Rejoy Health secures $125 million funding to enhance AI healthcare solutions and achieve a $125 million valuation.
San Francisco, CA - Rejoy Health has secured funding at a valuation of $125 million to advance its AI technology for healthcare applications. Founded by former Facebook and Microsoft engineers Rituraj and Ritu Ranjna, Rejoy Health is dedicated to building AI to make medical knowledge more accessible and understandable. The company was launched in 2021 through Y Combinator under the guidance of Michael Seibel. Since its inception, Rejoy Health has consistently enhanced the performance of its AI models, making significant strides in the healthcare sector.
Rejoy Health has developed its own advanced large language models (LLMs) specifically for healthcare applications. These systems continuously scan recent research and online datasets, including extensive medical texts and research papers, to stay updated on new healthcare trends. By consistently training its models on this data, Rejoy Health ensures that its AI provides accurate and current information. Additionally, the platform ranks data based on the trustworthiness of its sources, enhancing the reliability of the information provided to users.
Rejoy Health's large language models (LLMs) have achieved outstanding accuracy on the MedQA (USMLE) benchmark, even outperforming Med-PaLM 2, a highly esteemed model from Google and the latest models from OpenAI's ChatGPT. MedQA is a dataset specifically designed to assess the capabilities of question-answering systems in the medical field, focusing on questions similar to those found in the United States Medical Licensing Examination (USMLE). This accomplishment highlights the exceptional reliability of Rejoy Health's technology, ensuring that users receive precise and up-to-date healthcare information.
For instance, a physician might ask about the health risks associated with GLP-1 receptor agonists like Ozempic and Mounjaro and receive immediate answers. This capability allows healthcare professionals to tailor their questions to specific patient scenarios and ask follow-up questions as needed. Without this tool, doctors would need to spend considerable time searching through numerous papers and resources. Instead of sifting through information equivalent to a lengthy book chapter, they can now obtain answers in just 30 seconds, rather than 30 minutes.
On average, Rejoy Health's technology saves healthcare professionals 14 hours per month. With an average hourly rate of $200 in the USA, this translates into significant cost savings for clinics and healthcare systems. Rejoy Health's innovative solutions are now utilized by over 10,000 healthcare professionals from prestigious institutions such as Mayo Clinic, NewYork–Presbyterian Hospital, NYU Langone, and Stanford Medicine. This widespread adoption highlights the platform's significant value in enhancing healthcare delivery and decision-making.
Recognizing its potential and traction, Rejoy Health has attracted the attention of prominent investors, including Y Combinator, Google, and the Harvard University endowment fund, which manages $54 billion. Additionally, undisclosed pharmaceutical and health insurance companies have shown interest. Recently, Rejoy Health raised funding at a valuation of $125 million. This funding will be used to hire AI engineers and expand clusters of GPUs to further enhance its AI models, aiming to make quality and accurate healthcare information accessible to everyone.
MEDIA CONTACT
Contact Person: Martha Grubbs
Company Name: Rejoy Health
Email: hello@rejoyhealth.com
Address: 600 California St, San Francisco, CA 94108
Website: https://www.rejoyhealth.com/
