Leading Healthcare Artificial Intelligence Company Raises $20m Series A Extension

EnsoData's additional funding, coupled with new partnerships and an executive hire, fuels rapid growth and accelerated delivery of its validated AI solution for sleep medicine

MADISON, Wis., June 3, 2022 /PRNewswire-PRWeb/ -- EnsoData, the leading AI health care company helping clinicians uncover disease while patients sleep, today announces the closing of a $20 million Series A extension led by Inspire Medical Systems, Inc. (NYSE:INSP) ("Inspire"), with participation from existing investors including Zetta Venture Partners, Venture Investors, Supermoon Capital, Colle Capital, HealthX Ventures, M25 Ventures, Board members Justin Mortara, Fred Robertson, MD, and other investors. The company is also expanding its leadership team with the appointment of Justin Mortara, PhD, as President. Coupled with funding and new partnerships, EnsoData's latest additions to its senior leadership team will be essential as the company quickly scales to accelerate the adoption of AI technology across healthcare.

This news comes on the heels of EnsoData winning Inc. Magazine's Best Workplaces award for the second year in a row.

One of the most widely used and adopted AI technologies clinically used today, EnsoData has experienced tremendous growth over the past year, driven by demand from customers seeking to enable faster and more accurate diagnoses and improve patient outcomes in the communities they serve. EnsoData is unlocking the role of sleep in human health and disease through the implementation of its novel AI solution and is laying the groundwork for a future in which some of healthcare's most intractable problems – access and affordability for patients and clinician burnout – can be addressed through AI.

With its AI solution helping to diagnose patients with obstructive sleep apnea – a disease that goes undiagnosed in 80-90 percent of the population – EnsoData's proven technology lays the foundation for expanding access and reach across health systems and clinics, payors and employers, and medical device and therapy companies in order to help improve health outcomes. Through partnerships with more than 100 leading provider organizations' 500+ clinics across the U.S., over 500,000 patients have already benefited from EnsoData's technology, and the company is helping 32,000+ new patients each month.

In the past year, EnsoData received its second FDA clearance, doubled its team in size, expanded partnerships with leading providers worldwide, and extended further support for virtual and at-home diagnostics. EnsoData's world-class team has been recognized repeatedly for its culture of innovation, with its founding team being featured on Forbes 30 Under 30 in Healthcare list, and winning both the 2021 Wisconsin Inno Fire Award for health technology and the 2021 Wisconsin Innovation Award for Health IT.

With this new funding, EnsoData will rapidly scale multinational expansion and commercial distribution partnerships, continue building out its world-class team, and expand its product offerings to address new customer use cases and features to enable more accurate, affordable, and accessible care globally.

EnsoData is among the leading healthcare startups at the forefront of the digital shift in healthcare. The healthcare industry as a whole is at a major inflection point as trends like the overnight shift to telehealth in response to COVID-19 pandemic and the broad consumerization of healthcare have forced the industry to rapidly adopt novel technologies to catch up with the digital-first world. With a focus on increasing access and overall quality of care, EnsoData is uniquely positioned to help redefine the way service providers and health care systems address the multidimensional challenges facing the industry today – including a shrinking workforce, rising care costs, and poor compliance. EnsoData's new partnership with Inspire represents a natural collaboration between two of the fastest-growing companies in the sleep and healthcare industry and will serve to help patients navigate their treatment journeys.

As President, Mortara will support EnsoData's vision by preparing the company for scale in its next stage of growth - expanding EnsoData's team, advancing its commercial strategy, and identifying new strategic opportunities. He brings 20 years of experience as a proven executive leader, innovator, and investor across digital health and life sciences. Previously he spent over 20 years at Mortara Instrument, a leading provider of diagnostics for cardiovascular disease, where as CEO he led the company to over 10x growth and market leadership, culminating in its acquisition in 2017 by Hillrom (Baxter) for $330m. Prior to joining in this role, Justin was EnsoData's Executive Chairman and also managed a portfolio of early-stage healthcare investments spanning devices, tech-enabled services and life sciences.

Launched in 2015, EnsoData is among the earliest and largest in scale of real-world adoption and clinical use of AI across medicine today. With the first two FDA clearances on AI for Sleep, it represents one of the fastest, most accurate, and most interoperable AI technologies available to analyze and help diagnose diseases from data collected while people sleep. EnsoData's proven technology is trained on the world's largest sleep database, including more than 1,000,000 patient sleep studies and over 7,000,000 hours of resulting health waveform data.

Executive Quotes

-- Chris Fernandez, CEO and Co-Founder of EnsoData, said: "EnsoData and its impactful technology represent an opportunity to improve the experience of treatment for patients and providers and accelerate big-picture shifts by opening greater access to diagnosis. Our proven, clinically validated technology has generated real demand and traction and as we continue to scale our team and growth. With this confluence of new funding, new partnerships, and the addition of industry veterans like Justin to our team, we're even better positioned today to continue our upward trajectory and to successfully navigate the evolving state of healthcare."

-- Justin Mortara, President of EnsoData, said: "I've had the great pleasure to advise Chris and the EnsoData team for the last two years. During that time I have come to appreciate their culture, passion, and tremendous innovations in sleep. Drawing on my experience in cardiology, I see enormous potential for further growth and I am excited to start this next chapter as President."

About EnsoData

EnsoData is a Waveform AI healthcare technology company that performs complex and time-consuming data interpretation and analysis. Our FDA cleared, AI-assisted sleep scoring solution, EnsoSleep, automates the scoring of studies, and reduces the time sleep clinicians otherwise spend working through hours of sleep data . This time savings provides clinicians with opportunities to expand patient care, improve outcomes and treat more patients. EnsoSleep's additional products include EnsoViewer, an FDA cleared, web-based, interoperable sleep study reviewing, editing, and reporting software, and EnsoTST, which enables measurement of Total Sleep Time through more commonly available data found in home sleep apnea tests (HSATs).

For more information, visit https://www.ensodata.com/.

About Inspire Medical Systems

Inspire is a medical technology company focused on the development and commercialization of innovative and minimally invasive solutions for patients with obstructive sleep apnea. Inspire's proprietary Inspire therapy is the first and only FDA-approved neurostimulation technology that provides a safe and effective treatment for moderate to severe obstructive sleep apnea.

For additional information about Inspire, please visit http://www.inspiresleep.com.

Press Contact:

Tess Pawlisch

ensodata (at) thekeypr (dot) com

Media Contact

Tess Pawlisch, EnsoData, 6083339788, [email protected]

SOURCE EnsoData