Health AI Innovator Huma Secures $80 Million, Nearing $1 Billion Valuation
Huma Therapeutics Ltd., a London-headquartered health AI startup, has successfully raised $80 million in a Series D financing round, pushing its valuation close to the $1 billion mark. This funding round features investments from prominent players such as AstraZeneca Plc, Bayer AG, Hitachi Ventures, and Italy’s Hat Technology Fund.
Impressive Growth and Vision
Image Source: forbes.com
Huma Therapeutics Ltd. has made significant strides in the health AI sector, doubling its annual revenue to $40 million in 2023 and setting its sights on profitability by the end of the year. The startup, which has now raised a total of $300 million, aims to democratize access to digital health, according to Chief Executive Officer Dan Vahdat. In a video interview, Vahdat likened Huma’s vision to that of Shopify for digital health, emphasizing the company’s goal of enabling both large and small users to benefit from its platform.
“Huma is Shopify, but for digital health,” Vahdat said. “We want to democratize access to users big and small.”
Huma’s platform leverages generative AI to assist developers in reducing costs, accelerating development, and ensuring compliance with global regulations when building health-care applications. The platform’s capabilities extend to configuring disease management tools for patients with conditions such as asthma, diabetes, and cancer. Hospitals and clinics can also utilize Huma’s generative AI services to minimize administrative tasks and reduce the staffing needed for monitoring patients with chronic diseases.
Expanding Global Reach
With the new funding, Huma plans to further develop its platform and expand its global presence. Currently, Huma’s technology is employed by 3,000 hospitals and clinics, and the platform boasts 1.8 million active users across more than 70 countries. The company has established collaborations with half of the world’s top 20 drugmakers, showcasing the platform’s utility in managing various health conditions. For instance, a product developed for asthma management has garnered 140,000 users in the US within a year.
The healthcare AI landscape is rapidly evolving, with a growing number of providers turning to artificial intelligence to streamline costs and improve healthcare delivery times. Other notable players in the sector include K Health, which raised $50 million for its chatbot service that pre-screens patients before they consult with primary care physicians. Additionally, non-invasive blood-testing company Karius Inc. and medical-image sharing firm PocketHealth Inc. have also secured financing this year.
As Huma continues to expand its footprint and innovate within the health AI domain, its recent funding success marks a significant milestone in its journey towards revolutionizing digital health.
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