Company name: PatientsLikeMe.
Industry: Digital health.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Location: Cambridge, Massachusetts.
Solution/product: A health data-sharing community for patients. On PatientsLikeMe, users share their health experiences and outcomes. The company then aggregates certain data and sells it to companies that are developing products in disease markets.
Money raised: $2 million from 11 investors.
How it will be used: A company rep declined to comment on the financing. In June, the company added three new members to its executive team.
Investors: Previous investors include CommerceNet, Omidyar Network, Collaborative Seed and Growth Partners LLC and Invus LP.
Management team: PatientsLikeMe was founded by three MIT engineers: brothers Benjamin Heywood, who formerly worked in manufacturing and product design at Target Therapeutics, and James Heywood, founder and former CEO of nonprofit biotechnology company ALS Therapy Development Institute; and Jeff Cole, a software developer.
Market size: More than $675 million have been invested in digital health companies so far this year, according to a midyear Rock Health report. Research firm Parks Associates pegged the digital health market’s value at $1.7 billion in 2010.
Competitors: With the rise of the e-patient, patient communities are popping up all over — from Meddik to Crohnology to Inspire and healthetreatment.
[Photo from Power Your Practice]
