tracxn research: healthcare analytics startup landscape, july 2016

Healthcare Analytics Report, July 2016

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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

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3


Illustrative Sectors We Track

ENTERPRISEINFRASTRUCTURE

ENTERPRISEAPPLICATIONS

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 AnalyticsSolutions 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 AnalyticsSolutions aimed at streamlining and improving the revenue cycle process, identifying cost containmentopportunities

Operational AnalyticsSolutions 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

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58 58

69

103

89

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2010 2011 2012 2013 2014 2015 2016

Nu

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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

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YoY – Number of Rounds and Total Funding

$111M $129M$192M

$222M

$350M

$475M

$1.6B

$1.2B

$829M

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5156

83

133

182168

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2008 2009 2010 2011 2012 2013 2014 2015 2016

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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

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Most Active Investors in Sector

11 11 11 11 11

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BlueCrossBlueShield

Venture Partners

HLM VenturePartners

Merck Rock Health Sequoia Capital Y Combinator Social Capital Bain CapitalVentures

Dreamit Ventures Frost DataCapital

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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

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Top IPOs in last three years

IPO Date CompanyOverviewInvestors

Funding Amount

IPO PriceExch:Ticker

Apr-2016Volpara Solutions(Wellington, 2009)

Quantitative breast imaging tools to assess breast imaging density $5.5M$10M

ASX:VHT

Jun-2015 evolenthealth.comEvolent Health

(Arlington, 2011)

Provides clinical and operational technology solutions to healthcare organizationsAdvisory, TPG Growth, TPG Global, UPMC Health Plan $121.28M

$195MNYSE:EVH

Feb-2015 epocrates.comInovalon

(Bowie, 1998)

Cloud-based data analytics platform that helps improve clinical, financial and payment integrity outcomes

$600MNASDAQ:INOV


Major Acquisitions since Jan 2016


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

23

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

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Clinical Suite Solutions Operational Financial

Tota

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# 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

38

38


Interesting Unfunded Companies

Company Overview Business Model

1datapoint.com1Datapoint

(2012, Toronto)

Diagnostic tools for mental healthClinical > Precision Health

wandahealth.comWanda Health

(2011, San Francisco)

Machine learning based remote patient management solutions

Clinical > Health Engagement > Patient Engagement > Devices > Wearables

clemetric.comCleMetric

(2013, Madison)

Suite of analytics software for improving hospital care quality Clinical > Care Quality

deepdiagnostics.comDeep Diagnostics(2014, Toronto)

AI for clinical decision support.Clinical > Decision Support > Radiology and Imaging

curatehealth.meCurate.Health

(2012, Nashville)

Patient engagement platform offering patient satisfaction Operational > Strategic > Patient Feedback

gotafi.comTAFi

(2015, Chicago)

Real time decision support platromClinical > Decision Support

salusity.comSalusity

(2015, Boston)

Chronic disease management using remote monitoring and biometric data

Clinical > Health Engagement > Patient Engagement > Devices > Wearables

veedata.ioVeedata

(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

53

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

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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

55

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 acommon technology platform for organizing and analyzing real-world oncology data. The company'sOncologyCloud 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 andlife sciences companies to track metrics related to cancer care, match patients to clinical trials and automatedata 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


Health Catalyst [Salt Lake City, 2008]: Health Catalyst provides multiple analytical products, services andapplications like population health management, patient injury prevention, operational efficiency, performancemonitoring and financial management for healthcare organizations. The company also designs, develops anddelivers 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


Modernizing Medicine [Boca Raton, 2010]: Modernizing Medicine is a practice management tool developmentcompany. The product, Electronic Medical Assistant (EMA), is a cloud-based, specialty-specific electronicmedical record (EMR) system which thinks like a physician. The EMR technology is powered by deep learningand 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 toprovide services to over 1,300 physician practices across the country. In 2013 Modernizing Medicine was listedon Forbes’ annual ranking of America’s Most Promising Companies.

$97.74MIBM, Summit Partners, SVB Financial

Group, Pentland, Sands Capital Ventures


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 opportunitiesto improve their financial health. Providers can segment patients by their ability to pay, determine which lines ofservice are most profitable, find cash that's been mis-allocated, move bad debt to charity care, avoid lawsuitsand more.

