Healthcare "map maker" Komodo Health netted $220 million in new funding to build out its data analytics platform for healthcare and life sciences research.
The startup has created a massive "healthcare map," an artificial intelligence platform that compiles de-identified healthcare data from hundreds of sources and more than 325 million individual patients. The company offers a real-time view into patient healthcare journeys to help life sciences companies and payers detect disparities in care and identify interventions, the company said.
Komodo Health's Series E funding round was led by Tiger Global and joined by Casdin Capital. Existing investors Iconiq Growth, Andreessen Horowitz and Silicon Valley Bank also joined the round.
The latest funding round propels Komodo Health to a $3.3 billion valuation, according to the company. Founded in 2014, Komodo has raised $314 million to data, Crunchbase reports.
The hefty investment underscores the startup's rapidly growing role as a foundational enterprise technology platform helping to drive digital transformation across the healthcare industry, Komodo Health executives said in a press release.
The company plans to invest the funding in its enterprise technology platform, application suite and core data assets.
“This investment reaffirms our patient-centric approach to understanding every interaction with the healthcare system and building a flexible analytics platform based on that foundation,” said Arif Nathoo, M.D., co-founder and CEO of Komodo Health in a statement. “As digital adoption continues to accelerate rapidly and new sources of healthcare insights proliferate, Komodo enables the enterprise to address unmet needs of patients while reducing disparities in care.
In January, Komodo Health inked a multi-year deal to import Blue Health Intelligence’s real-world patient data into its map of the U.S. healthcare system. When combined, Komodo’s database will chart the care journeys of more than 325 million individuals as they move through tests and treatments at hospitals and clinics to provide a wide, de-identified data set for research insights, FierceMedTech reported.
Blue Health Intelligence maintains a large, longitudinal data set built from medical and pharmacy commercial claims that Komodo hopes to integrate across all of its software products.
Earlier this year, Komodo acquired Mavens, a developer of cloud-based software designed for specialty biotech and pharma companies. The acquisition will also help power the San Francisco-based company’s global expansion through Mavens’ established operations in the U.S., U.K. and India.
The deal followed a previously unpublicized series D round from last year that netted Komodo $44 million.
Health IT company Allscript's Veradigm business also collaborated with Komodo Health in the area of life sciences research. Allscripts is linking its ambulatory electronic health record (EHR) with Komodo’s Healthcare Map, which contains encounter data from more than 150 private and public payers. Using Komodo Health's platform, the collaboration will enable Veradigm to provide the largest linked data set containing a complete longitudinal view of nearly 50 million identified patients.
Komodo Health has created a standard for real-world data and analytics by pairing data on patient encounters with enterprise cloud technologies that connect the dots between individual patient journeys and large-scale health outcomes. The combination of robust clinical insights and the ability to infuse it into enterprise workflows is helping life sciences companies, health plans and patient advocacy groups close gaps in care, address unmet patient needs, improve engagement and ultimately help drive novel therapies into the market, the company said.
“We had a vision seven years ago that integrating robust data with software solutions was the way forward for healthcare at a time when no one was doing this,” said Web Sun, co-founder and president of Komodo Health in a statement.
Casdin Capital is a research investment firm focused on the life sciences and healthcare industry. Casdin Capital founder Eli Casdin said the firm recognized the scale advantage and impact potential of Komodo Health.
"They are already far ahead of legacy aggregators and increasingly becoming a leading partner to help accelerate top pharma and emerging biotechnology companies’ novel therapies to market. We're thrilled to partner with their outstanding leadership team and help bring their vision to life," Casdin said.