29 Feb Health Catalyst hauls in $70 million in Series E cash, moves closer to IPO
Money will go into expanding product line, including population health management and real-time decision tools
Health Catalyst has raised $70 million in its fifth round of funding, bringing the total of venture capital it has attracted to $235 million.
Norwest Venture Partners, the lead investor in three previous rounds of funding, and UPMC Enterprises, the commercialization arm of UPMC, co-led the round. UPMC is also a Health Catalyst customer and technology development partner.
Also contributing are Health Catalyst customers MultiCare Health System and OSF Healthcare, new investor Leerink Capital as well as existing investors Sequoia Capital, Sands Capital, Kaiser Permanente Ventures, CHV Capital (an Indiana University Health Company), Partners HealthCare, EPIC Venture Partners, Leavitt Equity Partners and Tenaya Capital.
The company will use the new capital to expand its product line.
“Our new products, funded by this round, will enable better, faster decisions, from the population level to the individual patient level,” Health Catalyst CEO Dan Burton said.
Areas of particular interest, Burton said, are population health management, care management and costing – “precise costing such that you really know what it costs to deliver specific procedures in specific locations.”
There’s no standing still for Health Catalyst, a company inspired by the analytics that were being honed at Intermountain Healthcare back in the day when that kind of analysis was done on spreadsheets.
Today, Health Catalyst is redefining what it means to improve healthcare outcomes and keep the lid on cost. It is also shaking up how a health IT enterprise does business, having persuaded many of its high-profile clients – Allina Health, Partners HealthCare and UPMC, among them – to not only work with the company to develop new products, but also to invest big time.