AllStripes, a platform that helps patients share their medical data for research on rare diseases, raised $50 million in Series B financing.
Lux Capital led the financing, joined by JAZZ Venture Partners, Spark Capital, Medidata Solutions (a Dassault Systèmes company), McKesson Ventures, Maveron, and angel investors, including Arif Nathoo, CEO of Komodo Health, and Leila Zegna, Director of the Kabuki Syndrome Foundation.
The company plans to use the funds to launch 100 new research programs, expand its global operations, enhance its data automation, and develop its health data-sharing platform.
“There are more than 7,000 rare diseases, and only 5% have treatments. By working with AllStripes, we hope to improve the number of treatments available by accelerating research for rare diseases,” said Dr. James M. Wilson, Rose H. Weiss professor and director of the Orphan Disease Center, which partners with AllStripes.
AllStripes, formerly RDMD, provides a software platform that allows patients with rare diseases to access and submit their medical records so it can de-identify and analyze their information for clinical trials. The company collaborates with biopharmaceutical companies and other entities on real-world evidence studies, including HemoShear Therapeutics, Orphan Disease Center at the University of Pennsylvania, Taysha Gene Therapies, UCB Biopharma SRL, and Novartis Pharma.
“Beginning research on a rare condition can feel like being dropped into a new world without a map, and we are on a mission to change that with data,” CEO and cofounder Nancy Yu said in a statement.
Nancy Yu added: “We’re proud that so many of our current investors have recognized the progress we’ve made and are continuing to support our vision to transform rare disease research. This investment will allow us to better support the rare disease community, where each person’s experience is essential to understanding disease progression – ultimately leading to new treatments for rare disease patients around the globe.”
Forty-five health information exchange companies have raised over $500 million since 2010, according to Mercom data.