Pharos, a burgeoning startup from Y Combinator’s summer 2024 cohort, has successfully raised a $5 million seed round led by Felicis. This strategic investment aims to propel Pharos’ ambitious plan to revolutionize hospital quality reporting through the application of artificial intelligence (AI). Co-founded by Felix Brann and Matthew Jones, who bring valuable experience from their tenure at Vital, the company is set to transform how hospitals communicate data to external clinical registries.
Pharos is leveraging its AI capabilities to automate the cumbersome process of reporting quality data to clinical registries. Traditionally, reporting a single case could take up to eight hours, a task that Pharos’ AI model can now reduce to mere minutes.
“A single case can take up to eight hours to report,” said Ryan Isono, a partner at Felicis.
Pharos is not only automating the reporting process but also enhancing it by enabling AI to extract unstructured data from electronic medical records (EMRs) and populate registry forms automatically. This innovation could significantly alleviate the administrative burden on healthcare providers.
The company’s technological advancements extend beyond data automation. In collaboration with Salcit Technologies, a respiratory healthcare AI startup, Pharos is developing technology capable of identifying tuberculosis through audio analysis of symptoms like coughs and labored breathing. This initiative could prove vital for high-risk populations in areas with limited healthcare access.
Felix Brann highlights the unique positioning of Pharos in the healthcare and AI sectors:
“That Venn diagram doesn’t normally overlap. That’s why we think we’re going to win.”
Pharos distinguishes itself as one of the few startups focusing on hospital quality reporting, a niche yet critical segment within healthcare technology. With top-tier AI talent and five years of experience in hospital deployments, the company is poised for significant impact.
The startup is led by a team of three co-founders, and they plan to expand their staff to bolster sales efforts and strengthen relationships with hospitals. Additionally, Pharos’ venture arm has already invested in other startups using AI for disease detection, reinforcing its commitment to harnessing technology for healthcare advancements.
Featured image courtesy of Newzchain
