The company's next-generation Artificial Intelligence technology has been designed to help health system executives prevent costly medical errors across their patient population, serving as a safety net that uses AI algorithms to assist quality teams in the peer review of radiology studies
Fremont, CA: Enterprise IT and AI platform developer for health systems Ferrum Health raised USD 9 million in its seed funding round led by Blumberg Capital, with participation from GSR, Vulcan Capital, Valley Capital Partners, and an undisclosed strategic family office. The company's next-generation Artificial Intelligence technology has been designed to help health system executives prevent costly medical errors across their patient population, serving as a safety net that uses AI algorithms to assist quality teams in the peer review of radiology studies.
"As a society, it is unconscionable that we allow preventable medical errors to remain the third leading cause of death in the world. Ferrum's mission is to eliminate avoidable harm across all of healthcare, and this capital will be instrumental to further building out and scaling our platform to more health systems and patients," said Pelu Tran, co-founder, and CEO of Ferrum Health. "With this seed funding, Ferrum will focus on rapidly expanding the number of patient lives, and types of medical errors our AI patient safety platform covers. We are now well-positioned with our mix of investors to drive this important mission forward alongside the many quality-focused health systems that we serve."
Proceeds from the seed funding round will be used to continue to advance and refine Ferrum's flagship AI patient safety platform, make key engineering hires, and grow its sales and marketing capabilities. Earlier this year, Sutter Health, an extensive nonprofit healthcare system in Northern California, announced the deployment of Ferrum's patient safety platform across its Sacramento facilities to deliver higher quality and more consistent care to its millions of patients.
"Ferrum's platform stood out to us as a differentiated solution with broad market potential to provide unique quality insights to healthcare professionals that could make an enormous impact on saving lives," said Patrick Steele from Blumberg Capital. "Far too many lives are lost every year to preventable medical errors. Ferrum offers a unique opportunity to integrate technology to solve problems and catch errors that are missed by humans. We're excited about the opportunity Ferrum has to improve the quality of care that health systems deliver at the population level."