MDClone, an Israeli startup whose software helps physicians and researchers quickly make sense of huge amounts of data while preserving patients’ privacy, said Thursday it has closed a $26 million Series B funding round led by health-tech venture capital fund aMoon.
Additional funding is from existing investors OrbiMed Israel Partners and Lightspeed Venture Partners, the company said in a statement.
MDClone has built what it says is the “first of its kind” software that allows on-demand and self-service access to healthcare data, without the need of going through mediators or waiting for permits, by creating what it calls a “synthetic data” platform, or a “data sandbox.”
The software scans the original patient information in databases and then clones it, omitting the patients’ personal details. Because it is identical to original data, the information can be analyzed as if it were original data, the company said.
Getting access to data can be a challenging process for researchers and physicians, as much of it is locked behind privacy walls. Generally, when data is required, requests need to be made to IT personnel in charge of the databases, which can be cumbersome and time consuming.
MDClone seeks to make data more available and accessible to those who need to use it, while making sure patient privacy is preserved. The “sandbox” process helps “liberate” the data from the shackles of privacy and confidentiality, which can help boost innovation. The software also allows doctors to access the data and get immediate answers to their questions.
“Every moment of every day there is a missed opportunity to use data to improve healthcare,” said Ziv Ofek, founder and CEO of MDClone and previously the founder of dbMotion, which was acquired by Allscripts for $235 million in 2013.
With the new funds and investor backing, “we can turn data into a real strategic asset to transform care around the world,” Ofek added.
MDClone plans to further develop its software and build new products and new approaches, as well as accelerate sales and marketing efforts, the statement said.
MDClone was founded in 2016 in Israel and has since expanded to the US where its current clients include Washington University School of Medicine in St. Louis, Intermountain Healthcare and the Regenstrief Institute.
Israeli clients include Rambam Health Care Campus, Sheba Medical Center, Tel-Aviv Sourasky Medical Center, Maccabi Healthcare Services, Clalit Healthcare Services, and Assuta Medical Center.
“MDClone is resolving one of the greatest challenges in this emerging era of health-tech: centralizing, optimizing and enabling quick and easy access to health data, while preserving privacy and compliance,” said Yair Schindel, co-founder and managing partner of aMoon.