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Dyania Health, a large language model for clinical trial recruitment, raised a $10 million Series A, CEO Eirini Schlosser tells Axios exclusively.

Why it matters: Technology that makes clinical research more efficient is garnering significant investor interest as drug companies grow R&D pipelines. 

Zoom in: HealthX Ventures led, with Tech Square Ventures and Cleveland Clinic Ventures participating.

What's next: The funding provides runway for "at least the next two years," excluding revenue growth that could offset that, Schlosser says.

That said, the company is having early conversations with potential Series B investors, she adds. 

How it works: Dyania's LLM screens electronic medical records (EMR) to identify patients eligible for clinical trials.

Schlosser founded the company in 2020, and Dyania spent the COVID-19 pandemic training its LLM on mass amounts of annotated EMR data.

Its Synapsis AI platform leverages the LLM and data engineering to produce insights from both unstructured medical data — physician notes, pathology reports and imaging notes — and structured data, like medical codes and numerical lab results.

What they're saying: "Physicians are perfectionists. If a technology doesn't work the first time, they never trust it again," Schlosser says. 

The pandemic gave the company sufficient time to build tech "to a degree of accuracy that would be acceptable with the medical community."

Between the lines: The company, which is generating revenue in the low millions, will "delay profitability, almost intentionally," she says.

Dyania will instead invest in the computing, infrastructure and engineering capabilities that most health care systems don't have internally, she adds.

The latest: It's currently working with five institutions, spanning life sciences firms, health systems and academic centers. 

Customers include investor Cleveland Clinic, which has been working with Dyania for a year in oncology and cardiovascular disease areas. 

With Cleveland Clinic, the company is "finding patients that meet very complex clinical study criteria," Schlosser says.

The bottom line: "It's not just that we're automating manual chart review — it's that we are providing a clinical need that otherwise would just never have taken place," Schlosser says. 

Exclusive: Dyania Health raises $10M for clinical trial recruitment LLM

Technology that makes clinical research more efficient is garnering investor interest.

Illustration of a hundred-dollar bill in the shape of a manila folder.

Health tech deals

Dyania Health, a large language model for clinical trial recruitment, raised a $10 million Series A, CEO Eirini Schlosser tells Axios exclusively.Why it matters: Technology that makes clinical research more efficient is garnering <a class="gtmContentClick" data-vars-link-text="significant investor interest" data-vars-click-url="https://www.axios.com/pro/health-tech-deals/2024/10/18/suvoda-launches-sale-through-william-blair" data-vars-content-id="7eb5479f-0c1b-4b1b-a49c-bbed8c6749d3" data-vars-headline="Exclusive: Dyania Health raises $10M for clinical trial recruitment LLM" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/pro/health-tech-deals/2024/10/18/suvoda-launches-sale-through-william-blair" target="_self">significant investor interest</a> as drug companies <a class="gtmContentClick" data-vars-link-text="grow R&amp;D pipelines." data-vars-click-url="https://www.fiercebiotech.com/special-reports/10-highest-value-rd-projects-biopharma" data-vars-content-id="7eb5479f-0c1b-4b1b-a49c-bbed8c6749d3" data-vars-headline="Exclusive: Dyania Health raises $10M for clinical trial recruitment LLM" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.fiercebiotech.com/special-reports/10-highest-value-rd-projects-biopharma" target="_blank">grow R&amp;D pipelines.</a>

Exclusive: Dyania Health raises $10M for clinical trial recruitment LLM

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