nference, a clinical data analytics platform, announced the completion of a $60 million Series C funding round.
Matrix Capital Management led the funding round along with Matrix Partners, Mayo Clinic Ventures, and NTTVC.
According to the company, its augmented intelligence software (nferX) synthesizes unstructured, semi-structured, and structured biomedical knowledge bases using neural networks.
“Thousands of identified medical disorders and diseases have no approved treatments,” said Murali Aravamudan, co-founder and chief executive officer. “The disruptive technologies created by nference make sense of billions of pieces of siloed, disconnected biomedical data. Collaborations with biopharmaceutical companies, academic medical centers, and health systems keep the focus on patients by advancing the development and delivery of therapies and diagnostics.”
The nference analytics software platform is being adopted to power drug discovery, clinical research, clinical trial operations, and lifecycle management applications across the biopharmaceutical companies. It also supports a diverse set of applications across multiple disciplines in the life sciences ecosystem, bringing relevant, actionable knowledge to scientists, researchers, and clinicians that spur innovations in diagnostic tools and treatments.
“Advanced technologies and biomedical data analytics from nference are accelerating our efforts to improve health for people through prevention, diagnosis, better treatments, and potential cures,” said John Halamka, MD, president, Mayo Clinic Platform. “Patients are at the center of everything we do, and they are the true beneficiaries of the Mayo Clinic and nference collaboration.”
Founded in 2013, nference has raised over 130 million to date.
“The latest funding enables expansion of our portfolio, which is catalyzing the development of meaningful diagnostics and therapeutics,” said Murali Aravamudan.
Healthcare Data Analytics companies received $1.3 billion in venture capital in the first nine months (9M) of 2020, according to Mercom Digital Health Funding and M&A Report. Sema4, a patient-centered healthcare data analytics platform, announced a Series C financing round of $121 million at a post-money valuation of over $1 billion. LinkDoc Technology, which offers AI-enabled oncology data analytics solutions, raised $102 million in a Series D+ funding round.