Toronto-based digital health company BlueDot has secured about $9.2 million (US$7 million) in a Series A financing, bringing total funding to about $12.6 million (US$9.5 million).
The round was led by The Co-operators, a Canadian insurance and financial services co-operative, and BDC Capital’s Women in Technology Venture Fund. They were joined by existing investor Horizon Ventures.
Representatives of The Co-operators and BDC will join the board.
Founded in 2013 by CEO Kamran Khan, BlueDot applies human- and artificial intelligence-enabled analytics to big data to track, contextualize and anticipate infectious diseases worldwide.
BlueDot will use the funds raised to develop its product suite, grow sales and commercialization efforts in the government, healthcare and insurance sectors, and expand into new markets.
Digital Health Company BlueDot Secures $7M USD Series A Financing
The Co-operators and BDC Capital co-lead investment that will expand AI-driven infectious disease global early warning system
TORONTO, ON: August 7, 2019 – BlueDot, a digital health company that uses big data analytics to track and anticipate the spread of the world’s most dangerous infectious diseases, announced today that it has closed a $7M (USD) Series A financing round co-led by The Co-operators and BDC Capital’s Women in Technology Venture Fund. The investment brings BlueDot’s total funding to $9.5M (USD) and will help the company develop its AI-driven product suite, grow its sales and commercialization efforts in government, healthcare, and insurance, and expand into new global markets.
“Our world is rapidly changing, and as a consequence outbreaks that threaten human health, security, and prosperity are appearing with greater frequency and magnitude,” said Dr. Kamran Khan, BlueDot Founder and CEO. “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.”
As strategic investor, The Co-operators is investing in BlueDot through its recently launched Insurtech investment fund aimed at addressing the unmet insurance and financial services needs of Canadians taking part in an ever-changing digital economy. The partnership will explore opportunities to use BlueDot’s robust data aggregation, artificial intelligence, and predictive analytics capabilities to help insurance clients make informed decisions around the prevention of infectious diseases.
“Much like The Co-operators, BlueDot is a purpose-built organization focused on making positive social and environmental impacts, and we are very excited to explore how the company’s data analytics and predictive technology can help us strengthen the resiliency of Canadians,” said Rob Wesseling, President and CEO, The Co-operators.
“BlueDot’s technology leverages AI and big data to make a meaningful global impact,” said Michelle Scarborough, Managing Director, Strategic Investments and Women in Technology Venture Fund, BDC Capital. “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.”
Amine Benmoussa, Principal, Healthcare Venture Fund, who led the investment for BDC Capital, added, “BlueDot has built a unique early warning system at the confluence of AI, big data, and epidemiology. Their platform revolutionizes the analysis and anticipation of infectious disease outbreaks worldwide, providing healthcare systems, governments, and insurance companies a readiness tool with massive savings potential.”
As part of the agreement, The Co-operators and BDC Capital will join BlueDot’s board of directors. Horizons Ventures, an existing investor, also participated in this financing round.
The new financing builds on BlueDot’s notable accomplishments, including:
● Predicting the Zika outbreak in Florida six months before it occurred.
● Deploying its BlueDot Insights product, a global infectious disease surveillance and early warning system, in several hospitals across North America, 12 public health agencies around the world, and within Air Canada, a major international airline carrier.
● Winning several prestigious awards including the Governor General’s Innovation Award, a Techvibes Canadian Innovation Award, an Ernest C. Manning Innovation Award, Best Place to Work for Women Award (Canada), and the Elevated Most Innovative Workplace Award.
BlueDot protects people around the world from infectious diseases with human and artificial intelligence. We help governments protect their citizens, hospitals protect their staff and patients, and businesses protect their employees and customers. We’ve combined our medical and public health expertise with advanced data analytics to build solutions that track, contextualize, and anticipate infectious disease risks. For more information, visit bluedot.global.
About The Co-operators
The Co-operators Group Limited is a Canadian co-operative with more than $44.0 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is ranked as the Corporate Knights’ #1 Best 50 Corporate Citizen in Canada and listed among the Best Employers in Canada by Aon Hewitt. For more information, visit cooperators.ca.
About BDC Capital
BDC Capital is the investment arm of BDC – Canada’s only bank devoted exclusively to entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. For more information, visit bdc.ca/capital.
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