A Data Analytics start-up Evidation has raised 45 million USD in series D funding for their new project focusing on Virtual Health. Let us look at virtual health as a concept and see how it can improve with advancing technology.
The company Evidation Health provides its customers with a platform to participate in virtual clinical trials, they plan to use the new funding to expand the platform by researching particular aspects of their customer’s personal devices. These include any number of wearable or mobile devices that have access to video, speech, and other sensor data. They also focus on testing certain new applications to existing technology such as Johnson & Johnson Heartline study which helped an Apple watch with early detection of atrial fibrillation. Evidation’s platform was responsible for the success of the study. The study drew conclusions based on the heartbeat sensor and found out that it can successfully detect poor blood flow.
Evidation now works with 8 of the major Pharma companies, and provide them with the sensor data, including outcomes and at-home diagnostics. A research app Achievement pays its users to track personal data such as sleep, meals, and steps. Evidation claims a massive userbase of 4 million for this app alone. Now Evidation has decided to expand on their existing platforms to give users personalized information and recommendations.
Wider participation in research helps in the accuracy and validity of any research study. To expand this app further the company plans to decrease the time taken between the data collection and action by offering to give the above-mentioned suggestions but keep the privacy of the user at the forefront. In the case of research study personal data refers to the factors of health but the identity of the patient almost always remains anonymous.
Series D funding refers to a type of financing where a company prepares for a new project or a merger & acquisition. The prospects appear favorable and investors are willing to spend more. With the success of this round the company has gained much appealing personnel to help them manage the various projects. The main investor was B Capital Group while McKesson Ventures a fund started by Google Ventures founder Bill Maris, also invested.
According to an Official of McKesson Ventures, there is a lot of value in collecting real-world data for clinical and commercial use cases, this will help in ensuring the best results from samples both inside and outside a clinic. Evidation has worked hard to achieve the level of fidelity within their platform that facilitates not only accurate data collection but also helps its users with personalized healthcare. The accurate data collection from these sensors will help users for years to come.
