Startup Evidation Health was able to raise $45 million in the Series D funding, said MedCity News. According to the data analytics company, the new capital will be used to provide virtual health programs and data for research.
The new capital will help Evidation pursue its plans for expansion, which would allow participants to get health-related info and recommendations. No specific information about the project has been released.
However, the company did say that it will be offering programs that can help members get “clinically actionable insights.” In a report by Business Wire, this new funding is also revealed to be used for further diversifying participant population.
Evidention’s pool of virtual studies members is already considered the largest and most diverse in terms of demography and geography in the United States. Members include residents of all 50 states and 9 out of every 10 zip codes in the country.
Business Wire noted that B Capital Group led the round, including new participants McKesson Ventures and Section 32. Existing investors were also present such as Revelation Partners, Rethink Impact, and SV Health Investors.
The startup is known for gathering health-related digital data from wearable technology, videos, speech files, and other similar sources. It uses such data to conduct virtual studies.
One project, Johnson & Johnson’s Heartline study, uses data from Apple Watch to see whether the device has features that can identify atrial fibrillation early, which can aid in minimizing participants’ risks of suffering stroke.
Evidation has been partnering with 8 out of 10 biggest biopharma firms, providing at-home diagnostics, patient-reported results, and sensor data. The company obtains relevant data through various sources including its own research app, Achievement.
Achievement pays users to track steps, sleep habits, meals, and other similar health-related metrics. Users can also choose to participate in virtual clinical trials. According to the company, there 4 million users who participate in the app.
This application is the primary focus of the new funding the firm received as it aims to expand participation in virtual studies. CEO Deborah Kilpatrick said, “Participation in research is an activator for individuals to better understand their health and seek care proactively.”
Kilpatrick also noted that after its firm’s focus on expanding participation through Achievement, “The next natural step for Evidation is to decrease the latency between evidence and action by offering virtual health programs, while still keeping privacy and consent at the forefront.”