ClosedLoop

About ClosedLoop

ClosedLoop, an Austin-based firm founded in 2017, operates a data science platform specifically engineered for the healthcare sector to enhance patient outcomes and curtail costs. The company was established by Andrew Eye, a serial entrepreneur, and Dave DeCaprio. Eye's motivation to start the company stemmed from a personal experience involving his daughter's misdiagnosis, which highlighted the underutilization of data in critical healthcare decisions.

The company's business model is centered on providing a B2B software-as-a-service (SaaS) platform to a diverse client base that includes healthcare payers, providers such as hospitals and health systems, pharmaceutical companies, and digital health providers. ClosedLoop's platform facilitates the shift from a traditional fee-for-service model to value-based care, where providers are incentivized to proactively manage patient health. Revenue is generated through this subscription-based model.

The core of ClosedLoop's offering is an end-to-end machine learning platform that ingests and normalizes varied and complex healthcare data, such as electronic health records (EHRs), insurance claims, lab results, and social determinants of health (SDoH). It empowers healthcare organizations to build, deploy, and monitor predictive models with tools for data wrangling and a comprehensive library of healthcare-specific model templates and features. This allows clients to forecast a wide array of events, including hospital readmissions, chronic disease onset, and appointment no-shows. A key feature is its "Explainable AI," which provides personalized forecasts and surfaces the specific variables influencing a patient's risk, making the predictions transparent and trusted by clinicians.

Since its inception, ClosedLoop has achieved significant milestones, including raising a total of $48 million through several funding rounds, with a $34 million Series B in August 2021. A major achievement was winning the $1.6 million grand prize in the Centers for Medicare & Medicaid Services (CMS) AI Health Outcomes Challenge, outperforming major competitors like IBM, Mayo Clinic, and Deloitte. The company has also been named Best in KLAS for Healthcare AI: Data Science Solutions for three consecutive years through 2024.