PicnicHealth, a provider of medical records sharing platform, raised $25 million in a Series B funding round led by Felicis Ventures and Amplify Partners.
In conjunction with the funding, Managing Director of Felicis Ventures, Sundeep Peechu, will join Amplify General Partner Sunil Dhaliwal on the PicnicHealth board.
PicnicHealth platform is used by patients, care providers, and researchers. For patients, the platform helps share their medical records with care providers and researchers for scientific research.
The platform analyses all unstructured medical records (of all patients) using machine learning algorithms and provides (care providers and researchers) a complete view of each patient’s journey over time and across all of their different medical providers.
“PicnicHealth started as a way to give patients more control navigating their own care,” said Noga Leviner, CEO PicnicHealth, who founded PicnicHealth after managing a Crohn’s disease diagnosis. “We quickly realized we were actually solving a much bigger problem by turning each patient’s messy, dispersed data into structured data. The result not only helps patients directly, but it also really moves the needle on research.”
PicnicHealth intends to use the new funds to move into new disease areas, expand access to the platform to more patients, and build new research data sets. The company will also focus on building engineering, machine learning, and clinical informatics capacity to scale its regulatory-grade data pipeline.
The latest round brings the company’s total raised to date to $30 million. In 2018, the company raised $10 million in from Amplify Partners in Series A funding. Existing investors include Foresite Capital, Refactor Capital, and Y Combinator.
Digital Health companies raised a record $6.3 billion in the first half of 2020. The funding activity was up by 24% during 1H 2020, compared to $5.1 billion raised in 1H 2019. Recently, Verto Health, an end-to-end healthcare data connectivity and data sharing platform, raised $2 million Seed funding. careMESH, which enables hospitals and clinicians to share patient data with any other U.S. healthcare provider, raised $5 million in a Seed funding round.