Virtual Health Company Evidation Secures $153 Million

By Annie Baker ● April 2, 2021
  • Evidation Health recently announced it closed $153 million in Series E funding. These are the details.

Evidation Health recently announced it closed $153 million in Series E funding to rapidly expand its virtual health programs on Achievement, the largest digital health network in the United States. And this round was co-led by OMERS Growth Equity and Kaiser Permanente Group Trust; existing investors, including McKesson Ventures and B Capital Group also participated. Teresa Lee, Managing Director, OMERS Growth Equity, joins Evidation’s Board of Directors.

Evidation plans to use this additional capital to fuel the expansion of virtual health programs on the Achievement platform, building on its trusted relationships with individuals and its experience synthesizing and analyzing person-generated health data for stakeholders across healthcare. And Evidation’s new programs will provide personalized insights and tools to motivate and empower individuals to take evidence-supported actions to manage their health and conditions.

Comprised of over 4 million individuals, Achievement is uniquely positioned to power virtual health at scale. And the privacy-forward app and platform powering Evidation’s research business, Achievement is known as the largest and most geographically and demographically diverse connected cohort in the United States, representing 50 states and nine out of every 10 ZIP codes nationwide.

Launched as a research platform powered by individuals and their permissioned health data, Achievement has been pioneering real-world studies across diverse topics, from COVID-19 and Alzheimer’s disease to chronic pain and respiratory conditions. And among its biopharma customers, Evidation works with nine out of the 10 largest in the world, along with academic institutions, public health organizations, and medical specialty societies. So far, Evidation has conducted more than 100 real-world studies across therapeutic areas. In 2020, the company reached the milestone of more than 1 million individuals participating in research and health programs and expects to surpass 2 million later this year.

Harnessing its experience in research and connection to individuals through person-generated health data, last year Evidation had launched its first virtual health initiatives, including Achievement for Heart Health—a first-of-its-kind health program in partnership with the American College of Cardiology to help individuals monitor and improve their cardiovascular health outside clinic-based settings, with an initial focus on heart failure. And the company also collaborated with Apple and the government of Singapore on LumiHealth, a personalized program that encourages healthy activity and behaviors using Apple Watch. With a double opt-in, these privacy-safe health programs seamlessly connect research and care, accelerating the discovery and dissemination of evidence-supported practices that improve health outcomes.

KEY QUOTES:

“Achievement has made it possible to rapidly understand health and therapeutic impact with speed and rigor at scale. The next era of Evidation will transform how individuals interact with the ecosystem of care, by providing anyone with evidence-supported guidance and actionable tools to better understand and improve their health. We are now the first company that can help digital health and biopharma companies generate evidence about their treatments, and then enable individuals to use that evidence to take actions to manage their health.”

— Deborah Kilpatrick, PhD, Co-CEO and Executive Chair at Evidation

“We are excited to support Evidation as it continues to scale its individual-centric Achievement platform. Evidation has made rapid, virtual research at scale possible and the company’s innovative platform can be leveraged to guide patients on their health journeys. Evidation is positioned to be a key enabler of the feedback loop that translates into timely, appropriate care and health insights.”

— Teresa Lee of OMERS Growth Equity