New York-based Novellia, a developer of a patient-powered real-world data and personal health records platform, raised $18 million in Series A funding, bringing its total funding to over $28 million to date.
Spark Capital led the investment round with participation from Khosla Ventures, Acrew Capital, Bling Capital, and TMV.
With fresh funds, Novellia intends to scale up its AI-powered data technologies, expand its proprietary natural language processing infrastructure, and support the broader rollout of its newly launched consumer mobile application.
Led by Co-Founder and CEO Shashi Shankar, Novellia develops a secure digital health repository that enables patients with serious or complex conditions to instantly aggregate up to 20 years of medical histories from disparate healthcare systems, using AI to extract clinical insights from unstructured doctor notes and diagnostic reports.
Novellia has already secured multiple seven-figure multi-year research contracts with top-10 global pharmaceutical firms, and built a portal network connected to over 50,000 healthcare systems.
“I’ve known major pharma companies had data that was too old, too slow, and too disconnected from patients,” said Alex Finkelstein, General Partner at Spark Capital. “For a long time, I looked for a company like Novellia. Shashi understood the problem firsthand and built the solution that benefits patients and research. Since Spark led the Series A, Novellia has signed some of the largest companies in the world to seven-figure, multi-year contracts. This is dramatically changing how medicines are developed.”
Along with this funding momentum, Novellia is also launching its patient-facing mobile app, an extension of its award-winning online platform that allows individuals to securely access their complete health history.
“Nearly 70% of patients are open to contributing data for medical breakthroughs, but they expect control, transparency, and privacy safeguards,” said Emma Silverman, Partner at TMV. “That gap between willingness and infrastructure is exactly what Novellia solves by creating a new category of patient-consented data that is both more complete and more actionable for research.”
Digital health companies have secured more than $180 billion in funding to date, according to our recent Funding Database.
More recently, Lucis, an AI-powered personalized health guidance companion app, raised $20 million in a Series A round, led by Singular, with participation from General Catalyst, Y Combinator, and angels including investors behind Runna, Céline Lazorthes (Resilience), and Manu Lecomte.
In another deal, Garner Health, a leading digital company that helps patients find the best healthcare providers using better data and smarter financial incentives, has closed a $100 million Series E round at a valuation of $2.74 billion.