Global healthcare AI customer targeting platform PeakData has secured €12.1m (CHF 12m) from a group of investors. SI Partners advised PeakData during the negotiations.
The AI platform that identifies and collates the most relevant and impactful healthcare professionals (HCPs) for pharmaceutical companies, has raised €12.1m (CHF 12m) in a Series A funding round led by AlbionVC and including Octopus Ventures and Heal Capital.
Following a rapid 6x growth for the company in 2021, PeakData’s platform is now being used by over half of Europe’s largest pharmaceutical companies. The company has grown from 12 to 70 employees.
Established in 2018, PeakData enables pharmaceutical companies to enhance their customer base, learn more about HCPs and ensure patients benefit from innovative new medicines much sooner. The platform uses AI algorithms to rank these HCPs and uses dynamic data to observe changes in HCP status over time. Pharma companies can find and personalise their communications as the market changes, and identify emerging influencers among local treating physicians. This is crucial as it gives pharma companies the ability to focus their limited resources on those most relevant HCPs.
Life-saving treatments fuelled by big data collected by AI in healthcare.
PeakData was created by data scientists Patrick De Boer and Michael Feldman. Patrick was CTO of the Center for Collective Intelligence at MIT and Michael spent ten years in academia, researching and publishing on AI, Statistical Data Quality and Crowd Intelligence. Driven by their passion to build a better future, they realised that the healthcare industry was only scratching the surface when it came to the potential of AI to bring life-saving treatments to patients more quickly. The pair decided to use their data science background to improve healthcare outcomes by making sure that patients get the best treatments available, and thus, PeakData was established.
Patrick De Boer, co-founder of PeakData said: “We started PeakData after a dawning realisation that AI could help provide better patient outcomes. In order to ensure healthcare professionals are aware of the latest medicines, pharmaceutical companies must be provided with the latest data about them and their key focus areas. We see PeakData as filling a key gap in the way our customers receive and analyse this data in order to improve the conversations they are having with a much wider variety of HCPs in their area. Combining our AI approach and platform with the global presence of a number of pharmaceutical companies will have an immediate and long-term positive impact for our customers and the patients they serve. We’re delighted that Albion shares this vision and look forward to working with them in the future.”
AI in healthcare to understand the thinking of much wider variety of healthcare professionals
PeakData’s team of data scientists have built a technology that is able to trawl through millions of digital records to find information about HCPs and map their professional interests as well as their connections to peers. As the COVID-19 pandemic has shown, it is critical for pharmaceutical companies to find and engage digital activators, so they can reach more healthcare professionals, earlier and quicker, and steepen the product adoption curve.
Customer-focused healthcare AI web platform
PeakData’s platform is fully customisable to the needs of each of its customers with tailored onboarding and training. Customers interact with PeakData through a web-based platform that learns about their distinct needs.
The company will use the funding to expand all aspects of the business to support their growth plans as well as continue to develop the platform. They aim to have the platform used by the vast majority of pharmaceutical companies around the globe and in as many drug markets as possible in the next five years.
Christoph Ruedig, partner at AlbionVC said: “When we first met Patrick, Michael and the team, we were impressed by their dedication, drive and determination to develop the best data AI platform in a healthcare setting. Finding the right therapeutic experts and healthcare professionals for their medicines is massively important for pharmaceutical companies and with PeakData they can now reach global, national, and local medical professionals who shape clinical decision-making. The potential for PeakData to help provide better patient outcomes and improve the decision-making of key healthcare professionals is very exciting and we’re pleased to be able to join the team on this journey.”