Main Line health care analytics firm PurpleLab Inc. has raised $40 million in funding to accelerate investments in product development and human capital.
Cleveland private equity firm Primus Capital led the Series B round, joining existing investor Edison Partners of Princeton, New Jersey. PurpleLab raised a $3 million Series A round in August 2019.
The Wayne health tech company's no-code analytics platform is used by life sciences companies, health plans and health care providers to develop real-world evidence that novel therapeutics or clinical strategies are performing and leading to cost savings. The company says it has experienced triple digit growth for four consecutive years. PurpleLab says the fresh funding will enable the company to continue its growth.
The company was founded in 2017 by CEO Mark Brosso. Brosso previously founded Health Market Science Inc., a King of Prussia health care information company acquired by LexisNexis in early 2015. Health Market Science was also backed by Edison Partners.
