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Home›Mark Zuckerberg›Komodo Health enters into another major partnership as it prepares to go public

Komodo Health enters into another major partnership as it prepares to go public

By Shirley J. Speights
January 31, 2022
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Healthcare data startup Komodo Health has signed a partnership with the Chan Zuckerberg Initiative to provide patient advocacy organizations with access to software and analytics tools to accelerate health care research. rare diseases.

Patient-led organizations who are members of the Chan Zuckerberg Initiative’s Rare as One Network will have access to Komodo Health’s data, analysis tools and “healthcare map”.

Komodo Health has created a massive artificial intelligence platform that compiles anonymized health data from hundreds of sources and over 330 million individual patients. The company provides a real-time view of patient care journeys to help life science companies and payers detect disparities in care and identify interventions, the company said. The startup works with health plans, patient advocacy groups, and several major biopharmaceutical companies.

The Chan Zuckerberg Initiative, a philanthropic effort led by the husband and wife duo of Facebook founder Mark Zuckerberg and Priscilla Chan, MD, formerly a practicing pediatrician, was launched in 2015 with the goal of solving “the toughest challenges of society: eradicating disease and improving education, to meet the needs of our local communities.”

All 50 organizations in CZI’s Rare as One network will now have access to Komodo technology, enabling patient advocacy groups to more clearly identify patient cohorts, identify demographic disparities, and connect patients to healthcare providers appropriate healthcare and clinical researchers, depending on the companies.

RELATED: Health ‘map maker’ Komodo Health nets $220M to expand data analytics

Technology and knowledge will also help accelerate research opportunities for rare diseases that are often overlooked.

“We believe in the power of data and technology to uncover the critical insights needed to address the unmet needs of these patient communities,” CZI Rare As One program manager Heidi Bjornson-Pennell said in a statement.

A member of CZI’s Rare as One network, PSC Partners Seeking a Cure, used Komodo’s software and data to inform healthcare providers about the new PSC ICD-10 code and promote other initiatives in the search for a cure for primary sclerosing cholangitis (PSC)—a rare liver disease.

Providing rare disease patient advocacy groups with access to Komodo Health software and data allows them to dig deeper into patient behaviors and care patterns and will put “breakthroughs in the hands of patients faster,” said said Web Sun, president and co-founder of Komodo. Health, in a press release.

RELATED: Komodo Health’s Acquisition of Breakaway Partners Expands Startup’s Footprint in Life Sciences Company Market

Upcoming IPO and future growth

2021 was a pivotal year for Komodo Health as the company reached several key milestones and experienced strong growth.

The company launched two new products, Prism and Sentinel, to help healthcare and life science organizations develop insights and algorithms based on detailed patient behaviors and treatment patterns. It has also integrated new demographics into its health care map to help advance health equity efforts and has entered into important partnerships with PicnicHealth, Klick Health and Janssen.

Komodo Health has also taken strategic steps to expand its capabilities and completed two acquisitions last year: Mavens, a cloud-based software developer designed for biotech and specialty pharma companies, and Breakaway Partners, an enterprise software company. market access targeting the life sciences industry.

Mavens’ deal will also increase Komodo’s global footprint, as Mavens operates in the US, UK and India.

And, the startup raised $220 million in a Series E funding round led by Tiger Global and Casdin Capital, boosting its valuation to $3.3 billion, the company reported. Founded in 2014, Komodo has raised $314 million for data, reports Crunchbase.

The company used the funding to invest more in its “healthcare card” and software, establish more partnerships that bring more data into its platform, and hire additional engineers, said Arif Nathoo, MD, co-founder and CEO of Komodo Health, at Fierce Healthcare. on the virtual sidelines of the JP Morgan Healthcare Conference in early January.

“But we’ve done it in an incredibly capital-efficient way. In fact, we’re still sitting on most of the money. It just gives us the opportunity to think creatively about where we can have the biggest impact,” he said.

RELATED: Komodo Health to Acquire Mavens After Undisclosed $44M Venture Round

Over the past two years, there has been a steady stream of health technology companies going public, spurred by investor interest in technology and digital health.

Komodo Health is also looking to ride this wave.

“We believe that our mission and our thesis is something that public markets need to hear and have the ability to invest in. We believe in that very strongly. And so in this year you expect to see take steps to bring us closer to public procurement,” said Nathoo.

He noted that the company will likely explore a more traditional approach through an initial public offering or direct listing, rather than the “fashionable SPAC” deals.

“One of the things that really excites us is the enthusiasm of investors and the general population around healthcare. It’s just amazing to hear the way the average person talks about data. on health care now, just based on what’s been going on throughout the pandemic. It’s a great opportunity for us to really have the experts who can use the data to impact the large-scale communities,” he said.

Komodo Health’s growth illustrates the “power of technology and software to solve problems that historically have been solved with consultants or just on an ad hoc basis,” Nathoo said.

“What you can expect to see from Komodo is to continue to push innovation with more applications and more technology services that allow companies to really get into this work of improving the burden of disease. “, did he declare.

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