Conflixis, a New York City and Dallas-based data and risk intelligence company, has raised $4.2 million in a seed funding round. The round was co-led by Lerer Hippeau and Origin Ventures, with participation from Mark VC, Springtime Ventures, and pre-seed investor Cretiv Capital. Founded by Aaron Narva, Joseph Bergen, and Vincent Wan in 2023, Conflixis aims to improve the healthcare ecosystem by ensuring transparency in financial relationships between healthcare providers, innovators, and industry.
The company’s platform helps large healthcare organizations identify and understand the role that conflicting financial relationships play in medical and operational decisions. Narva, who previously worked as an incident investigator with risk management firms like Kroll and FTI Consulting, came up with the idea for Conflixis while working at compliance software maker Exiger. He realized that hospitals and big medical practices face similar risks from corruption as banks, with drug companies and device manufacturers often forming close relationships with doctors.
Funding helps Conflixis expand transparency
Conflixis works by ingesting data from various sources, including OpenPaymentsData.com, hospital procurement data, claims data, patient outcome records, and conflict-of-interest forms. It then analyzes these conflict points to identify the ones that a hospital should investigate.
The platform can also predict a hospital’s spending and suggest ways to reduce it, such as identifying instances where a hospital may be buying more expensive equipment based on a recommendation from a doctor who has a relationship with that vendor. The recent funding will be used to advance Conflixis’ mission, expand its library of evidence-based influence models, and invest in its client-facing and R&D teams. The company already has a handful of clients and generates less than $5 million in revenue.
Graham Brown, managing partner at Lerer Hippeau, expressed excitement about partnering with Conflixis, stating, “In a single year, Conflixis has demonstrated product market fit across a range of healthcare stakeholders, including major health systems and large practice groups.”
Jacquie Marshall Siegmund, Principal at Origin Ventures, added, “We see a tremendous opportunity in using data for smarter decision-making in healthcare. Conflixis is at the forefront of this transformation, providing innovative solutions that address critical challenges in conflicts management.”
With this funding, Conflixis is well-positioned to continue its mission of ensuring transparency and improving decision-making processes within the healthcare sector.
