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July 13, 2021 07:00 AM

Health system-backed Truveta raises $95M Series A funding round

Jessica Kim Cohen
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    Truevta has closed its Series A funding round with $95 million, the for-profit data company announced Tuesday.

    Truveta's 17 health system owners, including Altamonte Springs, Florida-based AdventHealth and Renton, Washington-based Providence, contributed the $95 million. Truveta launched in February with 14 members; since then, Dallas-based Baylor Scott & White Health, Columbia, Maryland-based MedStar Health and Arlington-based Texas Health Resources have also joined.

    The company will spend the $95 million on recruiting staff and purchasing digital infrastructure, such as cloud computing, that is needed to build the company's data platform.

    So far, Truveta has hired an estimated 140 employees, including computer scientists, artificial intelligence and machine learning engineers, and clinical informaticists, said Truveta CEO Terry Myerson, a former executive vice president at Microsoft Corp. The new capital will allow the company to hire another roughly 100 workers.

    Truveta is building a data platform where others can access aggregated and de-identified data from participating health systems, as well as AI and machine learning tools it develops for doctors and researchers. That could include some datasets that are available for free, along with more complex ones that Truveta will charge researchers and companies to access. Health systems will upload de-identified patient data to Truveta's platform daily.

    The ultimate goal is for researchers to be able to use the dataset—which covers millions of patients across 40 states—to study new treatments and other ways to improve patient outcomes.

    Each of the 17 health systems invested roughly the same amount, according to Myerson. He stressed health systems don't have to invest to join Truveta.

    Truveta's 17 health system owners
    1. AdventHealth
    2. Advocate Aurora Health
    3. Baptist Health of Northeast Florida
    4. Baylor Scott & White Health
    5. Bon Secours Mercy Health
    6. CommonSpirit Health
    7. Hawaii Pacific Health
    8. Henry Ford Health System
    9. MedStar Health
    10. Memorial Hermann Health System
    11. Northwell Health
    12. Novant Health
    13. Providence 
    14. Sentara Healthcare
    15. Tenet Healthcare
    16. Texas Health Resources
    17. Trinity Health

    "Obviously, we would welcome more," Myerson said. "With more data, we can find new insights."

    Truveta is working to set itself apart from other data companies by emphasizing that it's owned and governed by health systems, which could assuage some privacy concerns. Company officials have said that health system executives will determine what researchers Truveta shares data with and for which projects, and will advise Truveta on ethics, health equity, data integrity and clinical outcomes.

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