Second Generation Pakistani-American's Health Tech Startup Raises $130 Million in Series C
Luma Health, co-founded by Adnan Iqbal, a second generation Pakistani American, raised $130 million in series C funding. Adnan's fellow co-funders include Dr. Tashfeen Ekram, a Pakistani-American and Aditya Bansod, an Indian-American. The latest round has brought Luma's total funding to $160 million. "I have had a life of privilege. I have been to the right institutions. I have played collegiate sports. I check all the boxes. But I have a recognizable Pakistani Muslim name. I would have raised twice the amount of money in half the time if I was a white guy. That's just the honest truth", he told an interviewer.
|Luma Health Co-founders|
San Francisco-based Luma’s platform is designed to centralize and automate scheduling and communication with patients. The company’s tech integrates with more than 80 types of electronic health records (EHRs) across the healthcare IT stack. Luma has served more than 30 million patients across the U.S. and is used by more than 550 health systems, hospitals and clinic networks nationwide, according to the company.
Telehealth services supported by Luma have been particularly useful during the COVID19 pandemic. Digital outreach has helped remind patients of their vaccination appointments, which has reduced no-shows. Digitization has minimized physical contact and increased the speed of operations.
Adnan Iqbal is currently serving as the CEO of Luma. He studied Biology at UC Berkeley, then got his master's degree at Cambridge University in England before working at Genentech — a large US biotech company. He then went to the Stanford Graduate School of Business, and that’s where he and his co-founder Tashfeen Ekram (a medical doctor) started working on Luma.
Talking with Dr. Mustafa Sultan, a British Pakistani doctor, Adnan described what it is like to be a Pakistani young man in Silicon Valley. He recognizes that there is an increasing number of high-profile entrepreneurs and executives with immigrant backgrounds in America but he said "it is much harder to raise capital if you are not a white guy..that's just the honest truth". "I have had a life of privilege. I have been to the right institutions. I have played collegiate sports. I check all the boxes. But I also have a recognizable Pakistani Muslim name. I would have raised twice the amount of money in half the time if I was a white guy. That's just the honest truth", he added.
Here's a video clip of CNN analyst Van Jones talking about Pakistani-Americans:
South Asia Investor Review
Hindus and Muslim Well-educated in America But Least Educated Worldwide
What's Driving Islamophobia in America?
Pakistani-Americans Largest Foreign-Born Muslim Group in Silicon Valley
The Trump Phenomenon
Islamophobia in America
Silicon Valley Pakistani-Americans
Pakistani-American Leads Silicon Valley's Top Incubator
Silicon Valley Pakistanis Enabling 2nd Machine Revolution
Karachi-born Triple Oscar Winning Graphics Artist
Pakistani-American Ashar Aziz's Fire-eye Goes Public
Two Pakistani-American Silicon Valley Techs Among Top 5 VC Deals
Pakistani-American's Game-Changing Vision
Minorities Are Majority in Silicon Valley
Oracle said on Monday that it had agreed to pay $28.3 billion for Cerner, a large electronic health records vendor. The deal is the largest-ever acquisition by Oracle, a database giant, and a sign that some major technology companies see health care as a growth opportunity.
For Cerner, the deal is not only a payday but a merger with a deep-pocketed owner at a time of increasing competition and changing technology in the market for digital patient records.
Cerner is No. 2 in the electronic health record business, with 25 percent of the market in 2020, according to KLAS Research, which tracks the health care industry. Cerner was slipping slightly and Epic, which had 31 percent of the market, was gaining, the research group reported this year.
The digital patient record market, like most industries, is adopting cloud-computing technology. Both Microsoft and Oracle, analysts say, see the huge health care market as a path to strengthening their positions in the cloud business, in which customers tap into remote data centers and typically pay on a pay-for-use basis.
Microsoft has the second-largest cloud business, behind Amazon. In April, Microsoft agreed to pay $19.7 billion for Nuance Communications, the leader in voice-recognition software used in hospitals, clinics and doctors’ offices.
Oracle was slow to move its database and enterprise applications to the cloud, but it has made strides in the past few years.
For Cerner, the deal is a striking step by its new chief executive, Dr. David Feinberg. Dr. Feinberg joined Cerner from Google, where he headed its health technology unit. His move to Cerner was announced in August, but he did not start the job until October.
In a statement, Dr. Feinberg said combining with Oracle would give Cerner “an unprecedented opportunity to accelerate our work modernizing electronic health records,” improving the experience for physicians and nurses, and care for patients.
The negotiations on a deal between Oracle and Cerner were reported last week by The Wall Street Journal.
Electronic health records are regarded as a necessity to move medicine into the digital age — a shift that in the long run should increase efficiency, curb costs and deliver better care.
But the transition over more than a decade has been difficult, costly and time-consuming. Most doctors and nurses now use digital records, but they spend an average of one to two hours doing desk work for every hour they take seeing patients, according to a study by the Mayo Clinic that Oracle cited.
Voice recognition and automated transcription have the potential to sharply reduce the time spent typing up patient information and physician notes.
In explaining the deal, Oracle executives pointed to its voice assistant technology, as well as its cloud, as assets that should help Cerner improve its offerings.
Buying Cerner gives Oracle a leading technology company in health care, a mammoth, if fragmented, market. Other technology giants, including IBM and Google, have stumbled in health care in recent years.
But Cerner is an established presence in clinics and hospitals. “The future of enterprise software is being able to engage with industry segments,” said Bob Parker, an analyst at IDC. “And this puts Oracle deeply into a key part of the health care business.”
The merger also holds the potential to combine data that Cerner gathers in its digital records with Oracle’s data analysis and artificial intelligence tools to spot patterns and make predictions about effective treatments.
In the digital patient record business, Cerner had another appeal for Oracle. Its records, unlike those of other large suppliers like Epic, are built atop the Oracle database. They run on a specialized medical database called Cache.
“Cerner really was the only logical match for Oracle,” Mr. Parker said.