Ferrum Health, a San Francisco, CA-based developer of an enterprise IT and AI patient safety platform for health systems, closed an $9m seed funding round.
The round was led by Blumberg Capital with participation from GSR, Vulcan Capital, Valley Capital Partners, and an undisclosed strategic family office. As part of the financing, Patrick Steele (Blumberg Capital) will join Ferrum Health’s Board of Directors.
The company intends to use the funds to continue to advance and refine its flagship AI patient safety platform, make key engineering hires, and grow its sales and marketing capabilities.
Led by Pelu Tran, co-founder and CEO, Ferrum Health provides an artificial intelligence (AI) technology platform for health system executives to prevent medical errors across their patient population, serving as a safety net that uses AI algorithms to assist quality teams in the peer review of radiology studies. The company’s AI patient safety platform provides health systems with a multi-pronged patient safety evaluation system. The system deploys multiple computer vision algorithms that assess radiologic images for commonly missed pathologies, such as lung nodules or fractures, and then uses a proprietary natural language processing algorithm to correlate those findings with physician notes, flagging potentially missed findings for hospital quality officers to follow-up on.