Evidation Health, a digital health efficacy-focused company launched last year by GE Ventures and Stanford Healthcare, has raised an additional $3.4 million to complete the $15 million round it began raising in June. The round was led by B Capital Group, a global venture fund cofounded by Facebook cofounder Eduardo Saverin. Existing investors GE Ventures, AMV, Fresco Capital, and new investor Pappas Ventures also participated in the round. With an initial investment of $6 million, this brings the company's total funding to $21 million.
“At Evidation Health, we enable rapid evaluation of technology-based approaches that augment or replace traditional interventions–powered by direct patient participation to prove impact in the real world," Deborah Kilpatrick, CEO of Evidation Health, said in a statement. “This financing marks our fast growth and industry leadership to drive faster, better, more cost efficient ways to quantify health outcomes in the digital era of medicine.”
Evidation works with payers and pharma companies as well as healthcare systems, and also works with vendors of digital health solutions to help them 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.
The new funding will help Evidation scale its operations in the face of rising demand, the company said, as well as help it to improve its machine learning engine for behavior data analytics. Funding will also support Evidation's project of digital biomarker development and extend the company's direct population reach.
“Value and precision-based medicine are finally becoming a reality. We see a strong need across healthcare for companies to rapidly develop, evaluate, and employ new technologies and real life data sets to better understand and manage the health of their populations,” Raj Ganguly, cofounder and partner at B Capital Group, said in a statement. “Our investment is driven by Evidation’s proven track record with leading healthcare companies, unique data analytics capabilities, network of credible partners, and direct population access.”