Algorex Health Technologies Ramps Up Hiring Thanks to MassDevelopment's Emerging Technology Fund
August 19, 2019
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Jacob Luria, 617-999-0732 (cell)
MassDevelopment has provided a $1,250,000 Emerging Technology Fund loan to Algorex Health Technologies LLC, a Boston-based data science company. Algorex provides proprietary data science and analytics as a service plan to support health systems’ revenue-maximization and cost-reduction efforts. Algorex’s insights ultimately lower expenses incurred by health systems by increasing the use of nonmedical interventions to keep people healthy. The company will use loan proceeds to hire additional full-time employees to support its growth.
“Algorex Health Technologies provides valuable data and insights to improve individuals’ health while reducing medical costs – a win-win for our health care industry,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is proud to help innovative technology companies, like Algorex, continue to grow and create jobs in the Commonwealth.”
MassDevelopment’s Emerging Technology Fund provides low-cost, long-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy. The ETF has closed 56 loans and guarantees totaling $84.3 million through June 30, 2019.
Algorex enables health care institutions to harness advanced analytics to improve outcomes in patient care. Algorex’s data-driven insights allow health care organizations to effect long-term behavior change of members to meaningfully increase their quality of life through nonmedical interventions such as food and medicine delivery as well as transportation to preventative care appointments.
“It is an exciting time for the integration of non-clinical interventions to better the lives of members and families,” said Algorex Health Technologies CEO and Co-Founder Jacob Luria. “By providing the knowledge consumer marketers have of our vulnerable residents, health care organizations can begin the process of deploying these services at scale. Working with MassDevelopment will enable Algorex to accelerate the industry’s growth in deploying social service interventions.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.