Evidation Health, a health data analytics company, announced the close of $153 million in a Series E growth funding round.
The round was co-led by OMERS Growth Equity and Kaiser Permanente Group Trust; existing investors, including McKesson Ventures and B Capital Group, also participated. As part of the investment, Teresa Lee, Managing Director, OMERS Growth Equity, will join the Evidation board of directors.
Including the latest funding round, Evidation Health has raised over $250 million to date.
Evidation plans to use the new funds to fuel the expansion of virtual health programs on the Achievement platform, building on its relationships with individuals and its experience synthesizing and analyzing person-generated health data for stakeholders across healthcare.
“Achievement has made it possible to rapidly understand health and therapeutic impact with speed and rigor at scale,” said Deborah Kilpatrick, Ph.D., Co-CEO and Executive Chair at Evidation.
Deborah Kilpatrick added: “The next era of Evidation will transform how individuals interact with the ecosystem of care, by providing anyone with evidence-supported guidance and actionable tools to better understand and improve their health. We are now the first company that can help digital health and biopharma companies generate evidence about their treatments, and then enable individuals to use that evidence to take actions to manage their health.”
Founded in 2012, Evidation Health has built a diverse virtual pool of research participants through its popular app, Achievement. Launched as a research platform and powered by individuals and their permissioned health data, Achievement enables virtual health at scale and is used by more than 4 million people.
Evidation works with biopharma companies, academic institutions, public health organizations, and medical specialty societies. To date, Evidation has conducted more than 100 real-world studies across therapeutic areas. In 2020, more than 1 million individuals participated in Evidation’s research and health programs, and the company expects to surpass 2 million later this year.
The company collaborated with Apple and Singapore’s government on LumiHealth, a personalized program that encourages healthy activity and behaviors using Apple Watch. These privacy-safe health programs seamlessly connect research and care, accelerating the discovery and dissemination of evidence-supported practices that improve health outcomes, the company said.
Healthcare Data Analytics companies secured $1.8 billion in venture capital funding in 2020. The funding increased by 13% in 2020, compared to $1.6 billion raised in 2019, according to the latest Mercom Digital Health Funding and M&A Report. Recently, Verana Health (formerly DigiSight), a healthcare technology company focused on curating and analyzing real-world clinical data, raised $100 million in new funding, bringing the company’s total to date to almost $150 million.