San Francisco-based MedTech startup PicnicHealth has raised US$ 25M in a Series B funding round held in September 2020, led by Felicis Ventures along with participation from Amplify Ventures. Following the investment, managing director at Felicis Ventures, Sundeep Peechu is all set to join the startup’s board of directors.
Capital raised will be used to venture into disease areas, increasing access to the platform to more patients, while also focusing on building new research data sets. The startup is also going to use the fresh funds to enhance its engineering, machine learning, and clinical informatics competencies to develop its regulatory-grade data pipeline.
The startup was founded in 2016 by an ex-international development worker and Crohn’s Disease patient, Noga Leviner and Troy Astorino. It offers patients services that enable them to keep a record of their medical history in one place, as well as pharmaceutical companies access to patient records for real-time data. In general, it helps convert often very messy, unstructured data into organized, structured data.
Patients can use the facility provided by the startup to gather and manage their medical records and then share their medical history to contribute to research. The company claims that a patient’s history is made available to external researchers without revealing any of their personal information or identity. The service is free of cost for patients who are involved in clinical studies and individuals who aren’t contributing to the study pay a fee for the records management service. As many as 10K patients have been using the PicnicHealth platform.
Sundeep Peechu was quoted to say, “It is probably the first patient data company that has patient consent. This is a unique healthcare data company, which is going to the patients and asking for their consent and using that data in an advantageous way.”
PicnicHealth is being led by the vision that there’s power in medical data when it’s used well and that every individual has a right to own theirs. Hence, they have built an award-winning machine learning-driven data management service to do the same. It works straight away with patients to provide all of their medical records from any doctor or healthcare ecosystem in the US, in an easy-to-use, safe, and secure online dashboard. Its aim is to create better treatments that can eventually improve results for patients.
The startup has secured a total of US$ 37M in over 4 funding rounds including the latest one. The investors in these rounds include:
- Series A in 2018: Amplify Partners.
- Seed funding in April 2015: Eric Evans, Refactor Capital, Scott Marlette, Rashmi Sinha, Great Oaks Venture Capital, Sam Lessin, Paul Buchheit, Rishi Kacker, Wonder Ventures, Joe Greenstein, Social Capital partners, Stanford-StartX Fund, Inevitable Ventures, Kenny Van Zant, Jameson Hsu, Slow Ventures, Ramji Srinivasan.
- Seed Funding in September 2014: Great Oaks Venture Capital, Slow Ventures, Y Combinator.
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