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Verana Health Secures $150 Million to Drive Innovations in Medicine Through Unprecedented Data Analytics

Author: Sujay Jadhav, CEO of Verana Health
January 2022
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How do you make a dent in our crisis-level spending on healthcare? You accelerate the drug development life cycle leading to innovative treatments. 

Doing this right helps reduce the cost it takes to bring drugs to market and gets life-changing treatments to patients faster. Doing this effectively, efficiently, and at scale is now being enabled by harnessing the power of insights from everyday healthcare encounters.

That’s what Verana Health is doing: unlocking the power of healthcare data from the real world to help medicine progress. That’s what got me excited to join as the CEO. That’s the promise that captured the interest of leading investors.

“…unlocking the power of healthcare data from the real world to help medicine progress.

Fueling the Fire for Growth

Verana Health’s recently announced $150 million Series E funding includes a diversified set of well-respected investors, including two life sciences innovation funds that led the round, Johnson & Johnson Innovation – JJDC, Inc. and Novo Growth, the growth-stage investment arm of Novo Holdings.

This round validates the tremendous results achieved to date with our life sciences customers, the profound insights leveraged by our specialty medical society partners, and the continued value we provide to the ophthalmologists, urologists, and neurologists who participate in our real-world data network. Each of these stakeholders have already benefited from our strong technology foundation, our proprietary data assets, and the quality insights we drive day-in-day-out.  

Now, Verana Health is ready to fuel growth by widening the deployment of our insights offerings and delivering solid, unmatched data assets.

Verana Health is solving a real-world data standardization problem by operationalizing the creation of high-quality data sets to inform insights across the drug lifecycle and within medical practices.

Setting the Stage for Success

Since our inception in 2018, we’ve been busy building a solid and differentiated data and technology ecosystem to power quality insights for Life Sciences, Healthcare Providers, and Medical Societies. 

What we’ve built is impressive, because it addresses the elephant in the digital health room: the need to create high-quality healthcare data sets at scale—to inform clinical research and care—from millions of disorganized, disparate, and often unstructured electronic health record (EHR) inputs.

Verana Health is solving a real-world data standardization problem by operationalizing the creation of high-quality data sets to inform insights across the drug lifecycle and within medical practices.

To do this effectively, we’ve focused our efforts on five areas to date:

  1. Real-world Evidence Capabilities: Deepening our penetration in Life Sciences, including collaborating with 4 of the top 5 pharmaceutical companies.
  2. Real-world Data Network: Assembling an exclusive real-world data network of more than 20,000 healthcare providers, 90 million de-identified patients, and 70 EHRs through three specialty Medical Society partnerships
  3. Technology Platform: Launching our advanced population health data engine, VeraQ™
  4. Quality Data Sets: Building a robust data ecosystem via proprietary, curated data sets, Qdata™, which span numerous diseases in ophthalmology, urology, and neurology.
  5. Artificial Intelligence: Pioneering the use of artificial intelligence (AI), specifically natural language processing (NLP), to extract insights from de-identified, unstructured data.

Trailblazing Ahead with Purpose

As Verana Health looks ahead to the future, we are continuing to extend our reach and impact in clinical research and digital health. Our vision is to enable data from real-world healthcare settings to become meaningful and powerful for all stakeholders, ultimately promoting the quality of care and life for patients. With Verana Health’s new infusion of capital, our journey to power healthcare forward has just been accelerated. I look forward to sharing more about the contributions we’re making to advance healthcare, including peer-reviewed research powered by our data as well as compelling and novel case studies along each stage of the drug life cycle.