Concerto HealthAI Closes Its Series B Round after Raising $150M

By StartUp City | Tuesday, January 21, 2020

Concerto HealthAI raises $150 million in Series B round of financing led by Declaration Partners.

FREMONT, CA: Concerto HealthAI, A renowned leader in Real-World Data (RWD) and enterprise AI technology solutions for Precision Oncology, raised $150 million funds in total, from its Series B round of financing. Declaration Partners led the Series B round of funding along with the participation of Maverick Ventures, Alliance Bernstein PCI, and SymphonyAI Group. According to the terms of the partnership, Andrew Goldfarb, a partner at Declaration Partners, and Leif Pedersen, senior operating partner at SymphonyAI Group, will become board members of Concerto HealthAI. Romesh Wadhwani, founder and CEO of SymphonyAI Group, will remain as the executive chairman, and Jeff Elton, Ph.D., CEO of Concerto HealthAI as a board member.

With almost 90 percent annual revenue growth year-over-year, Concerto HealthAI's clientele and partners are expanding; it includes three of the world's biggest biopharmaceutical and oncology organizations.

The Series B funding will mainly enable Concerto HealthAI's continued innovation in RWD and technology-based products and services for regulatory and non-regulatory applications, widening its horizons into related therapy areas, and commercial patient solutions. 

A newer version of eureka Health is also launched by Concerto HealthAI, for the first time in the field; the application combines integrated RWD and advanced AI machine learning. With announcements of the funding, Concerto HealthAI is developing the sector-wide standard for high-performance real-world evidence (RWE) for precision oncology. The company's goal is to transform healthcare by imbibing innovation into clinical research models, accelerating insights that benefit patients, and introduce technological solutions that support the patient treatment journey, holistically. 

The market leader, Concerto HealthAI has handpicked the broadest and the most of the representatives in the clinical network in the industry, by building strong partnerships with the foremost community experts in the oncology networks and exclusive licensing with CancerLinQ LLC, a non-profit subsidiary of the American Society of Clinical Oncology (ASCO). Partnerships and relationships like these are fulfilled across all the major Electronic Medical Record environments. All of them include and are based on next-generation sequencing diagnostic information and Patient Report Outcomes. Concerto HealthAI specialists utilize a specific case-aligned, AI-enriched, validated, and commercially viable RWD products with complementary AI-enabled cloud technology for precision research and patient solutions. 

"The significant commitment and life sciences expertise of our investors validate and accelerate our strategy," said Jeff Elton, Ph.D., 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 a 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.

See Also: Top Biotech Solution Companies

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