Sancare sews up $1.2m

France-based patient billing management platform Sancare today received €1m ($1.2m) in a round backed by PSL Innovation Fund, the deep tech-focused vehicle backing Université PSL’s innovation ecosystem.
The round also included investment entity Davidson Group and angel investors including Franck Le Ouay and Romain Niccoli.
Founded in 2016, Sancare has created natural language processing (NLP)-driven software that lets healthcare providers automatically forecast the billing requirements for treating each individual patient.
The software exploits data analytics and machine learning to build predictive models from vast quantities of medical information.
NLP is then applied to the patient’s electronic health record to source information for statistical interpretation, with the findings acting as the basis for a recommended billing code for the provider to issue.
Sancare estimates implementing its product could help healthcare providers pare back their administrative costs by around 0.5%. According to the press release, France’s hospital segment is worth approximately $80.2m, including both public and private providers.
Sancare’s scientific council includes PSL researchers involved with the university’s cancer research centre Institut Curie and digital science hub Inria as well as two of its graduate schools – École normale supérieure (ENS) and Mines ParisTech.
The founding team features Faiwel Fogel, an alumnus of ENS specialised in machine learning, and Franck Charras, who earned a master’s in the same field at ENS Paris-Saclay.
Sancare expects to forge further links with the university following the innovation fund’s investment, which has been earmarked for technical and commercial development in addition to recruitment focused around R&D.