Oct 10, 2024
RadiantGraph
Click here to read our press release on PRNewswire.
SAN FRANCISCO, Oct. 9, 2024 /PRNewswire/ – RadiantGraph, a platform using artificial intelligence to drive consumer engagement for healthcare, today announced that it has raised an $11 million Series A funding round, led by M13, with meaningful participation from XYZ Ventures and True Ventures. The investment will be used to continue the expansion of the company’s platform capabilities and drive scalable growth and savings within health plans and health services. The company’s seed round included Glen Tullman (CEO, Transcarent), Lee Shapiro (CFO, Livongo), Mohsin Hussien (CTO, Liveramp), Yusuf Sherwani (CEO, Pelago Health), and Chethan Bachireddy (Chief Health Officer, Harris Health).
Health services and payors play a vital role in the healthcare outcomes of their members, but the traditional approach to member engagement is broken. Members face an increasingly difficult-to-navigate healthcare system and have come to expect more personalized communication, delivered on the platforms they use.
Despite this, companies have been unable to deliver this level of personalization to their members at scale. They are largely held back by cobbled together platforms and data point solutions that require significant technical investment before they can have a real-world impact. Healthcare needs a singular consumer engagement platform that makes it possible to understand all aspects of a person’s health needs, models how to best engage them, and delivers communications across multiple channels, from direct mail to voice AI.
Since its launch in September 2023, RadiantGraph has shown an almost immediate impact, empowering healthcare organizations to deploy AI models that deliver high-quality, tailored communications, as well as consumer enrollment and engagement campaigns. RadiantGraph does this by solving the entire lifecycle – starting with a built-in health data engine to digest disorganized healthcare data, developing AI and ML models for their member population, automating content generation and orchestration, and more recently, creating voice AI interactions. Without RadiantGraph, healthcare companies spend years and millions of dollars on manual processes and point solutions that lack this cohesion and functionality.
In the past year alone, RadiantGraph has seen growth of more than 1,400%, processing personalization models for more than 3.5 million people, helping its customers deliver major improvements on the status quo. For one client, the company’s predictive models have demonstrated a more than 12x improvement in identifying members likely to enroll in a program, while another saw almost 3x improvement in identifying individuals that could avoid costly surgery with proactive early intervention.
“Healthcare needs its own consumer engagement platform. AI capabilities have become exceptionally powerful, and can help us pin-point how to engage each consumer, based on their unique needs. But, without a platform that solves healthcare problems on day one, companies are spending tens of millions cobbling together point data solutions and systems that just haven’t worked,” said Anmol Madan, Founder and CEO of RadiantGraph. “This funding will accelerate our ability to help payors and healthcare organizations see the positive impact of consumer engagement on their KPIs and bottom line.”
Healthcare has traditionally struggled to connect with members and encourage participation in programs. The adoption of AI and digital health tools has had little business impact, with health plans averaging an NPS of just 6 for new members. In fact, most members who need digital health solutions aren’t discovering them.
Though AI solutions are making inroads, many companies still rely on paper communication and one-size-fits-all approaches that end up being discarded or ignored. In a economic climate where profitability is a chief concern for many payors, RadiantGraph has proven itself to be a valuable partner. The platform brings AI consumer engagement to companies, replacing legacy solutions to increase retention and acquisition, with the goal of improving enrollment in programs, as well as net promoter score with members and star ratings.
“Engaging consumers is a major bottleneck across healthcare and is a crucial problem to solve. While startups are raising large rounds to build healthcare specific AI capabilities, Anmol and the RadiantGraph team understand the limitation is not the AI technology itself but rather the real world impact from its adoption. This team has the AI and healthcare expertise to pull off personalized engagement at scale and we couldn't be more excited to back them" said Latif Peracha, Partner at M13 who led the deal.
RadiantGraph accelerates the program adoption curve by drawing actionable member insights and launching AI-led campaigns in weeks, versus the years it would take a company to build a less efficient platform from the ground up. This results in faster and more impactful member engagement, and the ability for companies to save millions in development and staffing costs to build their own system from the ground up.
RadiantGraph has also expanded its platform with new capabilities, Intelligent Personalization and Integrations, which offer an expanded approach to data management and targeted member communication. Intelligent Personalization is designed to identify member segments, use AI to train tailored approaches for members and provide a recommended approach for each member with the goal of treating each member as an individual. The Integrations capabilities allows organizations using leading cloud platforms AWS, Google Cloud Platform, Snowflake and Databricks to integrate their data with AI-driven personalization within hours – a significant improvement over the current timeframe of months or years.
About RadiantGraph
RadiantGraph is on a mission to help healthcare organizations leverage AI and machine learning to better understand and engage with consumers. Personalization drives higher consumer adoption and engagement with health benefits, and improves clinical engagement, and long-term healthcare costs. Eight out of ten employees say they would use their health benefits more if they were offered an experience tailored to their individual needs.