SAN MATEO, Calif.--(BUSINESS WIRE)--Evidation Health, a health and measurement company that helps life sciences and health care companies understand how everyday behaviors and health interact, announced today that it has raised $30 million in Series C funding.
The round was co-led by SV Health Investors, a new investor, and existing investor B Capital Group. It included participation from existing investors GE Ventures and Sanofi Ventures. With this funding, Evidation has raised a total of $61 million.
Evidation also announced that it launched a new data platform to enable its customers to analyze and process large-scale sensor and behavior data in clinically meaningful ways.
“Our new data platform makes it easier for statisticians and data scientists at life sciences and health care companies to take everyday behavior and health care data, analyze it, and create a new understanding of health,” said Evidation Health CEO Deborah Kilpatrick, Ph.D. “This will help Evidation speed a transformation in real world research and knowledge, so we can better treat, diagnose, and predict the onset of disease.”
By linking real world data from smartphones and connected sensors — including wearables and medical devices — with traditional medical data, Evidation measures how behaviors outside of the doctor’s office or hospital relate to health and impact outcomes. The new data platform — which has been battle tested in a pilot program with a leading, global pharmaceutical company — can ingest individually-permissioned data from more than 100 sources ranging from Apple Health to Fitbit, Epic, Blue Button, and Dexcom.
The platform marries this information with traditional data from insurance claims, electronic health records, and diagnostic reports, alongside patient-reported outcomes collected directly through Evidation’s platform. This provides a new opportunity to analyze individual behavior and health in real time, not just when someone checks in with a physician or stops to record what they did or felt.
“Evidation’s data platform is opening up exciting new possibilities in medical research and the way we treat and prevent disease,” said P. Murali Doraiswamy, M.D., professor of psychiatry and medicine at Duke University Health System, and an advisor to Evidation. “With its unique analytics and methods, Evidation is transforming data into the kind of findings that traditional clinical trials may need substantially longer time frames, maybe even decades, to achieve. This will help identify health risks earlier and better treat the kinds of chronic diseases that scientists are working to cure.”
The secure, private platform currently processes more than 1 trillion data points each year across millions of individuals. It is built to manage the scale of high volume, continuous data streams and eliminates the need for infrastructure, data, and feature engineering on the part of Evidation customers, allowing them to focus entirely on analytics.
Already, the platform is being used to invent new ways to measure health across diabetes and cognitive decline. This complements the work that the company is performing with partners across multiple therapeutic areas ranging from cardiovascular disease to chronic pain, rheumatoid arthritis, migraine, depression and anxiety, fatigue, heart failure, and asthma — to name a few.
In addition to supporting the new data platform, the funding will be used to develop partnerships, adding to Evidation’s vast array of real world data sources, and to launch novel research studies to better understand and measure how everyday behavior and health interact.
“We’re excited to deepen our partnership with Evidation Health and continue supporting the team as they build the leading platform to generate clinical relevance from everyday behavior data in real world populations. Evidation’s ability to link patient behavior to medical outcomes is truly revolutionary and will help transform how we measure health in everyday life,” said Raj Ganguly, co-founder and partner of B Capital Group.
“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. Evidation represents a unique platform company with the ability to meaningfully improve clinical development and, by extension, drug delivery, treatment, and outcomes,” added SV Health Investors Managing Partner Michael Balmuth, who is joining Evidation’s board of directors.
Since 2012, Evidation Health has built the most diverse virtual pool of research participants through its proprietary app, Achievement. With more than 2 million individuals using the app, this cohort is unparalleled in clinical research today, and represents the U.S.’s largest virtual research site. Individuals have the opportunity to participate in research studies, enabling Evidation to drill down to the individual level to address new questions and generate new context as needed — to measure what treatments work best and under what conditions, and enable earlier diagnoses and better matched interventions.
Evidation Health is a new kind of health and measurement company that provides the world’s most innovative life sciences and health care companies the technology and expertise they need to understand how everyday behavior and health interact. The volume of behavior data generated from smartphones and connected sensors — including wearables and medical devices — has opened up new ways to analyze individuals’ behavior and health in real time, unlocking insights into what medicines and treatments work best and spotting significant changes in health earlier. The scale and utility of everyday behavior data has the potential to be one of the most transformative forces in medicine, and Evidation Health is leading the way. Over the years, Evidation has built the largest, most diverse virtual pool of research participants through its proprietary and popular app, Achievement. With a direct and trusted relationship with more than 2 million individuals, its deep research expertise, and its data platform, Evidation Health can undertake real world research for life sciences and health care companies — and, ultimately, transform how health is measured and how diseases are identified, treated, and monitored. Founded in 2012, Evidation Health is headquartered in San Mateo, Calif., with additional offices in San Francisco and Santa Barbara, Calif. To learn more, visit evidation.com, or follow us on Twitter @evidation.
About SV Health Investors
SV Health Investors, formerly named SV Life Sciences, is a healthcare and life sciences venture capital and growth equity firm. SV targets early-stage opportunities in biotechnology; early-stage and revenue-stage opportunities in medical devices; and growth equity investments for later-stage businesses in healthcare services and digital health. Over the past 20 years, SV Health Investors has invested in more than 175 companies. The firm currently has over $2.5 billion of capital commitments under management. SV Health Investors has offices in Boston and London. For more information, please visit www.svhealthinvestors.com.
About B Capital Group
B Capital Group is a global venture capital firm that invests in pioneering healthcare, fintech, industrial logistics and consumer enablement companies that are primed to scale across the global stage. Founded in partnership with The Boston Consulting Group, B Capital Group delivers unique access to top corporations to match cutting-edge start-ups with the world's leading CEOs, platforms, and brands. Existing portfolio companies include AImotive, Atomwise, Bird, Bizongo, Bright.md, Capital Match, Carro, CXA, Evidation Health, Fishbrain, Hollar, Icertis, INTURN, Journera, Lanetix, Mswipe, Myia, Ninja Van and SilverCloud Health. For more information, visit www.bcapgroup.com.