San Mateo-based healthtech startup Evidation Health announced Monday that it raised $153 million in a Series E round to advance its virtual health programs. The round was co-led by OMERS Growth Equity and Kaiser Permanente Group Trust.
Evidation’s platform, Achievement, digitally measures a patient’s health to better understand disease. The company creates algorithms that aim to identify key intervention points as well as predict disease onset, progression and regression. To do this, Achievement gathers behavioral data from medical sensors, devices, audio and video tools, to name a few.
Achievement utilizes the data to support clinical, medical and commercial teams in their research. The platform enables these teams to recruit study participants from anywhere in the world, as well as track their enrollment progress.
All things considered, Evidation’s research platform leads to an 80 percent increase in study retention rates, according to the company.
“Achievement has made it possible to rapidly understand health and therapeutic impact with speed and rigor at scale,” Deborah Kilpatrick, executive chair and co-CEO of Evidation, said in a statement. “We are now the first company that can help digital health and biopharma companies generate evidence about their treatments, and then enable individuals to use that evidence to take actions to manage their health.”
In 2020, more than one million individuals took part in research studies via Evidation and the company expects to surpass two million later this year.
Evidation will use the additional capital to expand the number of virtual health programs it currently offers. The company’s technology has been used to support research on a variety of medical topics from COVID-19 and Alzheimer’s disease to chronic pain and respiratory conditions.
The company also plans to hire as it continues to scale. Evidation is now hiring for dozens of open positions at its San Mateo headquarters. Available roles span the company’s engineering, operations and product teams.
Founded in 2012, Evidation has raised $259 million in venture capital financing to date, according to Crunchbase.
Additional investors McKesson Ventures and B Capital Group also participated in the round.
