IBM has invested in Modernizing Medicine, a provider of cloud-based, electronic medical records (EMR) systems.
The investment is part of IBM’s strategy to accelerate the adoption of Watson cognitive computing in healthcare. Earlier, IBM invested in Pathway Genomics, a clinical laboratory that offers genetic testing services, and Welltok, a provider of health optimization solutions – in the healthcare space.
IBM has created a $100 million fund to seed Watson innovations. The investment caps $20 million in Series D funding secured by Modernizing Medicine, raising its total funding to $49 million.
Over 5,000 healthcare providers in the U.S., including nearly 30 percent of dermatologists, use Modernizing Medicine’s Electronic Medical Assistant (EMA), an EMR system platform.
Modernizing Medicine will utilize the funding from IBM and other investors to accelerate market expansion in eight medical specialties.
As part of the expansion plan, it will develop schEMA, the company’s mobile app accessed via EMA that leverages the cognitive computing power of Watson to give physicians clinical decision support at the point of care. schEMA can analyze published, peer-reviewed medical data and healthcare research to help physicians practice enhanced evidence-based medicine.
Stephen Gold, vice president, IBM Watson, said: “IBM’s investment will help speed the introduction of their schEMA app and demonstrates how Watson can be used by medical professionals to improve how they practice evidence-based medicine.”