Dow Jones VentureWire, Feb. 18, 2014 As health-care providers move their record-keeping from paper files to digital formats, they continue to face the daunting task of digitizing handwritten notes by doctors, who are not generally known for great penmanship.
QPID Health Inc ., a company that aims to use natural-language processing to get around the problem, says it has raised a $12.3 million Series B round. The company will use the funding round to hire more engineers, as well as more sales personnel who can help the company snag new customers, Chief Executive Mike Doyle said.
The round was led by new investor New Leaf Venture Partners, joined by returning investors Matrix Venture Partners, Cardinal Partners, Partners Innovation Fund, the Massachusetts General Physicians Organization and company founders, Mr. Doyle said. Valuation was not disclosed.
QPID is one of a number of companies aiming to help care-providers with the task of digitizing patient records, which is mandated by federal law.
The Boston-based company overlays its natural-language processing engine on top of a digitized medical library to make sense of handwritten notes and other, so-called “unstructured” medical data, which many say makes up as much as 80% of any given patient’s medical records.