Tracxn Research: Healthcare Analytics Startup Landscape, July 2016

Healthcare Analytics Report, July 2016
Tracxn
World’s Largest Startup Research Platform
2

Contents
Topic Page No.
Scope of Report 05
Entrepreneur Activity 07
Investment Trend 09
Who is Investing 17
Exit Outlook - IPO, Acquisitions 21
Sub Sector Analysis 24
Interesting Companies 39
Useful Links 54
Company List 56
Team 204
3
3

Illustrative Sectors We Track
ENTERPRISE
INFRASTRUCTURE
ENTERPRISE
APPLICATIONS
TECH FINTECH EDUCATION MOBILE
SECURITY
STORAGE
NETWORKING
MOBILITY
IT OPS
CLOUD INFRASTRUCTURE
API MANAGEMENT
BIGDATA INFRASTRUCTURE
SAAS
MOBILE-FIRST ENT. APPS
INTELLIGENT ENT. APPS
OPEN SOURCE
RETAIL TECH
MARKETING TECH
STEALTH MODE
VERTICAL SAAS
HEALTH
BIOPHARMA
DIAGNOSTICS
MEDICAL DEVICES
HEALTHCARE ANALYTICS
FITNESS AND WELLNESS
HEALTH IT
CONSUMER HEALTHTECH
MOBILE HEALTH
CONSUMER
MARKETPLACES
SUBSCRIPTION COMM.
UBER FOR X
INTERNET FIRST BRANDS
FOOD TECH
GROCERY TECH
TRAVEL
GAMING
INTERNET OF THINGS
3D PRINTING
BITCOIN
PAYMENTS
EDUCATION IT
SELF LEARNING
MOBILE COMMERCE
MOBILE PAYMENTS

Sector Overview
Scope of report
Healthcare analytics is defined as the use of data, information technology and computer-based mathematical models to gain insights
that support healthcare professionals in decision making. This report covers B2B companies that offer healthcare analytics solutions to
Providers, Payers, Employers and Accountable Care Organizations (ACOs). The companies have been classified based on their application
- Clinical, Financial, Operational and Suite Solutions. Examples include companies that offer analytics for Population Health Management,
Clinical Decision Support Systems, Patient Engagement, Revenue Cycle Management and Workflow Management. It excludes those
companies that offer analytics in the form of consultancy, B2C solutions and companies that offer analytics for drug development,
drug discovery or research. This report also does not cover companies that offer their solutions to multiple industries (Oracle, SAS)
and companies whose non-analytics products and solutions span the entire healthcare sector (Cerner, McKesson).
The scope of this report includes equity as well as debt funding received by the companies.
Business Model Description
Clinical Analytics
Solutions that help gain insight into clinical operations, aid decision making, predict patient health deterioration,
prevent hospital readmissions and improve the quality of patient care.
Financial Analytics
Solutions aimed at streamlining and improving the revenue cycle process, identifying cost containment
opportunities
Operational Analytics
Solutions that support administrative and operational decision making in areas such as customer acquisition,
workflow management and market intelligence
Suite Solutions Solutions with multiple use cases that support overall performance improvement

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
6
6

28
58 58
69
103
89
8
0
20
40
60
80
100
120
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
7
YoY – Number of companies founded
Modernizing Medicine Evolent Health Flatiron Health Alignment Healthcare Centauri Health Solutions Lyra Health SurgeonCheck
Kyruus Butterfly Network MD Insider XG Health Solutions PatientPop Pieces Tech Scribe.AI

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
8
8

YoY – Number of Rounds and Total Funding
$111M $129M
$192M
$222M
$350M
$475M
$1.6B
$1.2B
$829M
14
34
51
56
83
133
182
168
85
0
40
80
120
160
200
0
360
720
1080
1440
1800
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inMillions)
Funding Amount Number of Rounds
Note: The funding includes debt rounds also.

