Kythera Labs Announces $20 Million Funding to Accelerate Growth of its Wayfinder Data Technology Platform
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Funds will help Kythera expand its products, partnerships, and people to meet increasing demand
FRANKLIN, Tenn., November 7, 2023-- Kythera Labs, a leading healthcare technology and data analytics company for the Healthcare and Life Sciences industries, announces $20 Million in Series A and debt financing from BIP Ventures and CIBC. The company will use the funds to support the continued growth and scale of Wayfinder, its data-transforming technology platform, and accelerate the development and adoption of new and existing offerings. Kythera also plans to leverage financing to expand partnerships with industry leaders such as Datavant and Databricks.
In the first half of 2023, Kythera has achieved unprecedented growth. Kythera expects a 41% CAGR in 2023 and has seen a 245% year-over-year increase in platform utilization. Kythera has appointed a new Chief Science Officer (CSO) to lead Life Sciences and BioPharma initiatives and a Chief Commercial Officer (CCO) to accelerate business growth.
Kythera Labs' data technology platform, Wayfinder, provides access to real-world healthcare data spanning over 8 years, including over 320 million lives with 29.3 billion encounters. Wayfinder, built on Databricks, supports enterprise-grade scalability. Wayfinder corrects, enhances, and adds new dimensions to healthcare data, using a dynamically improving common data model that facilitates data integration. The platform provides benefits to Life Sciences' market access and commercial segments with immediate access to high-fidelity analytics and RWD that accelerates and improves therapy innovation and patient outcomes.
"As investors in Life Sciences solutions and transformational technology platforms, we immediately saw the massive impact Kythera Labs has on changing how Life Sciences companies and Healthcare providers use Real-World Data (RWD) to accelerate solutions," said BIP Ventures Partner Austin Poole. "We are thrilled to be partnering with the Kythera Labs leadership team to help them build on their existing momentum."
"We have an amazing opportunity to redefine how Life Sciences and Healthcare providers access the data they need for conducting research and developing new therapies," said Jeff McDonald, Co-Founder and CEO of Kythera Labs. "Eliminating data silos and reducing the uncertainty found in massive amounts of data will lead to the discovery of what's hidden in the data and unlock the true potential of RWD."
Roivant Sciences adopted Kythera Labs' platform and refined analytics to more efficiently and accurately support its pre-commercialization activities. "Since partnering with Kythera Labs, we have saved a significant amount of time and resources. The combination of high-quality data that is intuitively organized enables our pre-commercial and commercial teams to easily and quickly find the information they need. We believe this partnership fundamentally can change how we interact with healthcare data," said Brett Venker, Head of RWE, Roivant Sciences.
About Kythera Labs
Kythera Labs is a data and technology company that enables Healthcare and Life Sciences organizations to rapidly integrate, access, and analyze healthcare data with scale and speed using the Wayfinder data science platform and pre-configured data pipelines, data science toolkits, and remastered data sets for competitive advantages across markets.
Learn more at www.kytheralabs.com or follow Kythera Labs on LinkedIn.
About BIP Ventures
BIP Ventures, the North American-focused venture capital division of BIP Capital, is one of the Southeast's largest and most active VC firms. BIP Ventures partners with extraordinary founders to drive exceptional outcomes. Since 2007, BIP Ventures has invested in the success of B2B software and tech-enabled service businesses at all stages of maturity. In addition to capital, it supports entrepreneurs with access to infrastructure, acumen, and talent, resulting in category-leading companies. For more information, visit bipventures.vc or follow BIP Ventures on LinkedIn, Instagram, or X @bipventures.