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Verana Health, a digital health company that harnesses big data insights to improve medical research, raised $150 million in a round E funding round.
The San Francisco-based company has formed exclusive data partnerships with a number of notable medical associations, including the American Academy of Ophthalmology, American Academy of Neurology, and American Urological Association, to aggregate and analyze data anonymized patients and accelerate the development of new drugs. It also claims to work with many multinational pharmaceutical companies and “emerging biotech and biopharmaceutical companies.”
AI meets healthcare
Verana Health offers two primary products: the VeraQ Platform, which is billed as a health data engine that connects disparate, unfiltered health data; and Qdata, which are datasets derived from VeraQ for diseases such as ophthalmology, neurology and urology. The Verana Health platform uses natural language processing (NLP) and machine learning to “preserve the integrity of the original clinical context” of a healthcare provider’s notes and inputs – essentially, give meaning to unstructured textual data in electronic health records (EHRs).
Originally founded as DigiSight Technologies in 2008, the company was renamed Verana Health in 2018 alongside a $30 million investment led by Alphabet’s venture capital arm, GV. With $150 million fresh in the bank, Verana Health said it plans to double down on product development and “expand its data footprint” by building more partnerships with the medical and healthcare fraternity.
For its Series E round, Verana Health has attracted a host of high-profile strategic and institutional investors, including top backers Johnson & Johnson Innovation and Novo Growth, as well as GV, Casdin Capital, Brook Byers, Merck Global Health Innovation Fund, THVC and Breyer Capital.
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