HealthVerity closed a $100 million Series D round to expand its software-as-a-service health care data platform.
The round was led by Durable Capital Partners, a Maryland-based firm that invests in small- and mid-capitalization companies. Durable’s founder, Henry Ellenbogen, was previously portfolio manager of T. Rowe Price’s New Horizon Fund.
All of HealthVerity’s existing investors also participated in the round, including Flare Capital Partners, Foresite Capital and Greycroft.
The Series D is HealthVerity’s largest fundraising haul yet. The Philadelphia health technology company has now raised $142.3 million since it was founded in 2014, including a $25 million Series C in 2019.
The latest round will be used to grow HealthVerity's Identity, Privacy, Governance and Exchange, or IPGE, platform. The company's cloud-based SaaS platform is used by pharmaceutical companies, insurance providers and analytics companies, specializing in providing clients with data that is “de-identified” so it won’t compromise patient privacy.
The company last year announced it would acquire West Coast software firm Curisium and add its seven employees to HealthVerity’s growing staff. Led by CEO Andrew Kress, HealthVerity said it planned to grow its staff by 60% as demand for its product picked up during the Covid-19 pandemic.
HealthVerity counts Accenture, Quest Diagnostics and UBC among its clients. The company was also selected by the Department of Health and Human Services to integrate its privacy-based records software into the Covid-19 vaccine rollout.
“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,” Ellenbogen said in a statement. “It has the potential to be a significant company.”
