Easton, MD., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Qlarant Capital announced today that it has finalized an investment agreement with AgileDD, an enterprise AI company based in Houston, Texas.
AgileDD offers an AI platform to capture information from domain-specific and technical documents with scale, precision, and security that markets need. This product solves a common problem surrounding the inordinate amount of time it takes to research and review hundreds of pages of technical content. The AgileDD human-in-the-loop AI platform enables end-users to automatically capture pertinent information accurately from unstructured documents and allows them to arrive at answers or reach conclusions much faster and with more reliability.
Qlarant and AgileDD will collaboratively build a healthcare program integrity and compliance review application using Large Language Models (LLMs) and user-supervised AI models on the AgileDD platform aiming to automate some of the manual investigative and review processes required in the field. The program enables better productivity and a discriminating advantage to its users.
“Our investment in AgileDD is a perfect fit for both organizations. Qlarant has over 50 years of experience in the healthcare space plus expertise in predictive modeling.” said Qlarant CEO Dr. Ron Forsythe, Jr. “AgileDD is uniquely poised in the AI market and has developed a powerful AI platform. This phase of fundraising will enable AgileDD to fast-pace onboarding new customers who are either already in pilot phase with AgileDD or on a waitlist eager to use AgileDD’s platform.”
“The addition of these new customers will increase AgileDD’s revenue to approximately $3 million by 2025 and maintain 3x year over year growth rate that will put them in an ideal position for upcoming priced rounds,” noted Dr. Forsythe.
The human-centric platform uses generative and supervised AI to transform technical documents into precise, trusted insights while boosting productivity, informed decision-making, and strategic innovation.
The immediate market potential for AgileDD’s platform include: Department of Defense, Health Insurance, Health Plans, Hospitals, Medicare Administration, Recovery Audit Contracting, State Medicaid Administration, Social Security Administration, Utilization Management, and Veterans Health Administration Marketplaces.
“From the initial proof-of-concept to the actual implementation with clients, this platform continues to impress,” observed Holly Pu, Vice President of Qlarant Capital. “In one single use case, we identified over $3 million in cost savings. This is a game-changer in terms of time, money, and most importantly, solutions.”
AgileDD was co-founded by Dr. Amit Juneja, CEO. With a PhD in Machine Learning from the University of Maryland, College Park, Juneja has spent over 15 years spearheading AI and full-stack projects across diverse sectors.
Dr. Juneja’s career highlights include: enabling US manufacturing plants with deep learning-based visual quality inspection at IBM; leading $5 million in US Defense contracts for speech recognition, document information capture, and natural language processing; and spearheading the development of a major Internet of Things (IoT) application at Goodyear Tire and Rubber Company.
“AgileDD is very excited to partner with Qlarant to make a huge impact in the healthcare industry with the scale and precision that our platform brings to the enterprise.”, said Dr. Juneja. “Qlarant brings to this partnership their leading position and top notch domain expertise in the medical review, program integrity, and fraud investigation, and more. The human-centric nature of our AI platform will benefit immensely from Qlarant’s expertise to revolutionize the healthcare compliance workflows with AI”.
About Qlarant Capital
Qlarant Capital generates world-class innovation by backing daring health care industry entrepreneurs that can build the future through technology, while creating synergy among their portfolio companies.
Using a unique blend of “people + technology” has driven the growth and success of Qlarant as a health and technology company since 1973. Qlarant Capital offers support for early stage programs and organizations in line with its strategic mission. Qlarant Capital provides funding, along with over 50 years of experience and expertise, to promising programs with a solid pre-existing framework. Qlarant Capital also provides input for product development, machine-learning engineering, executive recruiting, sales, marketing, and regulatory compliance guidance. For more information visit Qlarant.com or contact Puh@qlarant.com
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