San Mateo, California-based Evidation Health, which was launched last year by GE Ventures and Stanford Healthcare, has raised $10 million from Sanofi-Genzyme BioVentures. GE Ventures and B Capital were return investors, and both firms participated in the efficacy-focused company’s $3.4 million round in October 2016. The latest investment brings the company’s total funding to at least $31 million.
Evidation Health works with payers, pharma companies, healthcare systems, and vendors of digital health solutions, and uses real life patient data from hundreds of applications and devices to assess multiple angles of a particular approach, be it a new device or program, to ultimately quantify how their clients can prove out efficacy. Some of those partners pay them to develop an evidence base for their solutions. They also receive income from pharma and payer stakeholders who are interested in learning about the impact of patient behavior on outcomes and cost of care. One way they work with stakeholders is by providing software to analyze large datasets.
“At Evidation Health, we focus on measuring behavior-driven outcomes to help our partners understand and maximize product impact in the real world,” Evidation Health CEO Deborah Kilpatrick said in a statement. “We are excited about the Sanofi investment, as it aligns with our creation of faster, better ways to quantify patient outcomes—which we believe will directly fuel innovation across healthcare and life sciences.”
Since launching in 2015, Evidation Health has attracted quite a bit of attention from big VC names as well as large health systems, including Stanford, Ochsner Health, and Brigham and Women's Hospital. With the latest investment, Evidation will work to further develop its large-scale behavioral analytics, health outcomes measurements and digital biomarker development capabilities.
“With the transition to value-based care, it is increasingly important for pharma companies to understand real-world behavior of individual patients and populations outside of the traditional clinical trial setting,” Sanofi-Genzyme BioVentures Vice President and Managing Director Bernard Davitian said in a statement. “Evidation Health’s unique capabilities in behavior analytics and integrated patient data are big enablers of this understanding. We’ve been impressed with both the Evidation team and platform, and we believe that they have the potential to transform the way pharma companies interact with patients to deliver better outcomes.”