Dr. Ruben Amarasingham, founder and CEO of Pieces
by Lance Murray • Sep 10, 2024
Irving-based AI research and development firm Pieces Technologies Inc. has completed a $25 million growth financing round.
The company, whose technology supports inpatient care teams, said the round consists of new equity and the conversion of notes. It garnered significant participation from Children’s Health, healthcare investment firm Concord Health Partners, well-known health systems including OSF HealthCare, and specialized health tech venture investor Rittenhouse Ventures.
“We are honored to receive support from major health systems and leading healthcare investors at such an exciting inflection point,” Pieces CEO Ruben Amarasingham, M.D., said in a statement. “Our mission is to help those who help others. We are grateful that our investing partners recognize our work to help doctors, nurses and care managers free up valuable time so they can stay focused on care delivery at the bedside.”
Pieces optimizes clinical workflows and reduces provider burden for health systems by producing autonomous, AI-generated clinical documentation for multidisciplinary care teams. The company said that as of Sept. 10, it has generated more than 5.4 million inpatient clinical summaries across multiple health system clients.
“At Children’s Health, we understand the importance of providing high-quality care in the most innovative ways possible,” Robert Fries, chief financial officer at Children’s Health, said in a statement. “Congratulations to Pieces on their continued growth and work with health systems across the nation.”
Along with its suite of solutions that produce clinical working summaries, working progress notes, patient briefings and discharge planning, Pieces said it is a trailblazer in AI quality oversight. The company developed a patent-pending platform called Pieces SafeRead that employs highly-tuned adversarial AI alongside board-certified clinician oversight to minimize errors and advance the machine learning process.
Pieces Technologies was founded in 2015 as a spin-off from the Parkland Center for Clinical Innovation. Its origins trace back to 1994, when founder Dr. Ruben Amarasingham started developing predictive models to reduce hospital readmissions while working at Parkland Health & Hospital System.
The medtech pioneer, who was named to the Dallas Innovates AI 75 earlier this year, has 16 technology patents assigned or pending worldwide, including the Pieces systems.
“Pieces has been at the forefront of introducing AI-powered processes into the continuum of care ecosystem and has been the first to pioneer AI solutions across a number of different areas in the inpatient setting,” Taylor Whitman, partner at Concord Health Partners, said in a statement.
“Our mission is to identify key technologies that can reduce costs while increasing access and improving quality of care across health systems, and through our partnership have seen how the Pieces platform can help accomplish each of those pillars,” he said. “We are excited about the company’s prospects as they continue to expand and deliver their innovative offerings to a wider range of leading health systems across the country.”
Pieces Technologies applies ensemble AI methods to support the work of healthcare teams, the company said.
The company is is cloud-based and specialized in applied clinical generative AI, adversarial and collaborative AI, predictive modeling, and physician-supervised machine learning to streamline clinician workflows and improve patient, financial, and operational outcomes.
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