The company will use the funds to expand into more virtual nursing programs
Last year, virtual health grew faster than expected as a result of the pandemic. Almost immediately, every aspect of the health room that could be done without a face-to-face meeting with a patient changed from a “nice to have” to a “need to have”.
One company that benefited from this shift was Evidation Health, a platform that measures patient status and health outcomes outside the four walls of inpatient healthcare facilities. On Monday, the company announced a $ 153 million Series E funding round that increased the total to $ 259 million.
“”Evidation has been conducting virtual studies for nearly a decade, and COVID accelerated the collective awareness of the value of gathering health insights outside of a clinic. “Christine Lemke, The co-founder and co-CEO of Evidation told me.
The new financing round was jointly led by OMERS Growth Equity and Kaiser Permanente Group Trust with the participation of existing investors including McKesson Ventures and B Capital Group. It was also announced that Teresa Lee, Managing Director of OMERS Growth Equity, has joined Evidation’s board of directors.
“Teresa is a seasoned software and technology growth phase investor with significant expertise in the healthcare sector. She has experience advising companies that are changing the way healthcare is delivered and will provide key guidance as Evidation works on ours existing offerings to build up and grow our commercial business and continue to expand internationally, “said Lemke.
Founded in 2012, Evidation Health collects patient data from over 100 different sources, including wearables and medical devices such as Apple Health, Fitbit, Epic, and Dexcom. Then the behavior and health of the patient are analyzed in real time. This information can be used by customers to determine which drugs and treatments are working best and to identify significant changes in a patient’s health more quickly.
Achievement, the company’s direct-to-person research platform, currently reaches more than 4 million Americans from all 50 states and nine out of ten postcodes in the United States. Its clients include academic institutions, public health organizations and medical societies with nine of the world’s top ten pharmaceutical companies in various therapeutic areas who use the platform to gain insights into the effects of their products.
For example, Evidation worked with Eli Lilly and Apple to quantify the potential of using connected devices and wearables to differentiate between people with mild cognitive impairments and Alzheimer’s disease. Evidation also provides the technology and study operations behind HEARTLINE, a study launched by Johnson, John, and Apple last year. It examines how technologies such as the iPhone and Apple Watch can enable atrial fibrillation to be detected earlier.
Evidation has conducted more than 100 real-world studies in various therapeutic areas to date, and last year reached more than 1 million people who have participated in research and health programs. The company expects that number to more than double this year.
When the company opened its final round of funding in July 2020, it was said it would use it to extend achievement to virtual nursing for the first time; sSince then, Evidation has launched two virtual health initiatives, one with the American College of Cardiology and one with Apple and the Singapore government called LumiHealth. Both programs help individuals better monitor their health and provide tools to encourage healthy activity.
The company plans to use the money for other virtual health programs in the future What really means for achievement users is that they have a wider range of options, explained Lemke.
“They will still be able to participate in health research and studies, and now they can enroll in programs that will give them back actionable insights,” she said. “”Our platform enables customers to create, test and scale research and health programs at unprecedented speed. The performance enables our customers to gain continuous, real-world insights beyond episodic, disconnected data points. “
The funds will also be used to enlarge the evidation team, whose The number of employees is now 222. It is expected to have around 290 employees by the end of this year, with a focus on technical roles and additional talent in the Performance, Product Management, and Regulation, Quality and Clinical teams.
“We are very pleased with this round and the opportunities it offers us with existing and new partners. We are focused on developing these exciting new programs for our user base,” said Lemke.
“We’ve spent years building Achievement into the most geographically and demographically diverse networked research cohort in the United States. We’re the first to help digital health and biopharmaceutical companies generate evidence of their treatments and then enable individuals to use that evidence to take action to manage their health. “
(Image source: myachievement.com)