Apervita Secures $22 Million Funding to Advance Healthcare Digitalization Through Cloud-Based Analytics Platform

VCBeat (WeChat ID: vcbeat) has learned that on November 13, 2019, healthcare platform Apervita closed a $22 million financing round. The round was led by Optum Ventures, with participation from Pritzker Group Venture Capital, Baird Capital, Math Ventures, Levy Family Partners, Illinois Venture Capital Association, and Wintrust Financial.

Alex Kane, the company’s Chief Marketing Officer, stated that the new funding will be used for product development as well as sales and marketing initiatives. Additionally, Apervita raised $18 million in financing in 2015. To date, Apervita has raised over $43 million in total funding.

Apervita, founded in 2011 and headquartered in Chicago, Illinois, is a healthcare platform company. Leveraging a cloud-based analytics technology platform, it enables rapid digital analysis of large volumes of health data, facilitating the sharing of clinical and insurance claims data between insurers and healthcare organizations. Healthcare companies use Apervita’s technology to convert their medical intellectual property into computable assets, which can then be commercialized globally through the company’s marketplace.

Professionals can browse and subscribe to a variety of curated medical content on the Apervita platform, connect their own datasets, and publish results into workflows. The platform’s available content covers clinical, operational, and financial domains, including readmission prevention, chronic disease management, protocol compliance, rapid detection of patient health deterioration, infection alerts, risk of health complications, missed diagnosis detection, problem list improvement, differential diagnosis, and personal medical device assessment.

Apervita currently serves more than 2,000 hospitals, saving each hospital $20,000 to $50,000 in administrative costs.

Today, the platform performs over 10 billion quality calculations annually using digital measures such as the electronic Clinical Quality Measures (eCQMs) from Medicare and the Centers for Medicaid & CHIP Services. Apervita is the first company to receive National Committee for Quality Assurance (NCQA) certification for eCQM execution based on Clinical Quality Language (CQL), and one of the first to achieve NCQA certification for the Electronic Clinical Data System (ECDS) and the digital version of the Healthcare Effectiveness Data and Information Set (HEDIS).

Hutchinson, CEO of Apervita, stated, “Apervita is at the forefront of next-generation infrastructure that supports digital performance measurement and value-based transactions, empowering customers and healthcare enterprises to achieve value-aligned care. The new capital will accelerate the development of our cutting-edge technologies and foster collaboration with our growing customer base to drive company growth.”

Optum Ventures is a venture capital firm based in Boston, Massachusetts, USA, dedicated to providing capital and strategic guidance to startups to drive the development of the healthcare industry.

Pritzker Group Venture Capital, established in 1996, is a venture capital firm based in Chicago, United States. The company provides support at every stage of corporate development. Since its inception, it has invested in more than 100 companies.

Baird Capital was established in 1919 and is a venture capital firm based in Wisconsin, USA. The company makes venture capital, growth equity, and private equity investments in strategic target industries worldwide.

MATH Ventures, established in 2014 and based in Boston, Illinois, USA, is an early-to-mid-stage fund managed by a team of seasoned investment professionals.

Wintrust, established in 1995 and headquartered in Illinois, USA, is a financial services holding company with assets exceeding $18 billion. Through its 15 wholly-owned subsidiaries, the company provides personal and commercial banking services to customers in the metropolitan areas of Illinois and southern Wisconsin.

(Compiled by Jiang Ying)