of their finances and track cashflows, announced today the closing of a €2.8 million seed round led by General Catalyst. Strategic backers, KHP Ventures and Bertelsmann Investments also invested in this funding round, bringing with them profound industry insights, expansive networks throughout Europe, and substantial healthcare resources. The funding will be used to drive AI innovation and development while building partnerships in the United Kingdom’s National Health Service (NHS) and abroad. In the last few years, healthcare systems have experienced increased financial pressures, with hospitals forced to make significant cuts and two-thirds of European hospitals at a financial breaking point. In the NHS in particular, a perfect storm of a pandemic-exacerbated backlog, doctor and nurse strikes, and an aging hospital infrastructure have led to over a third of integrated care systems facing a deficit in 2023. This may lead to trusts cutting back on hiring and plans to improve how services are delivered, which may negatively impact patients and drive further inefficiencies. Dr Martin Seneviratne, Co-Founder and Co-CEO at Phare Health said, “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 cli...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Health IT Company Healthcare IT Bertelsmann Investments Chris Bischoff Dr Martin Seneviratne General Catalyst Health IT Funding Health IT Fundings Health IT Investment KHP Ventures Phare Phare Health Thorsten Wirkes Source Type: blogs