Avandra, a clinical imaging data company, received $17.75 million in an unlabeled funding round, the company said Monday.
Venture capital firms Aegis Ventures and SpringRock Ventures co-led the round. New Hyde Park, New York-based Northwell Health and Houston-based Memorial Hermann Health System participated in the round.
Related: Health systems pouring millions into genomics programs
Avandra has developed a de-identified imaging and clinical data network for researchers as well as for medical device and pharmaceutical companies. Customers can use the information to form insights and develop therapies. Health systems such as Northwell and Memorial Hermann are interested in both supplying and using the research data, said Avandra founder and CEO Ryan Tarzy.
“To have enough data to be able to reduce bias in artificial intelligence, even large health systems like Northwell want to be able to consume broader data sets beyond their own health system,” Tarzy said. “They see opportunities within their internal data sets, as well as being able to work with other data sets.”
The funding comes as health systems are increasingly collaborating to supply patient data into a decentralized database to better understand specific diseases, develop treatment plans and adopt new therapies. Along with imaging data, more health systems are investing in programs that leverage patients’ genetic makeup to get insights into at-risk populations.
The funding will be used to help Avandra reach its goal of accumulating 200 million patient studies in its data network by the end of 2025, Tarzy said. While the company publicly launched in October, it has been working on building the network for four years, he said.
Aegis, which creates, invests and operates digital health companies, has been closely tied to Northwell since October 2021 when it launched. Northwell and Memorial Hermann both joined Aegis’ digital consortium along with seven other health systems in April 2024.
