Truveta, a health system-led data company, has raised $95 million in a Series A funding round and added three health system members.
Dallas-based Baylor Scott & White Health, Columbia, Maryland-based MedStar Health and Arlington-based Texas Health Resources have now joined the 14 health systems that launched the company in February. Truveta’s 17 member health systems participated in the funding round.
The company is building a platform that will structure and normalize de-identified patient data from its member health systems. It will provide aggregate data analysis of conditions, therapies and prognoses to clinicians, researchers and biopharma companies, said Terry Myerson, CEO of Truveta, in an email. This data analysis will provide insights into different types of conditions, treatments and outcomes, with the aim of supporting clinical decision making and drug development.
“Truveta aims to help every healthcare provider have access to expert information and advance health for all through useful and broadly available tools,” Myerson said. “With nearly $100 million invested in Truveta, we have the resources needed to accelerate our vision.”
The company will use the new funds to build the infrastructure and cloud computing resources required to support clinical data as well as hire technologists and health data experts.
With the addition of the three health systems, Truveta will have access to data representing more than 15% of U.S. patient care, according to the news release.
“Truveta is unique in its breadth and depth of clinical data and ongoing health system governance,” Myerson said. “For the first time in the history of health, we have enough data at scale to dramatically advance innovation in healthcare with collective commitment to partner on ethical innovation.”
The healthcare data analytics market is projected to reach $80.2 billion in value by 2026, up from $11.5 billion in 2018, according to a recent market report. Though the market is crowded, with a wide array of companies like Ayasdi and Flatiron Health, Truveta has the backing of some of the biggest and most prestigious health systems in the country, giving it access to a massive trove of de-identified patient data.
“No one system can do what we will collectively achieve together by leveraging our data to improve every aspect of healthcare from the patient care journey and experience to treatments and outcomes,” said Barclay E. Berdan, CEO of Texas Health Resources, in a news release.
But as de-identified patient data becomes increasingly popular for use in analytics, hospitals should carefully consider privacy risks when entering into information-sharing agreements as there is the possibility that data could be re-identified when large sets are combined.
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