Center for Innovative Technology (CIT) announced that its early-stage fund, CIT GAP Funds, has invested in Vienna, Virginia-based MetiStream, developer of a platform that uses big data and machine learning to find hidden information in unstructured clinical data.
Founded in 2014, the company was launched to help professionals in the healthcare industry better understand their data assets. MetiStream’s SAAS-based is also HIPAA compliant since it deals with sensitive patient data.
The financial terms of the investment were not disclosed, but MetiStream said it plans use the fresh funding to expand its sales, marketing and product development efforts.
“Metistream’s Ember NLP and AI platform is able to contextualize and curate the clinical notes information for faster, deeper and more accurate analytics that can be used by practitioners, nurses, researchers and analysts. Our interactive search interface also allows users to quickly find clinical evidence within seconds versus hours or days,” said MetiStream CEO Chiny Driscoll in a statement. “We appreciate CIT GAP Fund’s support, and look forward to expanding our products and services.”
This investment from CIT GAP Funds is MetiStream’s first reported venture round, according to Crunchbase.
CIT GAP Funds Managing Director Tom Weithman said that in spite of the COVID-19 pandemic, the organization remains open for business. During this time, CIT GAP Funds employees are also practicing social distancing by working from home and interacting virtually.
“As one of region’s leading provider of seed stage investment — and given our unique role as a publicly sponsored fund — we believe it is critical to exert investment leadership at this challenging time,” Weithman said.
He added that CIT GAP Funds has no shortage of qualified investment opportunities due to its robust pipeline of startups seeking capital. The organization will continue making investments, especially those already set in motion. CIT GAP Funds will also be looking to make first-time investments into tech startups with more potential to stay in business.
“We anticipate taking a bit more time in order to compensate for the limitations on personal interactions with under evaluation — a step we consider a critical component of seed stage investing,” said Weithman. “We know that some great tech startups have been born in times of adversity and remain optimistic about what the future holds for us and the growth of tech startups in the region.”-30-