$2.55M Series B Financing Led by Santé Ventures
CLEVELAND, Ohio—August 2, 2010—Explorys Inc., the leader in cloud computing solutions for healthcare data management, analytics, and outcomes measurement has secured $2.55M Series B financing from Santé Ventures, with follow-on participation from Cleveland Clinic Innovations.
Explorys provides specialized data services and applications for the healthcare industry, empowering healthcare providers, biotech, and pharmaceutical companies to improve treatment, accelerate research and product development, while enabling critical measurement for performance management and drug safety.
Founded in 2009, Explorys has developed a network of healthcare providers contributing over a billion clinical records updated on a daily basis. The company launched its platform for healthcare providers in July and will offer their services to life sciences customers in the fourth quarter of 2010.
Explorys raised the $2.55 million in addition to the $1 million raised in their Series A round led by 23Bell in October 2009. “With strong momentum going into this financing round, our goal was to raise sufficient capital to propel Explorys to a point of sustained revenue growth,” stated Explorys CEO, Stephen McHale. “This is a bold initiative, with unprecedented support from the healthcare and life sciences communities. We’re excited to be the first mover in a space that will have profound effect on treatment and drug safety.”
Explorys provides a unique combination of massively scalable data processing with clinical records standardization; atop an open data model that encourages development from partners and a growing network of data contributors. “Making sense of billions of clinical observations across disparate treatment venues and providers is possible only when data is ‘harmonized’ by a central accountable organization”, stated Charlie Lougheed, Chief Technology Officer and President of Explorys. “This is why we combine scale with effective data curation; enabling apples-to-apples comparison across vast and statistically rich data sets.”
Proceeds from this financing will be used to continue development of the platform technologies including drug safety detection technologies, third party software development interfaces, as well as network development, sales, and marketing activities. “Stephen and Charlie have assembled an impressive team to create clinical insights from health data,” said Santé Ventures Managing Director and Explorys board member, Joe Cunningham. “We are enthusiastic about Explorys’ potential to meet the needs of a fast-changing, outcomes-driven healthcare system.”
Explorys addresses the national strategic imperative to leverage electronic medical records (EHR) for the improvement of medicine. We accelerate discovery and enable collaboration between stakeholders in healthcare by providing a platform that serves providers and life sciences – all within a HIPAA compliant, privacy protected environment. For more information, visit www.explorys.net.
About Santé Ventures
Santé Ventures is a life sciences venture capital firm that invests exclusively in companies developing innovative new medical technologies and healthcare delivery models. The firm was founded in 2006 and has $132 million in capital under management in its debut fund. For more information, visit www.santeventures.com.
About Cleveland Clinic
Cleveland Clinic, located in Cleveland, Ohio, is a not-for-profit multispecialty academic medical center that integrates clinical and hospital care with research and education. It was founded in 1921 by four renowned physicians with a vision of providing outstanding patient care based upon the principles of cooperation, compassion and innovation. U.S. News & World Report consistently names Cleveland Clinic as one of the nation’s best hospitals in its annual “America’s Best Hospitals” survey. About 2,100 full-time salaried physicians and researchers and 11,000 nurses represent 120 medical specialties and subspecialties. In addition to its main campus, Cleveland Clinic operates nine regional hospitals and 15 Family Health Centers in Northeast Ohio, Cleveland Clinic Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and opening in 2012, Cleveland Clinic Abu Dhabi. In 2009, there were more than 4.6 million visits throughout the Cleveland Clinic health system and 170,000 hospital admissions. Patients came for treatment from every state and from more than 100 countries.
Arras Group, Jim Hickey