Opmed.ai secures $15 million Series A to bring AI optimization to healthcare operations
The Israeli startup’s optimization engine runs billions of permutations in seconds and is tailored to make predictions based on industry-specific factors, automatically generating alternative schedules for ORs that significantly improve resource allocation
Opmed.ai, which has developed an AI optimization platform for healthcare, announced on Monday that it has raised $15 million in Series A funding from NFX, Grove Ventures, Secret Chord Ventures, the Impact investor Sir Ronald Cohen, and Unbox Ventures.
Full list of Israeli high-tech funding rounds in 2024
Opmed.ai specializes in optimizing healthcare operations, starting with Operating Rooms, through the application of advanced AI technology. The company’s optimization engine runs billions of permutations in seconds and is tailored to make predictions based on industry-specific factors, automatically generating alternative schedules that significantly improve resource allocation.
Given that the potential revenue of each unused minute is $50-$150 and that empty ORs carry a cost of $1,000 for each unused hour, the technology could have an enormous impact.
Opmed.ai was co-founded by Dr. Mor Brokman Meltzer, Avi Paz, and Prof. Baruch Barzel. The company employs around 30 people, 20 in Israel and the rest in the U.S. Opmed.ai is already deployed by leading hospitals and healthcare centers in the U.S. and Israel and is collaborating with leading Health Systems such as Mayo Clinic.
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Despite the complexity of ORs and healthcare settings in general, the Opmed.ai platform carries an implementation of only two to four weeks. Once implemented, it detects over and under-estimations and accounts for gaps, anesthesia time, and turnover time, among other factors. Subsequently, it generates optimized alternative plans taking into account staff, equipment, preferences, add-ons, and additional factors that a scheduling professional can choose from and implement. The platform also allows planners to generate longer-term quarterly and yearly block allocation plans to increase OR utilization by 10% and generate cascading savings and revenue. According to the company, the ROI for hospitals typically takes only 3-4 months.
“This round marks a significant milestone in that it provides us with the ability to rapidly scale an innovative technology, which has demonstrated success since 2021 and meet the demand that we’re already seeing from hospitals across the U.S.," stated Dr. Mor Brokman Meltzer, Co-Founder and CEO of Opmed.ai. "Our mission is to support hospitals grappling with staff shortages and other critical issues by providing them a less labor-intensive, more effective way to perform at their best, and that’s exactly what this round will enable us to accomplish."
“Opmed.ai is a perfect representation of the next generation of great AI platforms. They solve a complex issue with a highly specialized vertical solution that has no alternative that comes close,” said Renana Ashkenazi, General Partner of Grove Ventures. “Opmed.ai’s team is applying their deep knowledge and expertise in health tech to solve critical inefficiencies and serious staffing shortages,” said Gigi Levy-Weiss, a founding partner at NFX.
