Israeli startup BlackSwan Technologies emerges from stealth with $28 million in Series A funding. The investment was led by Prytek, FinTLV and MS&AD Ventures. The Tel Aviv based startup provides enterprises with an AI-powered operating system (OS) platform, which empowers organizational decision making with deep data-backed insight. Furthermore, the company announced a partnership with ‘Big 4’ accounting firm Deloitte to provide leading global banks with its AI OS Platform-as-a-Service to increase revenue and optimize operations. The company was founded in 2014 by Michael Ouliel, and has already proven market success in bringing millions of dollars in revenue, according to the company.
“We believe this represents a true paradigm shift in enterprise software, eliminating all barriers to digital transformation so that enterprises can easily harness big data and artificial intelligence to generate immediate and actionable business insights,” said BlackSwan’s founder and CEO Michael Ouliel. “Our aim is to completely disrupt the enterprise software market by finally making the world’s most advanced artificial intelligence available to any company.”
Ouliel conceptualized the idea for BlackSwan Technologies while reflecting on his years as an Israeli intelligence officer and consultant for Oracle. With ELEMENT, the company’s flagship product, he designed a platform that enables companies to harness and organize data, reveal non-obvious relationships, identify unseen risks, reveal overlooked opportunities, and predict the future by harnessing the full potential of data to detect far-reaching risks and opportunities.
Unlike other enterprise AI offerings, ELEMENT does not require well-organized data sets, countless hours of data normalization, or technical in-house expertise to implement. ELEMENT’s Low code/No code, cloud-agnostic system includes several advanced enterprise applications including Risk Management, Compliance, Lead Generation, Personalization and Market Intelligence. The platform also allows users to build enterprise applications up to 60 times faster and at a fraction of the cost of market alternatives. ELEMENT is designed to continuously learn and evolve with the enterprise and has a completely customizable structure with a simple, drag-and-drop interface, democratizing the development and execution of large, industrial enterprise applications.
Google leads investment in Israeli startup Nym Health
Israeli startup Nym Health, developer of medical code automation system, announced a $16.5 million Series A funding round. The investment was led by Google's VC arm GV, with partici[ation from Bessemer Venture Partners, Dynamic Loop Capital, Lightspeed, Tiger Global, and Angel investors. The funding will support the company's ability to accelerate sales and marketing activities while scaling product deployment and development. Nym was founded in 2018 by Amihai Neiderman and Adam Rimon, who are both graduates of Israel's famed 8200 Intelligence Unit.
"The process of translating medical notes into billing codes is a cumbersome and manual process, and a top pain point for many health systems in the U.S.," said Ben Robbins, Venture Partner at GV. "Nym offers a highly efficient solution to this problem, and we believe the company is well-positioned to meet the needs of health systems."
Nym takes an innovative approach to medical coding, accelerating the billing process by automatically assigning the most accurate medical codes required for medical reimbursement. Medical coding is traditionally a manual process, performed today by more than 250,000 medical coders. Coders manually review each patient chart and assign the applicable medical codes required for billing. In recent years medical coding became even more problematic, with the addition of tens of thousands of codes and guidelines making it extremely challenging to code correctly. Coding related denials lead to over $15B in lost revenues to U.S. healthcare providers annually.
Nym transforms revenue cycle management with direct-to-billing, fully autonomous medical coding that reduces insurance denials and operational expenses, accelerates payment-cycles, and maximizes audit-readiness for healthcare providers. Nym combines computational linguistics with Medical and Clinical Knowledge to create Clinical Intelligence –– which provides healthcare systems with a solution to succeed dependence on clinical coders with intelligent and reliable automation that also helps solve the AI 'Black Box' issue.
"Nym's biggest differentiator is that for every chart that is coded, our engine provides a full and transparent audit trail. This audit trail provides the full explanation of how each code is assigned and explains the automated decision-making process behind its selection. This allows our clients to understand and trust our coding results," says Amihai Neiderman, Nym's CEO.