Digital Health

Digital Health Leader Verana Health Raises $150M in Series E Round of Financing

StartUp City | Tuesday, January 25, 2022

Fremont, CA: Verana Health, a digital health company that delivers quality drug lifecycle and medical practice insights from an exclusive real-world data network, has secured a $150 million in Series E round of financing led by Johnson & Johnson Innovation and Novo Growth, the growth-stage investment arm of Novo Holdings.

Existing Verana Health investors GV (formerly Google Ventures), Casdin Capital, and Brook Byers participated in the round, along with notable new investors such as the THVC, Merck Global Health Innovation Fund, and Breyer Capital.

Verana Health intends to use the investment proceeds to advance its life sciences product and service strategy across the drug lifecycle, improve its value proposition to healthcare providers who participate in its real-world data network, and broaden its data footprint through medical society and strategic partnerships.

“We’d like to thank both our existing and new investors for partnering with us, demonstrating confidence in the foundation we’ve built through our exclusive real-world data network and our advanced population health data engine, VeraQ,” remarked Sujay Jadhav, CEO of Verana Health who joined the Company in August 2021 with more than 20 years of experience, including as the CEO of goBalto where he led the acquisition of the company by Oracle. “We’re especially pleased to have a strong mix of investors—including growth firms, life sciences innovation funds, and academia—who recognize the momentum we’ve built in powering real-world evidence by cultivating exclusive partnerships with three specialty medical societies and collaborating with four of the top-five pharmaceutical companies.”

Verana Health is poised to expedite its position as a market leader in powering quality real-world data to drive quality insights across the drug lifecycle with this capital infusion. To expand clinical trials enablement, software-as-a-service, and real-world evidence, the three-year-old company will leverage its strong technology and data ecosystem—the VeraQTM platform and its curated QdataTM in ophthalmology, neurology, and urology. The company will also build on its existing artificial intelligence (AI) capabilities, with a particular emphasis on its groundbreaking use of natural language processing (NLP) to extract insights from unstructured text data in electronic health record (EHR) notes.

“Verana Health has shown incredible growth in its collaboration with leading pharmaceutical companies and medical societies. The company has assembled a seasoned management team with deep experience in healthcare, science, and business that will continue to expand real-world evidence into multiple therapeutic areas with its unique and powerful health data platform, VeraQ,” stated Jeffrey Low, MD, Principal at Novo Growth. “We are pleased to join Verana Health’s investors and look forward to working with the team to generate insights that ultimately help to improve quality of life for patients.”

Verana Health intends to use the investment proceeds to advance its life sciences product and service strategy across the drug lifecycle, improve its value proposition to healthcare providers who participate in its real-world data network, and broaden its data footprint through medical society and strategic partnerships.

Source: https://www.startupcity.com/news/digital-health-leader-verana-health-raises-150m-in-series-e-round-of-financing-nwid-2541.html

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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