A healthtech startup that builds solutions to anticipate, track and contextualize infectious diseases has been successful in raising $9.2 million CAD (around $7 million USD). The alert system for infectious diseases company, BlueDot, says this is a series A round of backing. It comes after their original “seed round” of funding from 5 years ago.
The subsidy is being led by insurance group, The Co-operators as well as BCD Capital’s Women In Technology Venture Fund. With a mixture of this support, “seed funding” and “pre-seed funding”, the total raised by Bluedot comes to $12.5 million CAD (around $9.4 million USD).
Why fund BlueDot?
Previously, the healthtech company stated that they were able to predict the Floridian outbreak of the Zika virus 6 months before it happened.
Whereas now, BlueDot has said that they will be using the money to increase its commercialization products in healthcare, insurance, and governance. It is also looking to develop its AI powered-products and also hopes to have a greater presence in the global market.
Kamran Khan, BlueDot’s founder and CEO says, “Our world is rapidly changing, and as a consequence, outbreaks that threaten human health, security, and prosperity are appearing with greater frequency and magnitude,”
Khan continues: “BlueDot is harnessing the power of big data, artificial intelligence, and digital technologies to spread knowledge faster than infectious diseases. Our products empower our clients with timely, contextualized insights that strengthen their resilience against dangerous infectious disease threats, whether originating from natural causes, accidents, or deliberate acts.”
Supporting the healthtech firm
Using its Insurtech investment fund, The Co-Operators backed the healthtech company in the hopes of benefitting Canadian’s insurance and financial needs in the digital economy.
They also invested in the company as they want to look at BlueDot’s AI, data aggression and predictive analytical abilities. This will help the insurance firm to make up-to-date decisions surrounding the prevention of infectious diseases.
President and CEO of The Co-operators, Rob Wesseling, says, “BlueDot is a purpose-built organization focused on making positive social and environmental impacts,” Continuing, “We are very excited to explore how the company’s data analytics and predictive technology can help us strengthen the resiliency of Canadians.”
Michelle Scarborough, managing director of strategic investments and the Women in Technology Venture Fund at BDC Capital commented on the funding saying: “BlueDot’s technology leverages AI and big data to make a meaningful global impact … We have been impressed with their growth-to-date, their growing recognition within the global health community, and their ability to continuously evolve their AI technology. With a strong, diverse leadership team, we believe the company is poised for further global growth.”
Bluedot have given their insight into healthcare’s early warning systems across the world.