Elaborate, a digital assistant for care providers to analyze and understand lab results in real-time, raised $10 million in Seed funding.
Tusk Venture Partners led the investment round with participation from Founder Collective, Company Ventures, Bling Ventures, Arkitekt Ventures, and individual investors such as Elliot Cohen (Pillpack, Amazon), Sara Wajnberg (Oscar), Scott Belsky (Behance, Adobe), and Sean and Peter Glass, MD (Advantia).
As part of the funding, Jordan Nof, Managing Partner and Co-founder of Tusk Venture Partners will join the board of directors.
According to our funding database, Tusk Venture Partners has invested over $500 million in a dozen digital health companies, including Alma, Boulder Care, Getlabs, Radish Health, Roman, and Wheel.
Elaborate intends to use the new capital to expand its team and further develop its technology, which helps doctors reduce their administrative workload by an average of 32 minutes per day, giving up more time for in-person patient care, education, and diagnosis.
Commenting on the funding news announcement, Nicole Bocskocksy, CEO and founder of Elaborate, said: “When patients receive lab results without context, they consistently do 2 things: start Googling and then reach out to their doctor in panic after they’ve diagnosed themselves with something new.”
“Regulation requiring the direct release of health data has the right intent, but fails to consider the extra work it creates for doctors and the poor patient experience. I’ve witnessed firsthand how doctors are bombarded by unnecessary patient questions following routine bloodwork. They spend hours of their personal time answering the same basic questions over and over again, knowing they’ll be doing it again the next time the patient gets their results.”
“I created Elaborate with the vision of our software acting as the doctor’s trusted assistant, offering a credible, clinically-backed explanation to the patient to give doctors desperately needed relief from these administrative tasks,” added Nicole Bocskocksy.
Digital health companies have raised nearly $200 billion in funding to date, according to our funding database. More recently, Diagnexia, a provider of a remote diagnostic and consulting service platform that connects laboratories to an international network of subspecialty pathologists who can provide their expertise on clinical cases, announced an additional €3.9 million in funding, bringing its Series B round tally to €14.4 million.