Truveris scored $25 million in a new funding round led by McKesson Ventures, which will allow the data analytics company to expand its platform across the prescription benefits industry.
With this new funding, "we can help more organizations reduce costs and improve access to medications," said Truveris CEO Faisal Mushtaq in a statement.
Truveris, founded in 2009, aggregates pharmacy data for employers, brokers, labor unions, and others to reduce pharmacy-benefits related costs. Using the TruBid platform, employers and others can shop for pharmacy benefit manager contracts. That can spell huge savings: New Jersey saved $1.6 billion on prescription drug benefits.
Truveris also makes OneRx, an app for consumers to compare drug copays.
The company's platform succeeds by "demystifying pricing strategies in PBM contracts and driving more transparent competition," said Tom Rodgers, managing director at McKesson Ventures, in a statement.
Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners and New Atlantic Ventures also participated in the Series D round.