YoY – Number of Rounds by Stage

YoY – Funding by Stage

Average Ticket Size – Early Stage

Top investments in last one year

Funnel view of Sector

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
6
16

Most Active Investors in Sector
11 11 11 11 11
9
8
7 7 7
0
2
4
6
8
10
12
BlueCross
BlueShield
Venture Partners
HLM Venture
Partners
Merck Rock Health Sequoia Capital Y Combinator Social Capital Bain Capital
Ventures
Dreamit Ventures Frost Data
Capital
NumberofCompanies
Change Healthcare Change Healthcare WellDoc Evidation Assurex Health CloudMedx Syapse Remedy Partners NarrativeDx Sentrian
ZeOmega OnShift medCPU Ginger.io Health Catalyst Notable Labs Glooko MedHOK Oncora Medical Penzata

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
0
20

Top IPOs in last three years
IPO Date Company
Overview
Investors
Funding
Amount
IPO Price
Exch:Ticker
Apr-2016
Volpara Solutions
(Wellington, 2009)
Quantitative breast imaging tools to assess breast imaging density $5.5M
$10M
ASX:VHT
Jun-2015 evolenthealth.com
Evolent Health
(Arlington, 2011)
Provides clinical and operational technology solutions to healthcare organizations
Advisory, TPG Growth, TPG Global, UPMC Health Plan $121.28M
$195M
NYSE:EVH
Feb-2015 epocrates.com
Inovalon
(Bowie, 1998)
Cloud-based data analytics platform that helps improve clinical, financial and
payment integrity outcomes
$600M
NASDAQ:INOV

Major Acquisitions since Jan 2016

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
3
23

June 2016Tracxn BlueBox : Healthcare Analytics
Cumulative funding in the sector
500+ companies in the sector, 300+ funded in last 5 years, $1.94B invested in 2015 / 2016
Practice Area: Health - Enterprise | Analyst: Abhimanyu Imtiaz | Twitter: @TracxnHealth

Top Business Models by Funding
$3.1B
$1.4B
$450M
$280M
0
700
1400
2100
2800
3500
Clinical Suite Solutions Operational Financial
TotalFundingAmount(inMillions)
# Cos. 423 68 93 48
Avg. Age 2010.5 2006.8 2009.7 2004.5
Proteus Digital Health Flatiron Health Evariant Apixio
Imaging Advantage Health Catalyst Kyruus MediGain

Clinical – Business Model Description

Clinical – Entrepreneur Activity and Investment
Trend

Clinical – Most Funded Companies

Suite Solutions – Business Model Description

Suite Solutions – Entrepreneur Activity and
Investment Trend

Suite Solutions – Most Funded Companies

Operational – Business Model Description

Operational – Entrepreneur Activity and
Investment Trend

Operational – Most Funded Companies

Financial – Business Model Description

Financial – Entrepreneur Activity and Investment
Trend

Financial – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
8
38

Interesting Unfunded Companies
Company Overview Business Model
1datapoint.com
1Datapoint
(2012, Toronto)
Diagnostic tools for mental health
Clinical > Precision Health
wandahealth.com
Wanda Health
(2011, San Francisco)
Machine learning based remote patient management
solutions
Clinical > Health Engagement > Patient Engagement > Devices >
Wearables
clemetric.com
CleMetric
(2013, Madison)
Suite of analytics software for improving hospital
care quality Clinical > Care Quality
deepdiagnostics.com
Deep Diagnostics
(2014, Toronto)
AI for clinical decision support.
Clinical > Decision Support > Radiology and Imaging
curatehealth.me
Curate.Health
(2012, Nashville)
Patient engagement platform offering patient
satisfaction Operational > Strategic > Patient Feedback
gotafi.com
TAFi
(2015, Chicago)
Real time decision support platrom
Clinical > Decision Support
salusity.com
Salusity
(2015, Boston)
Chronic disease management using remote
monitoring and biometric data
Clinical > Health Engagement > Patient Engagement > Devices >
Wearables
veedata.io
Veedata
(2015, Toronto)
Software for Health and Life insurance to track their
members. Clinical > Health Engagement > Member Engagement
Curated list of companies by the sector analyst are defined as Interesting

Interesting Seed Companies

Interesting Series A Companies

Interesting Series B Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
3
53

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Large Upcoming Sectors Entrepreneur Activity Link
Niche Upcoming Sectors Entrepreneur Activity Link
Top investments in last one year Investment Trend Link
Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link
Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
Clinical – Most Funded Companies Sub Sector Understand Link
Suite Solutions – Most Funded companies Sub Sector Understand Link
Operational – Most Funded Companies Sub Sector Understand Link
Financial – Most Funded Companies Sub Sector Understand Link
Top Funded Deadpooled Companies Companies Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
5
55

