Iodine Software is the latest unicorn in the Austin tech scene.
The Austin-based healthcare AI company announced Wednesday that it was valued at more than $1 billion in a strategic growth investment deal with private equity investor Advent International, which acquired a “significant stake” in Iodine, according to a news release.
Advent purchased equity from Bain Capital Ventures and Silversmith Capital Partners, which invested in the company in 2018. Bain and Silversmith will remain shareholders in the company.
The financial terms of the deal were not disclosed.
“Utilizing advancing technology to scale hospital resources, ease administrative burden, and maximize reimbursement is more important than ever,” Iodine co-founder and CEO William Chan said in a statement. “We’ve always been committed to building the most powerful, predictive tools available. This investment provides access to capital for expansion and growth strategies so that we can innovate faster and find more ways to empower healthcare leaders to meet with confidence the delicate balance of quality, efficiency, and system financial resilience.”
Iodine Software uses artificial intelligence to interpret raw clinical data and generate real-time predictive insights that clinicians and hospital administrators can use to make decisions about management of care.
The company’s software is used by more than 800 hospitals and 80,000 healthcare providers.
Founded in 2010, Iodine Software has about 130 employees, including 55 in its Austin office. The company plans to hire at least 70 employees in the next year, bringing its headcount to at least 200 employees.
Iodine Software recently acquired both physician query software company Artifact Health and clinical documentation platform ChartWise to broaden its market reach, bolster its portfolio and develop a comprehensive query transformation solution that solves what the company calls a critical physician pain point.
The company said in a statement that Advent’s investment will empower Iodine to invest further in its AI engine, CognitiveML, to power new products in other areas of healthcare delivery.
