San Mateo, California-based health data analytics company Evidation Health announced today that it has raised $30 million in Series C funding. In addition, the company has launched a new platform that marries smartphone, sensor, and medical data together for cohesive insights into patient behaviors and outcomes.
Evidation’s latest round was led by new backer SV Health Investors and returning stakeholder B Capital Group, with additional participation from GE Ventures and Sanofi Ventures. With this, the company has raised a total of $61 million from investors.
“The funding will support the launch of a new data platform that will enable Evidation's customers to analyze and process large-scale sensor and behavior data in ways they couldn't before,” Evidation Health CEO Deborah Kilpatrick told MobiHealthNews in an email. “In addition to supporting the new data platform, we’re using the funding to develop partnerships and add to our hundreds of real world data sources. We’re also launching research studies that allow for the invention of new features that map signal data to symptoms and conditions to better understand and measure how everyday behavior and health interact.”
Evidation Health works with payers, pharma companies, healthcare systems, and vendors of digital health solutions. The company combines real-life patient data from collected through more than 100 different sources — Apple Health, Fitbit, Epic, and Dexcom, to name a few — to assess care or specific interventions.
“In recent years, we have seen incredible growth in the volume and diversity of real world data and it is playing an increasing role in health care decisions. This demand for real-world data use has been accelerated by the 21st Century Cures Act and other action by policymakers — showing that regulators strongly support the growing movement by life science companies to embrace the potential real world data offers,” Kilpatrick said. “We know that everyday behavior data is the fasting growing source of real world data and Evidation is proud to be the market leader in this category. Evidation's platform is already offering a new way for biopharma and medical device companies to analyze and process this everyday behavior data.”
With its newly announced analysis platform, Evidation is specifically looking to incorporate EHR, insurance claim, and diagnostic report data with patient-reported outcomes, which are also collected through the platform. As a result, the company said that it is aiming to provide customers with round-the-clock analyses, as opposed to relying on the clinical visit.
“Evidation stands out not only because of its powerful data intake, aggregation, and analytics capabilities, but also because of the strength and vision of the company’s leadership team with a rare combination of deep technology and health care expertise,” Michael Balmuth, managing partner at SV Health Investors, who will also be joining Evidation’s board, said in a statement. “Evidation represents a unique platform company with the ability to meaningfully improve clinical development and, by extension, drug delivery, treatment, and outcomes.”
First launched in 2012, Evidation has seen consistent attention from high-profile investors. Its most recent round of funding came in April 2017, and comprised of a $10 million commitment. According to the company, more than 2 million individuals use Evidation’s proprietary research participant app, called Achievement.