Healthcare data analysis startup Komodo Health has announced a $220 million Series E funding round and a subsequent $3.3 billion valuation. The raise was headed by Tiger Global, with additional support from new backer Casdin Capital and prior investors ICONIQ Growth, Andreessen Horowitz and Silicon Valley Bank.

WHAT IT DOES

Founded in 2014, Komodo offers providers, pharma and other life sciences stakeholders with a range of services based on Healthcare Map, an artificial intelligence and data analytics tool that the company says is tracking more than 325 million patients' (de-identified) healthcare encounters.

The company sells a range of products that combine enterprise cloud tools with this ability to describe both individual and larger patient outcomes. These services are designed to deliver timely interventions and alerts to improve care, describe products' performance and place within the market, identify and compare patient cohorts for developing novel therapeutics and deliver other real-world evidence-based analyses.

WHAT IT'S FOR

The New York City and San Francisco-based startup said that the hefty raise would be going toward further investment in its enterprise technology platform, application suite and other core data assets.

“We had a vision seven years ago that integrating robust data with software solutions was the way forward for healthcare at a time when no one was doing this,” Web Sun, cofounder and president of Komodo Health, said in a statement.

“Our Healthcare Map is now the deepest, most representative and most powerful engine of healthcare intelligence, and as we build for the future we are humbled add Tiger Global and Casdin Capital to have the list of premier investors backing us in our relentless effort to further extend that seven-year lead.”

MARKET SNAPSHOT

The $220 million is a major bump for Komodo. It raised a $44 million Series D during 2020 that was unpublicized until this January, as well as a $50 million Series C back in January of 2020. That Series D announcement also came with word that Komodo had acquired Mavens, a provider of cloud-based tools targeting biotech, rare disease and specialty pharma customers, for an undisclosed sum.

Then again, the analytics space is becoming a major focus for healthcare investors. Just last week, Clarify Health brought in a $115 million Series C for its clinical data analysis platform, while Mount Sinai spinout Sema4 raised $121 million last summer.

Other major names such as Unite Us and Cityblock Health are also taking an analytics-heavy approach to population health and care delivery. Those companies brought in $150 million and $160 million, respectively, within the last few months.

Of course, none of that is dipping into the behemoth that is data and AI-based drug discovery, where Valo Health, XtalPi and most recently insitro have all been hauling in massive rounds.

ON THE RECORD

"As long-time investors in the intersection of Life Sciences and next generation technologies, it was quickly clear to us the scale advantage and impact potential of Komodo Health," Eli Casdin, founder of Casdin Capital, said in a statement.

"They are already far ahead of legacy aggregators and increasingly becoming a leading partner to help accelerate top pharma and emerging biotechnology companies’ novel therapies to market. We're thrilled to partner with their outstanding leadership team and help bring their vision to life."