$57MEmergence Capital Partners, Bain

Capital Ventures, Industry Ventures, Kennet, Bain Capital

http://www.flatiron.com/

http://www.healthcatalyst.com/

http://www.modmed.com/

http://www.medeanalytics.com/






iVantage Health [Portland, 2011]: iVantage Health Analytics' information products integrate marketintelligence, quality and performance benchmarking with delivery platforms to help customers pinpoint keytactical advantages. It's analytics platform connects executive dashboards, hospital-and system-level marketanalytics, GIS mapping, clinical benchmarking, physician scorecards and off-quality cost analysis to deliver newperspectives on critical business drivers.

$24.18M Great Point Partners


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 datain the Apervita marketplace for anyone to purchase. Institutes and Researchers can turn their paper-basedmedical algorithms into computable insights on readmission, compliance and disease specific insights, thenshare 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, shareperformance across teams, and access tools to drive improvement.

$19.4MPritzker Group, Baird Capital, GE Ventures, Math Venture Partners


HNI Healthcare [Austin, 2009]: HNI Healthcare, formerly known as Hospitalists Now, is a technology-enabledphysician practice management company that delivers physician programs with other solutions and servicescustomized to client needs. The company's technology suite, VitalSigns, offers real time dashboards andanalytics that support documentation integrity, helps improve operational and financial performance, providesclinical communication that enhances clinical outcomes and operational results. Its recruiting program includessourcing, interviewing, credentialing, hiring, and onboarding of new physicians. The company also focuses onthe development of hospitalist leadership; and hospitalist infrastructure and administrative support services.

$16.3MSante Ventures, Spindletop Capital,

Square 1 Bank, Trinity Capital Investment


SCIO Health Analytics [West Hartford, 2007]: SCIO's consumer analytics provide actionable insights onconsumers, helping healthcare organizations gain insight into consumer preferences and drivers affecting theirbehavior to streamline their experience and improve engagement. The company also offers SCIOMine, apayment integrity analytics and audit workflow and reporting software suite that enables health managers tomake informed decisions by identifying, investigating, and monitoring claims payment issues, errors,overpayments & others.

$15.9MSequoia Capital, Saama Capital, SVB Financial Group, Health Enterprise

Partners

http://www.ivantagehealth.com/

http://www.apervita.com/

http://www.hnihealthcare.com/

http://www.sciohealthanalytics.com/






PHEMI Health Systems [Vancouver, 2013]: Phemi Health Systems offers Phemi Agile, a big data repository forsingle departmental implementations ranging from laboratory reports to patient information to genesequences; Phemi Clinical, a customizable care management platform that improves clinic productivity andpatient outcomes by automating ambulatory care processes; and Phemi Central, a big data warehouse thattransforms data into analytics-ready digital assets for researchers, analysts, and administrators in healthcareand public sector organizations.

$15MBDC, Yaletown, BC Discovery Fund,

CTI Life Sciences Fund


Arcadia Healthcare Solutions [Burlington, 2002]: Arcadia offers an analytics platform that integrates data fromEHR platforms and uses that data to drive improvements in patient care quality, practice efficiency, and financialperformance. Arcadia supports providers with benchmark data, quality improvement solutions to reduce caregaps. The company's analytics engine also offers patient and utilization management solutions to identify caregaps and high risk patients respectively. The company also helps in spotting claims & EHR documentation gapsand risk management factors to drive full value-based payments.

$13M Peloton Equity, Zaffre


Streamline Health [Atlanta, 1989]: Streamline Health (formerly known as LanVision Systems), through itsLooking Glass platform, captures, aggregates and translates structured and unstructured data to deliver insightsto its clients. The company claims its solutions help organization make smarter decisions by sifting through andanalyzing 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 FinancialManagement. The Company sells its solutions and services in North America to hospitals and health systems,including physician practices. The company went pubic in 1996.

$12MNoro Moseley Partners, Great Point

Partners


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. Thecompany also offers Viewics Pulse, a Web-based data transparency and sharing platform that serves variousdata 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 performancemanagement analysis.

$8MAME Cloud Ventures, Morado

Ventures, Canvas Ventures

http://www.phemi.com/

http://www.arcadiasolutions.com/

http://www.streamlinehealth.net/

http://www.viewics.com/


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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

203

203


Team

Kulbir Bhatti,

Lead Analyst, Health - Enterprise

Abhimanyu Imtiaz,

Analyst, Health - Enterprise

https://in.linkedin.com/in/abhimanyu-imtiaz-bb3343aa

http://www.twitter.com/tracxnhealth

https://www.linkedin.com/in/kulbirbhatti

http://www.twitter.com/tracxnhealth

tracxn research: healthcare analytics startup landscape, july 2016

Data & Analytics