Led · Equity · Jul 2019

Radiology Partners is the leading technology-enabled radiology practice in the U.S., operating through owned and affiliated practices and serving more than 3,300 hospitals and other healthcare facilities. As a physician-led and physician-owned practice, RP's mission is to transform radiology by innovating across clinical value, technology, service, and economics while elevating the role of radiology and radiologists in healthcare. Using a proven healthcare services model, the company provides consistent, high-quality care to patients and delivers enhanced value to hospitals, clinics, imaging centers and referring physicians. RP plans to expand its clinical services and extend its technology and AI capabilities, with management emphasizing investment in people, process and advanced technology at scale. Financially, RP completed a comprehensive financing plan that included approximately $720 million in new equity financing, meaningful debt reduction and extended debt maturities, and will retain more than $500 million of cash and liquidity to fund continued growth and innovation. Radiology Partners is a physician-led radiology practice that provides consistent clinical services and healthcare-operations capabilities to hospitals, clinics, and imaging centers. The firm serves more than 1,000 hospitals and other healthcare facilities and comprises 1,400+ radiologists. RP has expanded geographically and operationally, adding 30 new client sites and entering markets including Las Vegas, Austin, Greensboro, Atlanta, and the New Jersey/Pennsylvania region. The company has deepened capabilities in radiology consulting, IT, and revenue cycle management. Management says future plans include additional practice and hospital-system partnerships and investments in clinically focused technology and innovation while maintaining local physician autonomy. Recently announced financing activity and historical equity raises reflect ongoing capital support for that growth strategy. Radiology Partners is the largest physician-led and physician-owned radiology practice in the U.S., focused on transforming radiology through clinical value, service, and economics. Established in 2012 and based in El Segundo, Calif., RP uses a proven healthcare services model to provide consistent, high-quality radiology care. The company develops and deploys evidence-based clinical programs to advance clinical quality and optimize resource utilization. RP emphasizes a patient-first approach and the elevation of radiology and radiologists in healthcare. The organization plans to use recent funding to scale operations, invest in its clinical programs, and expand in existing and new markets. Financially, RP has completed multiple large equity raises, underscoring institutional and internal investor support. Radiology Partners is a multi-state, hospital-based radiology practice that serves approximately 280 hospitals and healthcare facilities across several U.S. markets. Founded in 2012 and headquartered in El Segundo, Calif., the firm is physician-led and emphasizes physician ownership. RP delivers radiology services using evidence-based clinical programs and a patient-first approach to improve clinical quality and resource utilization. The company highlights its role in decreasing unnecessary utilization, improving coordination of patient care, and increasing revenue for hospital partners. RP plans to use new capital to further scale operations, invest in its clinical programs, and expand in existing and new markets. The practice underscores its commitment to consistent, high-quality care through technology and teamwork.

Participated · Equity · Mar 2018

Cytora provides an AI-powered underwriting platform that ingests public and proprietary data — including property construction features, company financials, local weather and an insurer’s internal risk data — to score commercial insurance risk via APIs. The platform’s risk engine learns patterns of good and bad risks over time and, the company says, can reduce a typical seven-day underwriting process to about 30 seconds. Typical customers are commercial insurers: underwriters handling large commercial risks (average premium ~£500k+) and business customers buying online with average premiums of £1,000–£5,000. Cytora generates revenue via an annual recurring license fee that scales with usage and per line of business. The company launched its first product in late 2016 and positions its tooling to enable programmatic underwriting and faster quotation workflows. The Series B will be used to accelerate expansion of its product suite and to scale into new geographies. Cytora has developed a Risk Engine that applies NLP and machine learning developed at the University of Cambridge to identify patterns of good and bad risks over time. The technology enables commercial insurers to target, select and price risk more accurately, aiming for improved loss ratios and premium growth while delivering fairer prices to customers. The company was nurtured by the University of Cambridge’s Judge Business School Accelerate Programme and initially supported by Cambridge Enterprise. Led by CEO Richard Hartley, Cytora plans to deploy its Risk Engine internationally across property and casualty lines with a core group of insurers. The company said it will use the funds to increase its data science and engineering capacity. Cytora is based in London and Cambridge, UK. Cytora is a Cambridge and London, UK-based spin-out from the University of Cambridge that uses AI and machine learning to capture hidden economic insights in online data. Its technology gives clients a comprehensive overview of what is changing in the world and the ability to extract leading indicators and opportunities. The company focuses on core markets of supply chain risk management and financial services. It works with major financial services and insurance companies. Founded in 2013, Cytora is a 20-person company. The company intends to use the funds to drive further growth in its core markets and to further develop its event-detection technology. Cytora collects raw data from millions of web sources to detect and geolocate real-world events in real time and distributes that data in multiple ways to facilitate integration and use. Its product is used by risk advisories and consultancies to produce risk models and intelligence, airlines to spot reported ground-to-air missile incidents, global corporates to monitor supply chains, and investment banks and hedge funds to assess asset exposure. Led by co-founder Richard Hartley, the company focuses on event detection across varied event types (port strikes, protests, weather events, fires, etc.). Cytora intends to use the new funding to grow in its core markets of supply chain risk management and financial services. It also plans to further develop its event-detection technology. The company raised a second funding round, though the terms were not disclosed; the round was led by Cambridge Enterprise, Parkwalk Advisors and a group of angel investors including Alan Morgan.