Ciitizen, a US-based healthcare record management platform backed by internet and technology group Alphabet’s life science subsidiary, Verily, is set to be acquired by genetic information provider Invitae for about $325m.
The transaction consists of approximately $125m in cash alongside just over 7 million shares of Invitae’s common stock. Invitaea has also set aside about $225m in restricted stock units for new employees who join as part of the deal.
Ciitizen operates an online healthcare data platform that leverages machine learning techniques and artificial intelligence technology to aggregate and share patient medical records through a single portal. It also provides big data analytics services and data quality technology.
Invitae said the acquisition would enable it to accelerate the expansion of its own genomics platform by adding a complementary patient service that collects and organises health records.
Verily had contributed to a $17m series A round for Ciitizen in January 2019 that was led by Andreessen Horowitz and which also included Section 32.
Andreessen Horowitz had led a $3m seed round for the company in 2018. It had previously listed property manager Hughes Management, