Medivo Inc., a health monitoring platform that regularly connects doctors, consumers and clinical labs, today announced that it raised a $15 million Series B financing round led by the Merck Global Health Innovation Fund (GHIF), with participation from existing investors Safeguard Scientifics, Inc. (NYSE:SFE) and MentorTech Ventures.
To date, Medivo has raised more than $22 million to support its analytics capabilities and innovative health data platform, including a $7 million Series A financing in late 2011.
“We are extremely pleased to receive this additional capital to support our rapid growth,” said Sundeep Bhan, Chief Executive Officer and a Co-Founder of Medivo. “For the past three years, Medivo has doubled its growth year-over-year and is well-positioned for continued growth. The new round of funding will be used to continue expanding our clinical data platform, enriching our analytics services and building out connectivity to additional data sources. We also will broaden and enhance our product offerings for physicians and consumers, and develop new patient engagement services.”
In the past 12 months, Medivo has significantly expanded its healthcare professional and consumer reach, increased its engagements with leading life sciences companies, presented peer-reviewed findings from a proprietary clinical database, and formalized a partnership with the American Association of Clinical Endocrinologists (AACE) to deliver Medivo services to AACE members.The Medivo HIPAA-compliant platform includes modules for physicians and patients with diabetes, dyslipidemia, hepatitis C, gout, low testosterone, irritable bowel disease, hereditary angioedema, and chronic myelogenous leukemia. Initiatives are under way to continue to expand the company’s network of laboratories and health monitoring modules, including obesity, rheumatoid arthritis, hepatitis B, HIV, colon cancer, breast cancer, prostate cancer, myelofibrosis, multiple myeloma, growth hormone deficiency, osteoporosis, hypothyroidism, and multiple sclerosis. “Health information technology is one of the prime investment areas for Merck's Global Health Innovation Fund, and Medivo’s technology and analytics platform are at the forefront of innovation in this space,” said Joe Volpe, Investment Principal for GHIF. “We also are impressed with the team at Medivo and believe they have the experience and the track record to scale a leading health tech company.” “Medivo continues its game-change proposition allowing physicians and patients to make better use of diagnostic test information to improve outcomes,” added Gary J. Kurtzman, MD, Managing Director, Healthcare at Safeguard. “We are pleased to have been able to provide support as the company built out its platform, and this new round of funding will enable Medivo to expand and continue on its impressive growth trajectory. We are excited to welcome Merck GHIF to the team.” With Medivo’s access to clinical data and advanced analytics, Medivo is uniquely positioned to provide actionable insights to healthcare professionals and consumers, resulting in simplified and improved health interactions.