Healthcare software startup LeanTaaS Inc. announced a massive $130 million funding round today at a time when its business is seeing strong growth.

The Series D round, which was led by Insight Partners with participation from Goldman Sachs, brings LeanTaaS’s total funding to more than $250 million.

Perhaps not surprisingly, LeanTaaS has seen a big surge in demand for its products amid the COVID-19 pandemic that’s gripping the world. The company sells predictive analytics software that relies on data science to help healthcare providers solve problems of resource utilization.

LeanTaaS’s main product is called iQueue, and it works by matching available assets such as operating rooms, infusion chairs, ambulatory clinics, imaging assets and patient beds with the patients and clinicians that require them. The software considers hundreds of real-world operating constraints and continuously improves its algorithms by comparing predicted with actual performance, with an aim to improve patient access, reduce waiting times and lower operating costs.

LeanTaaS sells three versions of iQueue, including iQueue for Operating Rooms, which offers a marketplace and dashboard that helps to increase surgeon access. It works by ingesting data from healthcare providers such as Epic, Cerner, Meditech and McKesson and recommending allocation changes by determining which patients need greater access and those who need less. It also helps surgeons monitor abandoned and released time blocks using a mobile or web app, so they can request these blocks on-demand for their patients.

IQueue for Infusion Centers works similarly, looking at daily appointment patterns and staff availability at infusion clinics to help allocate time slots more efficiently. Finally, iQueue for Inpatient Beds helps hospitals to manage their daily inpatient capacity.

LeanTaaS said its software has been deployed in more than 300 hospitals across the U.S., including 12 of the top 20 rated hospitals.

“Healthcare operations in the U.S. are increasingly complex and under immense pressure to innovate; this has only been exacerbated by the prioritization of unique demands from the current pandemic,” said Jeff Horing, co-founder and managing director at Insight Partners.

LeanTaaS said it plans to use its fresh funding to build out its current suite of products and invest in its engineering, product and go-to-market teams.

“LeanTaaS is uniquely positioned to help hospitals and health systems across the country face the mounting operational and financial pressures exacerbated by the coronavirus,” said LeanTaaS founder and Chief Executive Mohan Giridharadas. “This funding will allow us to continue to grow and expand our impact while helping healthcare organizations deliver better care at a lower cost.”

Image: cromaconceptovisual/Pixabay