Healthcare Analytics – Company List
DETAILS 630+ COMPANIES
(409 FUNDED AND 223 UNFUNDED COMPANIES)
COVERS THE FOLLOWING SECTORS
Suite Solutions Clinical Analytics Financial Analytics Operational Analytics

Suite Solutions (1/18)
Suite Solutions Clinical Financial Operational
Company Details Funding Investors
Performance
Improvement
Flatiron Health [New York City, 2012]: Flatiron Health offers healthcare providers and cancer centers a
common technology platform for organizing and analyzing real-world oncology data. The company's
OncologyCloud platform includes the electronic medical record for oncology, an analytics section for business &
clinical intelligence, patient portal, and integrated billing management which allows cancer care providers and
life sciences companies to track metrics related to cancer care, match patients to clinical trials and automate
data collection.
$314.4M
First Round Capital, IA Venttures, SV
Angel, Google Ventures, Allen and
Company, Stripes Group, Great Oaks
Venture Capital, Casdin Capital,
Roche, Baillie Gifford, Laboratory
Corporation of America Holdings,
BoxGroup
Performance
Improvement
Health Catalyst [Salt Lake City, 2008]: Health Catalyst provides multiple analytical products, services and
applications like population health management, patient injury prevention, operational efficiency, performance
monitoring and financial management for healthcare organizations. The company also designs, develops and
delivers multiple data warehouse software and processes to help hospitals manage operational, financial,
clinical, and research data.
$237M
Sequoia Capital, Norwest Venture
Partners, Tenaya Capital, EPIC
Ventures, Sorenson Capital, Kaiser
Permanente Ventures, CHV Capital,
Partners HealthCare, Next Wave
Health, Leavitt Partners, UPMC, Sands
Capital Ventures
Performance
Improvement
Modernizing Medicine [Boca Raton, 2010]: Modernizing Medicine is a practice management tool development
company. The product, Electronic Medical Assistant (EMA), is a cloud-based, specialty-specific electronic
medical record (EMR) system which thinks like a physician. The EMR technology is powered by deep learning
and Machine Learning to extract information from patient data. with a library of built-in medical content,
designed to save physicians time. It is available as an iPad application or through web. The company claims to
provide services to over 1,300 physician practices across the country. In 2013 Modernizing Medicine was listed
on Forbes’ annual ranking of America’s Most Promising Companies.
$97.74M
IBM, Summit Partners, SVB Financial
Group, Pentland, Sands Capital
Ventures
Performance
Improvement
MedeAnalytics [Emeryville, 1994]: MedeAnalytics analytics platform delivers intelligence to improve financial,
operational and clinical performance. It helps HCOs detect their greatest areas of risk and identify opportunities
to improve their financial health. Providers can segment patients by their ability to pay, determine which lines of
service are most profitable, find cash that's been mis-allocated, move bad debt to charity care, avoid lawsuits
and more.
$57M
Emergence Capital Partners, Bain
Capital Ventures, Industry Ventures,
Kennet, Bain Capital

