(Photo by Stephen Babcock)
Socially Determined, a company that offers a platform focused on the science and measurements of the social determinants of health (SDOH), announced that it had raised $7.3 million in Series A funding on Monday at the health industry ecosystem event HLTH.
With investments from Ziegler Link-Age Funds, ProMedica, 3M, OSF HealthCare and LRVHealth, the Wharf-based company founded in January 2017 will use its funding to further develop SocialScape, its cloud-based analytics product.
SocialScape uses advanced analytics and algorithms to identify SDOH risk. This provides healthcare organizations with insight to address social issues among patients.
“Our technology integrates clinical disease burden, utilization patterns, social risk and demographic data — and creates a business case for a health outcomes program,” said Socially Determined CEO and cofounder Trenor Williams in a statement. “Addressing issues like food insecurity and housing instability not only positively impacts the lives of individuals, but it provides a real cost-savings to health systems, plans and business stakeholders.”
Socially Determined will also use the new capital to hire for new roles and and create sector-specific scales and marketing programs. The company looks to build upon its team of 23 employees, who have experience in analytics, data science, innovation and healthcare delivery.
“Socially Determined is on track to become a lead provider of SDOH analytics in the industry,” said Neil Borg, senior managing director at Ziegler and chief strategy officer of the Ziegler Link-Age Funds. “There is massive market interest across multiple sectors in healthcare and we are proud to lead the investment round for this dynamic organization.”
Socially Determined also took first place the LifeBridge Health/CareFirst Innovation Challenge in Baltimore in June, winning $50,000, as well as access to LifeBridge Health programs and membership in a new affiliate program from the two organizers. Williams said then that it planned to apply the funding toward work in Baltimore.
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