Kyruus Raises $11M Series B to Accelerate the Rapid Growth of Its Physician Network Management Solutions
BOSTON, January 2, 2013-- Kyruus, a leading healthcare Big Data company, today announced the closing of an $11M Series B financing. The investment was led by Lux Capital, with participation from Fidelity Biosciences as well as existing investors Venrock and Highland Capital Partners. The financing brings the total amount raised by Kyruus to $19.6M since its inception in 2010.
“We are delighted to partner with Lux and Fidelity as we enter the next phase of our company’s growth,” said Graham Gardner, CEO of Kyruus. “Both firms bring important relationships with large numbers of healthcare organizations that today wrestle with how to understand and engage their physician networks. We believe our applications can transform the way these organizations coordinate physician expertise and optimize the delivery of patient care.”
Over the last year, Kyruus has quickly established a customer base of over 20 leading healthcare organizations from across the country, ranging from community hospitals to large multi-facility health systems. The company’s product platform enables organizations to optimize the performance of their physician networks across the areas of network development, referral management, and regulatory compliance. Kyruus will use the new funds to expand its sales and marketing efforts across each of these solution areas.
In conjunction with the financing, Robert Paull, Managing General Partner at Lux Capital, will join the Kyruus Board of Directors. “Large healthcare organizations are by nature extraordinarily complex,” said Paull. “Kyruus solves difficult data problems – providing customers with the clarity to make more informed decisions. Lux is excited to help a remarkable group of entrepreneurs build a defining healthcare information company.”
Kyruus is a leading Big Data company that enables hospitals and health systems to take a data-driven approach to building, operating, and optimizing their physician networks. The first-in-class KyruusOneTM data mining and analytics platform creates a “unified view of the physician” across demographic, clinical, research, financial, and performance-related dimensions. Kyruus’ purpose-built search, analysis, and workflow applications deliver measurable ROI in areas of network development, regulatory compliance, and referral network management by directly engaging physicians to help reduce their administrative overhead, optimize decision-making, and increase the efficiency of their clinical practice and research activities. For more information, visit www.kyruus.com.
About Lux Capital Management
Lux Capital is a leading venture firm focused on founding, seed and early stage investments in emerging technologies. Lux takes an active role in helping entrepreneurs build successful businesses in Energy, Healthcare and Technology. The Lux investment team has founded more than 20 companies from scratch, including Caliper, Genocea, Illumina, Kala, Kurion, Lux Research, Nanosys, Neurocrine Biosciences, and Vertex Pharmaceuticals. For more information please visit www.luxcapital.com.
About Fidelity Biosciences
Fidelity Biosciences is a subsidiary of FMR LLC, the parent company of Fidelity Investments, one of the world's leading providers of financial services. For more than 40 years, Fidelity has been a significant presence in the venture capital and private equity industry, investing the firm's own capital since 1969. For more information, please visit www.fidelitybiosciences.com.
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional communications, digital media, healthcare, and information technology companies. With more than $3 billion of committed capital and offices in Geneva, London, Silicon Valley, Boston and Shanghai, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Generation Health, lululemon athletica, Lycos, Odyssey HealthCare, OpGen, Qihoo 360, Quattro Wireless, RedBrick Health, Starent Networks, Sybase and VistaPrint. www.hcp.com.
Venrock is a leading venture capital firm with offices in Palo Alto, CA; New York, NY; and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues an eight-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vostu. For more information, please visit Venrock’s website at www.venrock.com and follow the firm on Twitter at @venrock.
Maura Gavaghan, 617-419-2060
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