Healthcare data analytics specialist Health Catalyst has raised a $41m round from its existing venture capital backers to support further product development.
Sequoia Capital, Norwest Venture Partners, Kaiser Permanente Ventures, Sorenson Capital, CHV Capital and Partners HealthCare participated in the round.
Health Catalyst said it plans to invest $50m in product development over the next two years including the production of the next 200 advanced content-driven clinical applications on its roadmap.
The company’s clients currently operate over 135 hospitals and 1,700 clinics that account for over $130m in care delivered annually.
The new round came a year after Health Catalyst raised $33m in a Series B led by Norwest Venture Partners.
Health Catalyst CEO Dan Burton said, “As more healthcare organizations are coming to understand, data warehousing and analytics are foundational to their success under new payment and risk models.
“In 2013 we increased the number of completed platform and application products to 100, as well as increasing our bookings by a factor of five, year over year.
“We have also been pleased that our operations have scaled to be on track to produce positive cash flows in 2014, outside of our significant product development investments.
“This additional capital will enable Health Catalyst to develop the applications necessary to offer every health system in the US a roadmap to systematically reduce waste and improve care delivery, across every major clinical and workflow area.”
Copyright © 2014 AltAssets