Performance
Improvement
iVantage Health [Portland, 2011]: iVantage Health Analytics' information products integrate market
intelligence, quality and performance benchmarking with delivery platforms to help customers pinpoint key
tactical advantages. It's analytics platform connects executive dashboards, hospital-and system-level market
analytics, GIS mapping, clinical benchmarking, physician scorecards and off-quality cost analysis to deliver new
perspectives on critical business drivers.
$24.18M Great Point Partners
Performance
Improvement
Apervita [Chicago, 2011]: Apervita enables health professionals and enterprises upload health data on patients,
performance, utilization, medication, billing, and claims to their platform. Users can secure, share, publish data
in the Apervita marketplace for anyone to purchase. Institutes and Researchers can turn their paper-based
medical algorithms into computable insights on readmission, compliance and disease specific insights, then
share or commercialize them. It also allows providers, payers & pharma players to take control of safety, quality,
and enterprise performance. Users can see all their metrics at one place, monitor public reputation, share
performance across teams, and access tools to drive improvement.
$19.4M
Pritzker Group, Baird Capital, GE
Ventures, Math Venture Partners
Performance
Improvement
HNI Healthcare [Austin, 2009]: HNI Healthcare, formerly known as Hospitalists Now, is a technology-enabled
physician practice management company that delivers physician programs with other solutions and services
customized to client needs. The company's technology suite, VitalSigns, offers real time dashboards and
analytics that support documentation integrity, helps improve operational and financial performance, provides
clinical communication that enhances clinical outcomes and operational results. Its recruiting program includes
sourcing, interviewing, credentialing, hiring, and onboarding of new physicians. The company also focuses on
the development of hospitalist leadership; and hospitalist infrastructure and administrative support services.
$16.3M
Sante Ventures, Spindletop Capital,
Square 1 Bank, Trinity Capital
Investment
Performance
Improvement
SCIO Health Analytics [West Hartford, 2007]: SCIO's consumer analytics provide actionable insights on
consumers, helping healthcare organizations gain insight into consumer preferences and drivers affecting their
behavior to streamline their experience and improve engagement. The company also offers SCIOMine, a
payment integrity analytics and audit workflow and reporting software suite that enables health managers to
make informed decisions by identifying, investigating, and monitoring claims payment issues, errors,
overpayments & others.
$15.9M
Sequoia Capital, Saama Capital, SVB
Financial Group, Health Enterprise
Partners

Performance
Improvement
PHEMI Health Systems [Vancouver, 2013]: Phemi Health Systems offers Phemi Agile, a big data repository for
single departmental implementations ranging from laboratory reports to patient information to gene
sequences; Phemi Clinical, a customizable care management platform that improves clinic productivity and
patient outcomes by automating ambulatory care processes; and Phemi Central, a big data warehouse that
transforms data into analytics-ready digital assets for researchers, analysts, and administrators in healthcare
and public sector organizations.
$15M
BDC, Yaletown, BC Discovery Fund,
CTI Life Sciences Fund
Performance
Improvement
Arcadia Healthcare Solutions [Burlington, 2002]: Arcadia offers an analytics platform that integrates data from
EHR platforms and uses that data to drive improvements in patient care quality, practice efficiency, and financial
performance. Arcadia supports providers with benchmark data, quality improvement solutions to reduce care
gaps. The company's analytics engine also offers patient and utilization management solutions to identify care
gaps and high risk patients respectively. The company also helps in spotting claims & EHR documentation gaps
and risk management factors to drive full value-based payments.
$13M Peloton Equity, Zaffre
Performance
Improvement
Streamline Health [Atlanta, 1989]: Streamline Health (formerly known as LanVision Systems), through its
Looking Glass platform, captures, aggregates and translates structured and unstructured data to deliver insights
to its clients. The company claims its solutions help organization make smarter decisions by sifting through and
analyzing masses of data from disparate systems. It offers solutions, such as Patient Engagement, Patient Care,
Health Information Management, Coding and Clinical Documentation Improvement (CDI), and Financial
Management. The Company sells its solutions and services in North America to hospitals and health systems,
including physician practices. The company went pubic in 1996.
$12M
Noro Moseley Partners, Great Point
Partners
Performance
Improvement
Viewics [Sunnyvale, 2009]: Viewics Health Insighter (VHI), a visualization and analytics solution provides clinical,
operational, sales, and marketing teams with interactive dashboards for making day-to-day decisions. The
company also offers Viewics Pulse, a Web-based data transparency and sharing platform that serves various
data requirements of clients and their patients, payors, and providers. Its VHI is used for operational insights,
financial management, clinical business intelligence, payor analytics, quality and compliance and performance
management analysis.
$8M
AME Cloud Ventures, Morado
Ventures, Canvas Ventures

Clinical (1/95)

Clinical (2/95)

Clinical (3/95)

Clinical (4/95)

Clinical (5/95)

Clinical (6/95)

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Financial (1/12)

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Financial (6/12)

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Operational (1/21)

Operational (2/21)

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Operational (4/21)

Operational (5/21)

Operational (6/21)

Operational (7/21)

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Operational (18/21)

Operational (19/21)

Operational (20/21)

Operational (21/21)

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
3
203

Team
Kulbir Bhatti,
Lead Analyst, Health - Enterprise
Abhimanyu Imtiaz,
Analyst, Health - Enterprise

Tracxn Research: Healthcare Analytics Startup Landscape, July 2016

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