Concerto HealthAI Raises $150 Million in Series B Funding
BOSTON, January 13, 2020-- Concerto HealthAI, the market leader for Real-World Data (RWD) and enterprise AI technology solutions for Precision Oncology, announced today it has raised $150 million in aggregate Series B financing. The round of financing was led by Declaration Partners with participation from Maverick Ventures, AllianceBernstein PCI, and SymphonyAI Group. As part of the transaction, Andrew Goldfarb, partner at Declaration Partners, and Leif Pedersen, senior operating partner at SymphonyAI Group, will join Concerto HealthAI’s board. Romesh Wadhwani, founder and CEO of SymphonyAI Group, will continue as executive chairman, and Jeff Elton, PhD, CEO of Concerto HealthAI as board member.
With 90 percent year-over-year revenue growth, Concerto HealthAI has an expanding list of partners and customers: three of the world’s major biopharmaceutical and oncology organizations have deployed eurekaHealth, and 19 out of the top 25 biopharma are customers of Concerto HealthAI technologies and services.
The Series B funding will support Concerto HealthAI’s continued innovation in RWD and technology products and services for regulatory and non-regulatory applications, expansion into adjacent therapy areas, and commercial patient solutions.
Concerto HealthAI today also launched a new version of eurekaHealth - https://www.concertohealthai.com/press-and-media - that for the first time combines integrated RWD and advanced AI machine learning. With these announcements, Concerto HealthAI is developing the industry standard for high-performance real-world evidence (RWE) for precision oncology. The company’s mission is to transform healthcare by revolutionizing clinical research models, accelerating insights benefitting patients, and introducing technology solutions that support the entire patient treatment journey.
Concerto HealthAI has assembled the broadest and most representative clinical network in the industry, through partnerships with the foremost community oncology networks and exclusive licensing with CancerLinQ LLC, a nonprofit subsidiary of the American Society of Clinical Oncology (ASCO). These partnerships and relationships are across all major Electronic Medical Record environments, inclusive of next generation sequencing diagnostic information and Patient Reported Outcomes. Concerto HealthAI engineers use case-aligned, AI-enriched, validated, and production-ready RWD products and complementary AI-enabled cloud technologies for precision research and patient solutions.
“The significant commitment and life sciences expertise of our investors validates and accelerates our strategy,” said Jeff Elton, PhD, CEO of Concerto HealthAI. “This investment underscores the amazing team and talent we have brought together with a common purpose of advancing Precision Oncology solutions for the most devastating cancers based on our engineered RWD, AI-enabled technologies, and advanced scientific services.”
“We are pleased to partner with industry visionaries and proven business leaders like Romesh Wadhwani and Jeff Elton to bring a range of forward-looking data and technology solutions to the market,” said Andrew Goldfarb of Declaration Partners. “We are impressed with Concerto HealthAI’s innovative culture, technology leadership, and significant runway for growth. Concerto HealthAI is positioned to empower next-generation clinical research, accelerate breakthrough therapies, and improve patient outcomes.”
“Concerto HealthAI is delivering significant customer value today and is poised to drive substantial AI innovation in healthcare and life sciences. I am very pleased with the company’s progress to date and look forward to continuing rapid innovation in technology solutions to accelerate drug development, optimize clinical trials, and improve patient outcomes for Precision Oncology,” said Dr. Wadhwani of SymphonyAI Group.
About Concerto HealthAI
Concerto HealthAI is a technology leader in Real-World Data (RWD) and AI solutions for precision oncology. Our mission is to bring together unique data assets, leading AI-based technologies, and the world’s top outcomes research and data science talent. Our focus is on revolutionizing clinical and outcomes research to accelerate the insights benefitting patient treatment. For more information, visit us at http://www.concertohealthai.com.
About Declaration Partners
Declaration Partners is the investment firm backed by the family office of David M. Rubenstein, the Co-Founder of The Carlyle Group. Declaration Partners makes direct private equity and real estate investments, including building platform businesses, providing growth equity capital, seeding early stage private funds and venture studios, and partnering with family-owned businesses.
About Maverick Ventures
Maverick Ventures is the venture arm of Maverick Capital, an investment firm managing more than $10 billion. Combining the resources of a global firm with the benefits of an agile, focused team, Maverick Ventures supports entrepreneurs through an evergreen structure from seed through maturity. With over 25 years of early-stage investment experience, the Maverick Ventures team has funded more than 80 companies in the healthcare, software and deep technology sectors. Learn more about San Francisco-based Maverick Ventures at http://www.maverickventures.com.
About Alliance Bernstein PCI
AB Private Credit Investors is the middle market direct lending platform of AllianceBernstein L.P (AB). AB-PCI manages approximately $9.2 billion in capital available for investment and offers a range of financing solutions to middle market companies, including having the capacity to invest up to $150 million of credit to a single borrower while also making sizeable growth equity investments.
The investment in ConcertoHealthAI was executed as part of AB-PCI’s Growth Stage Capital initiative (AB-GSC). AB-GSC caters to high growth technology companies backed by leading venture capital and growth equity firms. Other recent AB-GSC investments include companies such as Rubrik, Workfront, Degreed, Fuze and DataRobot.
SymphonyAI Group is the fastest-growing private group of B2B AI companies, backed by a $1 billion commitment to deliver next-generation AI solutions for transforming the enterprise. Since its founding in 2017, SymphonyAI Group has grown rapidly to a group of six companies with a combined revenue run rate approaching $300 million. Over 1,600 talented leaders, data scientists, and other professionals operate the group under the leadership of one of Silicon Valley’s most successful serial entrepreneurs, Dr. Romesh Wadhwani. Website: http://www.symphonyai.com
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