QPID Health Secures $12.3M Series B Funding
New Leaf Venture Partners leads round to accelerate company's growth and meet market demand for its clinical intelligence solution
BOSTON, May 6, 2014-- QPID Health, which has committed to bringing clinical intelligence to healthcare providers to improve outcomes and lower costs, today announced a $12.3M Series B round of funding led by New York City-based New Leaf Venture Partners. The company will use the investment to meet the market demand for its clinical intelligence solution, which promotes cost-effective and high quality patient care by making it easy for clinicians get access to patient data stored in electronic health records (EHRs) and other backend data repositories. The QPID software, which sits on top of virtually any EHR, has proven that it can generate a strong ROI for hospitals and physician practices. QPID Health welcomes New Leaf's Managing Director Philippe Chambon to its board of directors.
Today's investment enables QPID to accelerate the growth of the company and support wider use of its proven software solution in leading hospitals and healthcare systems in the U.S. Current customers include Massachusetts General and Brigham & Women's Hospitals as well as other members of the Partners HealthCare system. Implementations in other leading medical centers across the country are under way.
"We are seeing high demand for the QPID solution because it provides a truly clinician-friendly interface that is built on the rich data in EHRs but is presented in a way that makes sense to users and eliminates the noise," said QPID Health CEO Mike Doyle. "Knowledge of the patient's relevant history - including diagnoses, procedures, test results and potential safety concerns - is essential for making choices that are good for the patient. Further, QPID's unique ability to activate complex guidelines and models in the moment, for the clinical trench, also helps hospitals eliminate waste and use resources wisely. Although health systems have invested millions of dollars in electronic health records, it's clear that more data does not mean more efficiency. With QPID, healthcare providers can optimize the value of the digital data that they've captured in EHRs because of our unique ability to aggregate the right information and deliver it at the right time."
Philippe Chambon, Managing Director of New Leaf Venture Partners, said: "QPID's solution addresses a major challenge for physicians who must access patient information at the point of care. This allows physicians to regain control of their workflow and facilitates their ability to interact with patients. QPID is the clear leader in this space and I am excited to work with the company as they rapidly advance their commercialization efforts."
In a scalable cloud-based architecture, QPID uses advanced concept-based natural language processing (NLP) to extract clinical intelligence from data stored in EHR systems and other clinical repositories. In 2013, its first year of commercial operation, the company supported a steadily growing user base, ending the year with 4,000 active clinical users, representing 2.96M clinical encounters and impacting 340,000 patients. In the first quarter of 2014 usage has grown to nearly 5,000 clinician users.
This financing round was led by New Leaf Venture Partners and supported by all investors who participated in the Series A round. The company previously raised a $4.4 million Series A round which closed in March 2013 from Cardinal Partners, Matrix Partners, the Massachusetts General Physicians Organization (MGPO) and Partners Innovation Fund.
About New Leaf Venture Partners
New Leaf Venture Partners is a leading healthcare technology venture firm. We invest broadly across healthcare-related information technology companies as well as both public and private biopharmaceutical companies.
New Leaf currently manages two funds: New Leaf Ventures I, L.P., and New Leaf Ventures II, L.P. (NLV-II), as well as the healthcare technology portfolio of the Sprout Group, one of the oldest U.S. venture capital fund groups. New Leaf's current active fund, NLV-II, has committed $80 million to companies in the healthcare IT sector and $270 million to firms in the biopharmaceutical sector. For more information please visit http://www.nlvpartners.com.
About QPID Health
QPID Health's clinical intelligence software automatically delivers relevant patient information from electronic health records and other data sources into clinical and administrative workflows. With QPID, clinicians are more productive, patients benefit from decisions based on their complete health information, and hospitals gain cost efficiencies. The QPID solution was developed at Massachusetts General Hospital and usage spread virally throughout the Partners HealthCare system. QPID Health launched in late 2012 to bring the power of QPID to health systems nationwide. Investors include Cardinal Partners, Matrix Partners, Massachusetts General Physicians Organization, New Leaf Venture Partners, and Partners Innovation Fund. Visit www.qpidhealth.com for more information.
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