Customers achieve significant productivity gains by accelerating data cleaning from many weeks to a single day through rapid quality assessments and data pipeline improvements
SAN FRANCISCO, Oct. 30, 2024 /PRNewswire-PRWeb/ -- Cornerstone AI, makers of a powerful AI software solution that cleans real world healthcare data significantly faster and more accurately than existing solutions, today announced the close of $5 million in funding in an opportunistic round that will enable the company to rapidly scale amid strong customer demand. This brings the company's total funding to $10 million. The round was led by Acrew Capital, with participation from existing investors Initiate Ventures and Healthy Ventures, as well as Travis May, founder and former CEO of Datavant, and Web Sun and Arif Nathoo, the co-founders of Komodo Health. Acrew Founding Partner Vishal Lugani will join the board of directors. Funding comes as some of the biggest biopharma and healthcare companies in the world seek Cornerstone's services. The company has developed a highly intelligent, automated software to accurately and efficiently clean and prepare data in a fraction of the time of traditional methods. Its software significantly accelerates data analysis and healthcare research.
"Cornerstone has proven it can help biopharma and healthcare leaders gain more value from their data, including through rapid data assessments, standardization, and harmonization, " said Vishal Lugani. "Cornerstone is solving a key bottleneck for any organization that wants to implement an AI strategy and accelerate scientific progress."
Exceptional Momentum to Propel New Discoveries
Demand for Cornerstone has dramatically increased over the past year as data access issues have been largely solved and life science companies look to perform more scientific work in-house. As an industry trend, more customers are seeking to assess data rapidly to inform decisions and harmonize across datasets where multiple research questions exist in a disease category. They need a solution that can rapidly and accurately clean and prepare data requirements at scale.
In the past 12 months, Cornerstone has tripled its sales bookings while the number of datasets processed by Cornerstone's system has increased by 300%; as a result, Cornerstone has already saved companies millions of dollars through reduced human capital needs and increased productivity. Cornerstone has also developed a deep customer pipeline consisting of leading biopharma companies that seek data quality assessments, data harmonization and error detection. Additionally, Cornerstone has been growing its data ecosystem, signing up several customers that need to standardize and quality check data to make the throughput of their data pipeline more efficient and higher quality. Such use cases were showcased by Komodo Health's recent integration of Cornerstone's software.
"It is imperative that sponsors can rapidly and comprehensively assess the quality of data sources required for scientific discovery and drug development which will ultimately drive patient benefit," said Daniel Lane, Real World Data Expert & Strategist. "Cornerstone has built a platform that enables sponsors to make RWD decisions in a consistent and objective manner as well as improve the underlying data quality so that industry can accelerate the process of bringing new cures to market."
New Phase of Growth
With Cornerstone's significant momentum, Viraj Narayanan will assume the role of CEO to lead the company through its next phase of growth, and Founder Michael Elashoff will take on the role of Chief Science Officer to lead the development of Cornerstone's AI algorithms and software.
"The past several months have validated my initial hunches before I joined - we have an incredible team and the problem we solve is widespread, if not more pervasive than my original assumption," said Narayanan. "Our growth over the last year shows strong demand for our solution - it's been motivating to see our customers realize major productivity gains."
To learn more about why so many leading organizations are choosing Cornerstone, see us at the IMPACCT Real World Evidence Summit in Boston October 29-31, where Cornerstone is a sponsor, or visit the company's website at www.cornerstone.ai.
About Cornerstone AI
Founded by healthtech veterans, Cornerstone AI unlocks the power of clinical data through advanced software that quickly and accurately prepares data for analysis. Cornerstone's solution learns the structure and relationships for any dataset, creates models for every data point leveraging what was learned, uses the models to identify corrections for inconsistent data points, intelligently fills in missing data, and exports clean data with a complete audit trail. Visit us at www.cornerstone.ai.
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SOURCE Cornerstone AI
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