More investors are pouring funds into Komodo Health, a healthcare analytics startup working to follow patient encounters and outcomes using de-identified data. The company raised $220 million in funding in a series E round that bolstered its valuation past $3.3 billion.
Tiger Global led the funding round, and Casdin Capital joined as a new investor. Previous investors, including Andreessen Horowitz, ICONIQ Growth and Silicon Valley Bank, also joined the funding round.
Behavioral Health, Interoperability and eConsent: Meeting the Demands of CMS Final Rule Compliance
In a webinar on April 16 at 1pm ET, Aneesh Chopra will moderate a discussion with executives from DocuSign, Velatura, and behavioral health providers on eConsent, health information exchange and compliance with the CMS Final Rule on interoperability.
“As long-time investors in the intersection of life sciences and next generation technologies, it was quickly clear to us the scale advantage and impact potential of Komodo Health,” Casdin Capital Founder Eli Casdin said in a news release. “They are already far ahead of legacy aggregators and increasingly becoming a leading partner to help accelerate top pharma and emerging biotechnology companies’ novel therapies to market.
Komodo plans to use the funds to build out its technology platform, Specifically, it is focused on ensuring its data is complete and can be integrated across multiple platforms, Komodo Co-Founder and CEO Dr. Arif Nathoo wrote in an emailed statement.
“It’s not going to be enough to build platforms based on incomplete data sets and it’s also not going to be enough to have a complete data set that doesn’t plug into existing workflows. That’s where we see the biggest growth coming from in the months ahead,” he wrote.
Founded in 2014, Komodo pulls de-identified health data from payers and providers, and follows patients’ journeys as they move through the health system. It currently has information from more than 325 million patients.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The startup works with health plans, patient advocacy groups and several large biopharma companies. For example, Karyopharm Therapeutics used its platform to identify trends in Covid-19 diagnosis and symptoms, and to pinpoint at-risk patients. Komodo also has a partnership with the Cholangiocarcinoma Foundation to give patients more information on local specialists and promising treatments.
After quietly raising $44 million last year, Komodo acquired Mavens, a software startup that is building cloud-based technology for biotechnology and specialty pharma companies. The deal would also increase Komodo’s global footprint, as Mavens operates in the U.S., U.K. and India.
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