Evidation Health, a startup that provides technology for virtual clinical trials, raised $45 million in series D funding. The company plans to use the funds to offer virtual health programs to research participants.
Evidation Health, a startup that pulls in digital health data for virtual studies, raised $45 million in funding.
The San Mateo-based company can pull in data from wearable devices, videos, speech, and other sources. It also designs virtual studies using this capability, such as Johnson & Johnson’s Heartline study, which tests whether an Apple watch feature can detect atrial fibrillation earlier and reduce participants’ stroke risks.
Evidation works with eight of the 10 largest biopharma companies to provide sensor data, patient-reported outcomes and at-home diagnostics. The company’s research app, Achievement, pays users to track steps, sleep, meals and other health metrics. They can also opt into participating in virtual clinical trials. Evidation says 4 million people that use the app.
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With the new funds, Evidation appears to be planning an expansion of its app that would give users health information and recommendations. The company didn’t share specifics on what this would look like, other than it would offer programs to its members to help them gain “clinically actionable insights” into their health.
“Participation in research is an activator for individuals to better understand their health and seek care proactively,” Evidation CEO Deborah Kilpatrick said in a news release. “The natural next step for Evidation is to decrease the latency between evidence and action by offering virtual health programs, while still keeping privacy and consent at the forefront.”
As part of that plan, the company tapped Boston Consulting Group Senior Partner Sam Marwaha as its chief commercial officer. B Capital Group Senior Principal Adam Seabrook will also join the company as part of the funding round.
B Capital Group led Evidation’s $45 million series D round. It was also an early investor in the company, leading its series B in 2016.
McKesson Ventures and Section 32, a San Diego-based fund started by GV Founder Bill Maris, joined as new investors.
“We see tremendous value in generating real-world data for both clinical development and commercial life sciences use cases, ensuring the best possible understanding of a population inside and outside the clinic,” McKesson Ventures Principal Carrie Hurwitz Williams said in a news release. “The discipline, rigor and scale with which Evidation has built their technology makes it possible to garner relevant real-world data points and transform them into meaningful insights for pharma.”
Source: Medcity News