Health data company MDClone grabbed $63 million in a series C funding round to power its continued global growth.
The Israeli company provides a self-service data analysis platform that uses synthetic data, which mimic the statistical characteristics of real-world data but aren’t attached to actual patients, to allow fast access to massive data sets for providers and researchers alike.
The company operates in the U.S., Canada and Israel, providing its data exploration and analytics tools to health systems, government entities, payers and life sciences companies.
In the U.S., MDClone has partnered with the Department of Veterans Affairs, the National Institutes of Health, Intermountain Healthcare and the Washington University School of Medicine in St. Louis, among others.
“Our mission from the start was to help the healthcare ecosystem use data to improve care delivery and health. Through our journey, we’ve seen great examples around the world where innovation, passion and technology combine to drive better outcomes,” said Ziv Ofek, co-founder and CEO of MDClone, in a statement. “With our technology and growing customer base, we are focused on continuing our global mission and are excited to accelerate the development of new capabilities and in new markets.”
Founded in 2016, the company has raised $104 million to date, last banking $26 million in 2019.
Warburg Pincus and Viola Growth, an Israeli growth fund, led the series C round, with participation from aMoon, LightSpeed Venture Partners and OrbiMed.
With the infusion of capital, the company plans to expand into new regional markets with particular focus on the Asia Pacific region, Europe and the Middle East, build upon its existing platform and enter new vertical markets including real-world evidence.
“We’ve been looking to invest in the digital health space for a while and were fascinated with MDClone and the immense opportunity it brings to the healthcare system by democratization of healthcare data without the risk of exposing individuals’ data," said Eran Westman, general partner at Viola Growth. "The company has shown great progress in the past year and an even bigger vision that we believe can transform the way doctors around the world can treat patients and improve care.”
Synthetic data analysis has a host of potential applications for providers and researchers, especially in rare disease and specialty research, where smaller potential subject pools may lead to access barriers.
Like real-world evidence research, synthetic data research is often considered a more equitable alternative to traditional studies.
Aetion, a real-world evidence and analytics company, picked up AI-powered synthetic health data company Replica Analytics in January to bolster its data offerings to drug companies, payers and other groups.