Medorion, developer of behavioral intelligence SaaS solutions for health insurers, announced today that it has completed a $6 million funding round led by 10D. Existing investors iAngels and TAU Ventures also participated, bringing the company's total funding to $9 million.
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Medorion's artificial intelligence (AI)-powered SaaS platform analyzes claims and social determinants of health (SDOH) data to accurately pinpoint the underlying psychological, environmental, and economic drivers and barriers behind people's health decisions. Medorion's technology combines behavioral science and AI to create a unique Electronic Behavioral Record (EB), the behavioral equivalent to electronic health records (EHR), for each health plan member. The platform includes a variety of clinical, risk adjustment, operational cost, and marketing applications to facilitate effective individualized communication.
"We will use these funds to grow our impact on the US market, hire aggressively and boost the adoption of our behavioral intelligence SaaS platform among additional leading US insurers. We also plan to accelerate the development of our new risk adjustment and member experience solutions, as well as expand our platform's utilization beyond Medicare Advantage plans into other government markets," said Medorion co-founder and CEO Asaf Kleinbort.
Itay Rand, partner at 10D, said that "Medorion's innovative software-driven approach for health behavior intelligence and its ability to show clear value and ROI with leading payors, coupled with the growing market need, has made them a clear choice for investment."
