HealthVerity locks down $100M to grow real-world data management platform

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The HealthVerity platform is used by pharmaceutical companies and government agencies like the FDA and NIH to access, analyze and manage real-world patient data throughout clinical trials and other R&D efforts. (Getty Images)

A massive database of real-world evidence—encompassing hundreds of millions of electronic records, lab test results, medical claims and other health information from patients across the U.S.—is about to get even bigger.

With the close of its series D funding round, HealthVerity has raised $100 million to funnel directly toward the expansion of its data management platform.

The HealthVerity IPGE platform, which officially launched at the end of May, is named after its identity, privacy, government and exchange capabilities. It offers a centralized place to access a broad database of health information, de-identify relevant data, apply analytics software and algorithms to the selected data, and manage the subsequent results.

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The latest proceeds will go toward both expanding its existing database—via new partnerships with health systems, payers, lab test providers, medtech developers and more—and supporting HealthVerity’s commercialization of the platform.

The funding round was led by Durable Capital Partners. All of HealthVerity’s past investors also participated, including Flare Capital Partners, Foresite Capital and Greycroft.

“After witnessing its growth over the past few years, I believe HealthVerity is uniquely positioned to provide solutions for many of the challenges around identity, privacy and governance that will help life sciences, payers and government agencies power secure and private data exchange across an array of patient-centric use cases,” said Henry Ellenbogen, Durable Capital Partners' chief investment officer and managing partner.

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A number of top pharmaceutical companies are HealthVerity customers, the company said, in addition to more than 250 other organizations across the healthcare industry.

Pharma and life sciences companies use the platform to license insurance, pharmacy, lab test and hospital data not only to help with clinical trial recruitment and matching, but also to paint a more detailed picture of each participant throughout clinical studies and other research projects.

Insurers, meanwhile, tap HealthVerity’s platform to manage their own claims data, while also linking out to external data sources to build more accurate drug pricing and risk management models.

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HealthVerity has also bulked up its partnerships with government agencies in the last year. Last June, for example, it was tapped by the FDA to provide access to a range of real-world datasets to help the FDA better understand the source and movement of the COVID-19 pandemic, track treatment patterns and identify risk factors for the virus.

And earlier this year, the National Institutes of Health’s National Cancer Institute published study results showing that patients with past COVID-19 infections were protected from repeat infections for at least a few months. The study used HealthVerity and Aetion’s data platforms to collect and analyze patient data from labs, payers and electronic health records to study the level of protection offered by coronavirus antibodies.