SALT LAKE CITY, UT--(Marketwire - Feb 28, 2013) - Health Catalyst, the leader in healthcare data warehousing, announced it has increased its Series B round by $8 million, with participation from Kaiser Permanente Ventures and CHV Capital, a venture capital fund guided by the strategic objectives of Indiana University Health, Indiana's largest health care system.
The Health Catalyst platform represents a paradigm shift in the rapidly growing market for healthcare performance improvement. The company's agile, healthcare-specific data warehousing platform enables hospitals and health systems of any size to respond to the evolving shift from fee-for-service to value-based reimbursement, and more easily manage patient populations under new care models.
Coming on the heels of a $33 million investment in December by Norwest Venture Partners, Sequoia Capital and Sorenson Capital, this latest financing bolsters Health Catalyst's ability to invest in development, services, and people to support its clients as well as strengthen its ties to industry-leading health systems.
"Kaiser Permanente Ventures' mission to partner with entrepreneurial companies to advance clinical quality, service and affordability closely matches Health Catalyst's own goals to help hospitals standardize around the safest, most effective care practices while also reducing inefficiencies," said Dan Burton, Chief Executive Officer of Health Catalyst. "Like Kaiser Permanente Ventures, CHV Capital represents an ideal partner for Health Catalyst -- a strategic investor with direct ties to one of the country's most innovative, data-driven health systems. In addition to gaining a financial partner in CHV Capital, our commercial and development relationship with Indiana University Health will enable both organizations to accelerate our shared goal of being leaders in delivering patients the highest quality of care through the most cost efficient means possible. We are excited to welcome both investors and look forward to leveraging their organizational expertise and resources to help take Health Catalyst to the next level."
Todd Cozzens, a Partner at Sequoia Capital and a Health Catalyst board member, said, "These strategic relationships with Kaiser Permanente Ventures and CHV Capital will lead the way to major innovations for the US healthcare system. Every hospital and health system is coming to understand that having an electronic health record is not enough. They need a fast, agile, healthcare-specific data warehouse to organize, visualize and utilize all of the data at their fingertips and address the shift to risk-based contracting and quality performance. Health Catalyst has proven with several leading health systems that its technology and management team will deliver every time."
Kyle Salyers, Managing Director at CHV Capital, said, "Healthcare data warehousing and analytics is a necessity in order to succeed in the future of healthcare. It will bring actionable information to the point of care and to administrative leadership. We and our colleagues at IU Health see Health Catalyst as the market leader in delivering a data warehousing platform and analytic accelerators with scale, flexibility, speed to deployment, and ultimately a tangible return on investment."
Health Catalyst's technology platform can be implemented in a matter of months and enables hospitals of all sizes to better leverage their investments in electronic health records (EHRs) to more effectively measure quality outcomes, meet regulatory and financial incentive reporting requirements, and eliminate waste.
Health Catalyst technology is utilized in the care of more than 20 million patients, including at Allina Health, Indiana University Health, MultiCare Health System, North Memorial Health Care, Providence Health & Services, Stanford Hospital and Clinics, and Texas Children's Hospital.
About Kaiser Permanente Ventures
Kaiser Permanente Ventures, the corporate venture capital arm of Kaiser Permanente, makes investments in medical device, diagnostics, healthcare services and information technology companies that advance the quality and affordability of health care. Since its inception in 1997, Kaiser Permanente Ventures has invested in more than 40 venture-capital backed companies at all stages of development, and contributed organizational expertise, time and resources to the success of these companies. For additional information please visit www.kpventures.com.
About CHV Capital
A return-driven venture capital fund, CHV Capital, Inc. (CHV) is guided by the strategic objectives and mission of Indiana University Health, Indiana's largest health care system. These objectives include fostering economic development and the life sciences in Indiana. CHV Capital, Inc. actively seeks syndication investment opportunities, particularly with Midwest institutional investors. We engage only in investment opportunities where CHV management, boards and partners are uniquely positioned to add value.
About Health Catalyst
Based in Salt Lake City, Health Catalyst (formerly Healthcare Quality Catalyst) delivers a proven, agile data warehouse platform that actually works in today's transforming healthcare environment. Currently over 20 million patients utilize Health Catalyst's Adaptive Data Warehousing platform and solutions. Founded by healthcare veterans who developed their solution after struggling for years to try to make non-healthcare data warehousing solutions work, the Health Catalyst data warehouse utilizes an adaptive approach designed specifically to address the complex nature of healthcare data. Health Catalyst's platform combines technology solutions and clinical expertise borne out of repeated successful implementations that significantly improved quality of care and reduced healthcare costs. Health Catalyst's proven solutions are deployed at leading health systems including Allina Health, Indiana University Health, MultiCare Health System, North Memorial Health Care, Providence Health & Services, Stanford Hospital and Clinics, and Texas Children's Hospital. Visit www.healthcatalyst.com, and follow us on Twitter.