USA – Verana Health, a digital health company, has announced US$150 million Series E round led by Johnson & Johnson Innovation and Novo Growth.

Growth investment arm and included participation from new and existing investors including GV, the Merck Global Health Innovation Fund, Casdin Capital, Brook Byers, THVC and Breyer Capital.

The funds will be used to advance the company’s real-world data product and service offerings throughout the drug lifecycle, as well as to expand its data footprint through strategic partnerships.

The healthcare industry needs new ways of creating high-quality data sets from disorganized information dispersed throughout a myriad of electronic health record (EHR) systems that often lack interoperability and standardization,” remarked executive chairman David Parke.

Verana, he claims, addresses this by producing “curated data sets, from both structured and unstructured data, that maintain truth to original clinical context.”

Verana manages data from over 20,000 healthcare providers and 70 EHR systems, and has exclusive collaborations with the American Academy of Ophthalmology, American Urological Association, and American Academy of Neurology.

Its VeraQ population health data engine, which debuted in October, employs artificial intelligence (AI) to power a data integrity feedback loop containing nearly a “half-billion” health encounters.

According to Verana, the end result is curated “disease-specific, fit-for-purpose” Qdata modules that will assist life sciences companies in driving business insights and informing research outcomes.

Verana also stated that it intends to expand its AI capabilities by focusing on using natural language processing to extract insights from unstructured text data in EHR notes.

Both Johnson & Johnson Innovation and Novo Growth are sending representatives to join Verana’s board of directors, with the latter’s slot being filled by Jeffrey Low, M.D., a principal at the firm.

The Series E funding round easily dwarfs Verana’s previous funding rounds and more than doubles the company’s lifetime fundraising total.

Its most recent two investments were led by GV, Alphabet’s venture capital arm formerly known as Google Ventures, and totaled US$130 million between 2018 and 2020.

Meanwhile, the VeraQ population health analytics tool, which debuted in October, uses artificial intelligence to automatically sift through that data, assisting drug and device developers with their research and speeding up clinical trial recruitment.

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