OM1, a healthcare data and analytics company, raised $85 million in a Series D financing round co-led by Oakland, California-based Kaiser Permanente.
D1 Capital Partners and Breyer Capital joined Kaiser Permanente in leading the new funding round, which also included participation from existing investors like General Catalyst, Polaris Partners and 7wire Ventures.
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OM1 partners with providers, medical societies, payers and manufacturers to create data networks, said Dr. Richard Gliklich, CEO of the Boston-based company, in an email. These networks automate the collection of data from various systems, like EHRs and laboratories, and from patients. The data is then used to help develop or evaluate medical products and treatments. It can also be used for creating artificial intelligence models that support clinical decision-making.
“Clinical — real-world — health data is extremely important when trying to evaluate patient outcomes, understanding a patient’s treatment or disease journey, understanding what treatment works for which patient and when…and so on,” Gliklich said. “But healthcare data is complicated, it also comes from many different systems, and it needs to be de-identified to protect the privacy of patients. We organize healthcare data to enable it to be used to improve health outcomes.”
For example, clinicians can use the data and tools provided by the company to predict a knee replacement patient’s likelihood of experiencing adverse events and decide the course of their treatment accordingly, Gliklich said. Similarly, pharmaceutical companies can use the data to explore how their treatment works in different patient populations and sub-types.
With the new funding, OM1 will focus on expanding its real-world data networks, specifically in chronic disease areas, including dermatology, gastroenterology, rheumatology and behavioral health. The company also plans to extend its analytics models and platforms.
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Founded in 2015, the company has raised $176 million in total.
Though the company operates similarly to clinical research organizations, like Covance, Medidata and Oracle, it is not one.
“The market for real-world clinical data is split into the large aggregators that are an inch deep and a mile wide and traditional patient registry companies that focus on smaller groups of patients that are individually enrolled and followed by physicians,” Gliklich said. “OM1 is creating a middle tier between those types of companies.”
In addition, OM1’s AI platform applies advanced analytics and predictive modeling to clinical data, which enables it to identify patients, predict outcomes and encourage shared decision-making between providers and patients, Gliklich said.
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