Caresyntax to acquire Syus
The company closed a total of $45.6 million in financing from Whiz Partners, a Takeda-backed drug-discovery gateway fund, along with Plug and Play, Barco Healthcare, Mitsubishi, Relyens, IPF Partners and Caresyntax founders. The additional funding brings Caresyntax to a total financing of $77.5 million.
Caresyntax said it plans to use the funds to accelerate its next phase of growth both in the U.S. and internationally, while also supporting the deployment of surgical intelligence and automation technologies.
“We are thrilled to bring on this group of leading healthcare investors and will benefit from their insights and expertise,” Caresyntax co-founder & CEO Dennis Kogan said in a news release. “The ability to collect and analyze real-world clinical data is creating tremendous opportunities to improve patient care and business outcomes throughout our global health systems. We are passionate about making surgery safer for patients and more efficient and affordable for clinicians, health systems and insurers. We look forward to continuing to enhance our technology offering as we expand into even more operating rooms around the world.”
On top of the funding, the Boston-based company’s acquisition of Nashville, Tenn.-based Syus expands its global reach to more than 7,000 operating rooms, with more than 1,100 in the U.S., according to a news release. Caresyntax said the purchase also enhances its artificial intelligence capabilities and the use of real-world evidence with additional data from more than 9 million surgical cases.
Syus produces insights for health systems, medical device vendors and anesthesia groups, helping them use operating room data and improve decision making, efficiency and performance. Caresyntax said it sees the acquisition as a way to expand its product offering and extend its geographic footprint, while improving research and development in AI and machine learning.
“Syus is a natural strategic fit for Caresyntax as we are both harnessing advanced data analytics to improve outcomes and efficiencies across the surgical ecosystem,” Kogan said in a separate news release. “The combination of Syus’ powerful operational efficiency and cost analytics with our surgical safety and interoperability platform will greatly expand our ability to deliver deeper, more comprehensive insights across a variety of surgical, financial and risk-management use cases. Additionally, this acquisition will allow us to more rapidly expand our footprint in the U.S. We are excited to partner with Syus and look forward to working with their talented and passionate team.”
“We are thrilled to combine with Caresyntax and work with its team of experienced healthcare executives,” added Syus CEO Kevin O’Hara. “While hospitals have vast amounts of surgical data, they often lack the tools to analyze that data to inform OR processes. Together with Caresyntax, we will be able to leverage our combined real-world data and innovative technologies to directly support care delivery for hospitals and health systems throughout the surgical continuum, creating new standards in surgical quality and efficiency.”