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.