Concerto HealthAI Secures $150 Million Series B Funding to Advance AI-Driven Precision Oncology Solutions

On January 14, 2020, VCBeat (WeChat ID: vcbeat) learned from foreign media that Concerto HealthAI, a technology leader in real-world data (RWD) and precision oncology treatment solutions, announced the completion of a $150 million Series B financing round. The round was led by Declaration Partners, with participation from Maverick Ventures, AllianceBernstein PCI, and SymphonyAI.

Upon the completion of this financing round, Andrew Goldfarb, Partner at Declaration Partners, and Leif Pedersen, Senior Operating Partner at SymphonyAI Group, will join the board of directors of Concerto HealthAI. Romesh Wadhwani, Founder and CEO of SymphonyAI Group, will continue to serve as Executive Chairman of Concerto HealthAI, while Dr. Jeff Elton, CEO of Concerto HealthAI, will serve as a member of the board of directors.

It is reported that Concerto HealthAI plans to use the funds from this financing round to further explore the application of real-world data (RWD) and AI technologies in oncology treatment, and to expand these technologies to other therapeutic areas. In addition, the company will advance clinical research processes and accelerate the development of breakthrough therapies to improve patient outcomes.

Concerto HealthAI, founded in 2017 and headquartered in Boston, Massachusetts, USA, is a technology leader in real-world data (RWD) and precision oncology treatment solutions. The company’s mission is to bring together globally leading AI technologies, data assets, outcomes research, and data science talent, with a focus on revolutionizing clinical research models to meet patients’ medical needs.

In January 2020, Concerto HealthAI released a new version of eurekaHealth, integrating real-world data (RWD) with advanced AI and machine learning for the first time to develop high-performance real-world evidence (RWE) industry standards for precision oncology. RWE refers to clinical evidence related to the use, potential benefits, and risks of medical products, generated through the analysis of RWD.

Concerto HealthAI Revolutionizes Clinical Research Models, Introduces Patient Treatment Technology Solutions to Transform Healthcare Delivery. Compared to last year, Concerto HealthAI’s revenue grew by 90% year-over-year, and its partner network continues to expand. Several major biopharmaceutical and oncology organizations worldwide have deployed eurekaHealth; among the top 25 global biopharmaceutical companies, 19 are customers of Concerto HealthAI.

Dr. Jeff Elton, CEO of Concerto HealthAI, stated, “Investors’ financial support and their expertise in the life sciences sector will help us accelerate our growth. We have an outstanding team dedicated to integrating real-world data (RWD), AI technology, and advanced scientific knowledge to provide solutions for hard-to-treat cancers.”

Dr. Wadhwani of the SymphonyAI Group stated, “Concerto HealthAI is currently delivering significant value to the market and is poised to drive advancement in the healthcare and life sciences sectors. I am pleased with the progress Concerto HealthAI has made and look forward to their continued innovation in technological solutions to accelerate drug development, optimize clinical trials, and improve clinical outcomes for oncology patients.”

Declaration Partners, headquartered in New York, USA, is a private equity investment firm backed by the family office of David M. Rubenstein, co-founder of The Carlyle Group. Declaration Partners makes direct investments in private equity and real estate, primarily providing growth equity capital and seed funding.

Maverick Ventures, established in 1993 and headquartered in San Francisco, USA, is the venture capital arm of Maverick Capital, an investment management firm. Maverick Ventures combines the resources of multinational corporations with exceptional teams to support entrepreneurs through investments at various stages. The firm’s team boasts over 25 years of early-stage investment experience and has provided funding to more than 80 companies in the healthcare, software, and deep technology sectors.

AB-PCI, headquartered in New York, USA, is the middle-market direct lending platform of AllianceBernstein, a publicly traded global asset management firm. The company manages approximately $9.2 billion in assets, primarily providing a range of financing solutions to middle-market companies and making growth equity investments.

SymphonyAI, founded in 2016 and headquartered in California, USA, is the fastest-growing private group among AI-powered B2B companies. The company manages approximately $1 billion in assets and focuses primarily on next-generation AI solutions. SymphonyAI employs over 1,600 experienced data scientists and investment management professionals.

(Compiled by Xu Xiaoxue)