Venture Capital: Health Data Analytics Platform Evidation Raises $45M
Evidation Health will use the funds to expand its Achievement platform and to venture into virtual health.
Evidation Health’s Achievement platform collects everyday health data for use in innovative research and health platforms. Giving due emphasis to user privacy and controlled, permissioned health data, the platform gathers health information on scale and with speed. The company just raised $45 million in a Series D round. (BioWorld)
B Capital Group led Evidation’s latest round. It included new investors McKesson Ventures and Section 32. Existing investors Revelation Partners, Rethink Impact, and SV Health Investors also participated.
The company has now raised a total of $106 million since its founding in 2012.
The company appointed Sam Marwaha, Senior Partner at Boston Consulting Group and long-time advisor, as Chief Commercial Officer.
Health data for individuals and pharmaceutical companies
Achievement now has nearly 4 million members. It offers real-time insights and digital tools to them as a part of its health evidence generation.
“The problem is that the vast majority of data that drives health outcomes is never captured, because what is traditionally captured are key indicators of health that are measured in the appointment, but not outside of the clinic walls. Failure to capture this real-world data, and the evidence of product impact based on it, means missing out on a massive source of information,” said Deborah Kilpatrick, CEO, to Vator.
“Evidation bridges that gap between health and everyday life, using our direct-to-person research platform, known as Achievement, to gather real-time information that can be utilized for real world evidence generation. This gives us a powerful engine to provide insight for global biopharma companies that want to understand the everyday experience of individuals on and off therapy,” added Kilpatrick.
Top global pharmaceutical companies also use the platform to gauge the efficacy of their products.
Evidation now intends to offer virtual health programs with an unchanged priority on privacy and consent. It intends to leverage the Achievement platform for the purpose.
Members will get relevant digital interventions, treatments, and tools to help individuals understand and take advantage of the latest evidence, in partnership with their care teams.
The company intends to offer a virtual health service later this year.
“COVID-19 has shown us that accelerating real-world evidence development is critical,” said Mike Pellini, MD, Managing Partner of Section 32. “Evidation has led the way in health measurement and has proven out the potential of person-generated health data.”
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