SYDNEY — An Australian startup that says its AI-enabled platform can detect and prevent health issues before they become serious has raised $46 million from private-equity investors as it looks to expand internationally.
Everlab’s platform ingests and organizes documents and data from doctors, specialists and pathologists, compiling patient records that it augments with real-time data from users’ existing wearable devices. Its proprietary AI analyzes the information to identify conditions that can range from the minor to — in at least one case — something as serious as a blocked artery.
The idea is that traditional healthcare models often spot many conditions only when they are looked for, or when they develop into major problems. As well as leading to longer-term problems, this can place a heavy burden on healthcare systems already strained by aging populations and budgetary constraints.
Founded in 2023, Melbourne-based Everlab has completed 40,000 consultations across 20,000 individual patients and corporate partners, including Boston Consulting Group, BHP and Bain & Co. It has flagged previously undisclosed findings for more than 25% of users, one of whom had a silent artery blockage.
“Without having to go through emergency, he had his blockage unblocked and had a stent put in within about 36 hours to us doing the initial tests,” said Steven Lu, Everlab’s chief medical officer and one of its co-founders.
The pitch seems to be landing. Everlab’s revenue has grown 23 times over the past year and the company plans to expand to the U.K. on the funds from its latest raise.
Everlab collected 65 million Australian dollars, equivalent to $46 million, from investors led by Sydney-based Airtree Ventures.
Everlab said the oversubscribed raise valued it at almost A$500 million, which was more than five times higher than last year’s $10 million seed round. New York-based Left Lane Capital led the previous round and joined this round as well.
Health apps from the likes of Apple and Google already track fitness markers, log medications and potentially flag indicators of some conditions. Medical-device maker ResMed says adoption of wearable devices has already led to increased interest in the machines it makes to treat sleep apnea.
Everlab said it gives users deeper insights. It partners with 1,850 health provider locations and 180 active clinicians, and connects with 30 different types of wearable devices. Outcomes can range from advice on exercise to a specialist referral and even surgery, Lu said.
Everlab had still been sitting on cash from its last raise, which only closed in July, despite doubling staff numbers to 82 and growing its clinician network more than fivefold over the period.
It decided to raise more following a proactive approach from Airtree, said Everlab Chief Executive Marc Hermann, another of the co-founders. The funds will allow it to accelerate expansion plans, with mainland Europe potentially following the U.K.
Airtree first met Everlab’s founders before they had a product and came close to investing last year, said John Henderson, a partner at the private-equity firm. Henderson said Everlab’s revenue growth made it one of the three fastest-growing businesses that Airtree had seen.
“It just became super clear that the market was ready for a solution like this. We spoke to a bunch of Everlab patients about their experiences and we looked at a bunch of data that Everlab had and we just got really, really confident,” Henderson said.
Lu said Everlab has submitted data for academic review. That could further strengthen its proposition with patients, employers and potentially insurers.
“The guy with the stent? No one would have ever paid for his procedure before because from the outside he looked healthy. Once we found the arterial blockages, the urgent medical procedure gets covered by the system,” Hermann said.