By Riley Kaminer
Artificial intelligence is already making waves in the consumer space. But how can enterprise-sized businesses get involved in the fun? Palm Beach-based startup DeLorean AI is offering them a foray into the world of AI through its suite of products focused on Fortune 500 companies.
Today, the company announced that it has raised a $7.55M Series A round to fuel this mission, bringing the company’s total amount raised to around $11 million. Sopris Venture Capital led the round alongside investors Pinta Capital Partners, led by Managing Director Joel Landau, and James Chow, a former executive at Oak Street Health.
Founder and CEO Severence M. MacLaughlin told Refresh Miami that the company will primarily use these funds to expand its currently 20-person team by about 50% within the next two months. These new hires will run the gamut from sales to marketing to data science.
DeLorean AI has risen to prominence through its Medical AI system, which provides medical providers and insurance companies with cost-saving and live-saving insights into their patients’ health. While traditional AI tools primarily help with forecasting, DeLorean AI is able to generate predictions that are delivered in real-time with next best actions – allowing medical personnel to drive better treatment modalities to prevent future health challenges.
“We are now the first AI in the world to be biologically validated,” MacLaughlin said of one of DeLorean’s main differentiators. “That means that our predictions and forecasts have been proven to be accurate and true by three independent organizations.”
United Healthcare applies DeLorean’s algorithms to its in-house records on tens of millions patients, while complying with medical privacy rules. “We are processing over 40 million patients twice a day,” asserted MacLaughlin. “We’ve processed up to 50 million patients. That’s 1/6 of the US population.”
Within the healthcare context, DeLorean’s system aims to help prevent hospitalizations for 20-30% of high-risk patients, potentially saving tens of thousands of dollars per patient. “For diabetics, we can save an average of $2,800 a year,” noted MacLaughlin. “For people on dialysis, it is $15,000 per year.”
MacLaughlin also said that the take-up for Medical AI has been large for both insurers and providers. Why? Perhaps because it’s not replacing humans, but rather enabling them to provide better services more efficiently. MacLaughlin illustrated this with the following analogy: “Do you want to fly on a jet that has just the pilot, the computer, or both? I want both.”
Beyond healthcare, DeLorean is also working on AI-powered sales solutions, including tools for ticket analysis prediction and customer relations management. The CRM platform, which can predict the winnability of a deal in addition to the financial impacts of deals on revenue generation and cost, has shown to increase sales by 15%, according to DeLorean.
“We can extend lives up to 20 years if we catch kidney disease at the right stage using DeLorean AI,” said MacLaughlin. “To me, that translates to more hugs from a loved one. At the end of the day, that’s what we’re doing.”
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