Total amount raised
$288.8 Million
Latest funding date
01/01/2022
Location
Verana Health has successfully raised funds through six funding rounds, attracting a total of 15 investors, including notable names like Brook Byers and Transformational Healthcare. The company specializes in drug lifecycle management and medical practice, leveraging advanced AI and ML technology to provide actionable insights aimed at improving patient care.
With recent acquisitions of COTA Healthcare and Data Tapestry, Verana Health continues to expand its capabilities and offerings. Keep reading to explore the intricacies of Verana Health's fundraising journey and the investors backing this innovative platform.
What Is Verana Health?
Verana Health is a digital health company based in San Francisco, California, specializing in drug lifecycle management and medical practice. The company operates within the healthcare, analytics, biotechnology, and database industries, leveraging advanced AI and machine learning technologies to provide actionable insights aimed at improving patient care.
Founded with a mission to unlock real-world data to transform patient lives, Verana Health partners with leading medical societies and pharmaceutical organizations. The company has a workforce of 51-100 employees and maintains additional locations in New York and Knoxville.
How Much Funding Has Verana Health Raised?
- Series A
- Amount Raised: USD 1,000,000
- Date: January 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial operations and develop its core technology.
- Series B
- Amount Raised: USD 7,800,000
- Date: February 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's technology and data capabilities.
- Series C
- Amount Raised: USD 30,000,000
- Date: July 2018
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To rebrand the company and expand its capabilities and partnerships.
- Series D
- Amount Raised: USD 100,000,000
- Date: February 2020
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product development and expand data partnerships.
- Series E
- Amount Raised: USD 150,000,000
- Date: January 2022
- Lead Investors: Johnson & Johnson Innovation, Novo Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance life sciences product strategy, enhance value to healthcare providers, and expand data footprint.
Total Amount Raised: USD 288,800,000. Current Valuation: Not publicly disclosed.
Key Investors
- Johnson & Johnson Innovation
- Details: Johnson & Johnson Innovation is a division of Johnson & Johnson that focuses on accelerating early-stage innovation worldwide.
- Investment Focus Areas: Healthcare, pharmaceuticals, medical devices, consumer health products.
- Notable Investments: Grail, Arcturus Therapeutics, Auris Health.
- Novo Holdings
- Details: Novo Holdings is a holding and investment company that manages the assets and wealth of the Novo Nordisk Foundation.
- Investment Focus Areas: Life sciences, biotechnology, pharmaceuticals, medical technology.
- Notable Investments: Xellia Pharmaceuticals, Synlab, ERT.
- Google Ventures (GV)
- Details: Google Ventures is the venture capital investment arm of Alphabet Inc., focusing on technology companies.
- Investment Focus Areas: Technology, life sciences, healthcare, artificial intelligence, consumer products.
- Notable Investments: Uber, Slack, Nest.
- Casdin Capital
- Details: Casdin Capital is an investment firm focused on life sciences, biotechnology, and healthcare innovation.
- Investment Focus Areas: Life sciences, biotechnology, healthcare IT.
- Notable Investments: 10x Genomics, Twist Bioscience, Relay Therapeutics.
- Brook Byers
- Details: Brook Byers is a venture capitalist known for his investments in healthcare and biotechnology sectors.
- Investment Focus Areas: Biotechnology, healthcare, life sciences.
- Notable Investments: Genentech, Hybritech, Athenahealth.
What's Next for Verana Health?
Verana Health stands at the cusp of significant opportunities, driven by its recent $150 million Series E funding. The company aims to advance its life sciences product and service strategy, enhance its value proposition to healthcare providers, and expand its data footprint through strategic partnerships. Leveraging its VeraQ platform and Qdata modules, Verana Health is poised to make substantial strides in clinical trials, software-as-a-service, and real-world evidence, particularly through the use of AI and natural language processing.
Future fundraising opportunities appear promising, given the strong backing from high-profile investors and the company's robust growth trajectory. As Verana Health continues to expand its technological capabilities and data partnerships, it may attract additional rounds of funding to support further innovation and market expansion. However, the company will need to navigate challenges such as data privacy, integration of disparate healthcare data, and maintaining data integrity to sustain its growth and success.
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