Insuranceciooutlook

HealthVerity Announces $25 Million in Series C Funding

By Insurance CIO Outlook | Wednesday, April 24, 2019

Philadelphia - HealthVerity, Inc., the trusted foundation for the rapid creation, exchange and management of healthcare and consumer data, today announced its closing of $25 million in Series C funding led by existing investor Foresite Capital with participation from Flare Capital Partners, Greycroft Partners and other existing investors. The new capital will support continued growth and investment in HealthVerity’s technology platform and go-to-market activities. The close follows a record 2018 performance during which HealthVerity expanded its customer base to more than 100 of the top Pharmaceutical Manufacturers, Health Insurance Payers, Pharmaceutical Services firms and Healthcare Services organizations. The company’s success was bolstered by the rapid customer adoption of HealthVerity Census, a SaaS solution for activating, de-identifying and linking data across the enterprise and beyond, HealthVerity Marketplace, the industry’s leading cloud platform for discovery and licensing of broad scale healthcare and consumer data in a privacy-protecting manner, and HealthVerity Consent, a blockchain-driven platform for managing patient and consumer permissions in an immutable and auditable manner.

“The widespread digitization of medical records offers one of the best opportunities to transform patient care and improve the lives of millions," said Jim Tananbaum, CEO and Managing Director of Foresite Capital. “By building technologies that solve long standing challenges in the way that data can be organized, linked and licensed, HealthVerity has significantly enhanced the insights available on the patients and members of its valued customers. We are excited to support HealthVerity’s next phase of growth.” As part of the transaction, Tananbaum will join the HealthVerity board of directors.

“We have been recognized as an industry leader and are fortunate to have strong investors to support our long-term objectives,” said Andrew Kress, co-founder and CEO of HealthVerity. “We are also pleased by the trust our customers have demonstrated in our solutions and the positive impact that broad interoperability across our world class ecosystem of data partners has meant for these same customers. HealthVerity is now uniquely equipped to deploy software solutions that more efficiently manage and govern data in accordance with an ever-changing regulatory environment, but that is exactly the reason that top Pharma and Payers are gravitating to our platform.”

Founded by an executive team with decades of experience in managing real world evidence solutions, payer and provider services, and commercial data management, HealthVerity is well positioned for success long into the future.

Blank Rome LLP served as legal advisor to HealthVerity in this transaction.

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