Ferrum Health Secures $16M for Vendor-Neutral AI Platform

What You Should Know: 

– Ferrum Health, a pioneering software provider enabling AI deployment in healthcare systems, raises $16M in Series A funding led by Foundry, with participation from Catalyst by Wellstar, Headwaters Ventures, UnitedHealthcare Accelerator, and existing investors including Blumberg Capital, Cercano, GSR, Urban Innovation Fund, and Singtel Innov8. This brings Ferrum Health’s total funding to $31M.

– This Series A funding will fuel Ferrum Health’s expansion and innovation. The company plans to enhance its platform further, broaden its AI algorithm library, and extend its reach to more healthcare organizations.

Vendor-Neutral AI Platform for Improved Patient Outcomes

Ferrum Health’s unique platform allows clinicians to validate and deploy AI algorithms within their existing workflows, all while keeping protected health information (PHI) secure within the health system’s firewall. The platform’s growing library of AI algorithms covers a wide range of specialties, including oncology, women’s and men’s health, cardiovascular, neurology, and orthopedics.

Improved Care. Increased Value.

Ferrum Health’s AI platform has already demonstrated a significant impact. An early partner achieved a remarkable 77% higher rate of early lung cancer detection and improved five-year cancer survival rates. Moreover, the platform drives operational efficiency, enabling health systems to reduce internal IT staffing and compute costs by 75% and accelerate AI implementation timelines from an average of six weeks to less than a day.

Healthcare Provider Adoption

Over 250 sites, including Sutter Health, Carle Clinic, Premier, Asheville Radiology Associates, Radiology Associates of Albuquerque, and Mercy Radiology, rely on Ferrum Health’s solutions. This widespread adoption has resulted in an 86% increase in revenue for Ferrum Health over the past six months. These health systems utilize Ferrum’s advanced algorithms to analyze massive amounts of medical data, empowering doctors with critical insights and recommendations for enhanced patient care.

Democratizing Access to Clinical AI

Ferrum Health’s enterprise AI deployment platform aims to improve patient outcomes by democratizing access to cutting-edge clinical AI technologies. The solution provides end-to-end AI Hubs capable of running numerous applications across various service lines, seamlessly integrating clinical imaging and administrative data. As of 2024, over 2,500,000 unique patient records have been analyzed through the Ferrum Enterprise AI Platform.

“The healthcare industry is eager to harness the potential of AI, but adoption remains limited due to security, safety, and scalability challenges,” said Pelu Tran, CEO of Ferrum Health. “Ferrum solves this problem by providing a secure platform that allows health systems to deploy AI without compromising data privacy or innovation. Our new funding will allow us to double down on product development and partner expansion, so healthcare professionals can leverage the power of AI to make more informed decisions and improve patient outcomes.”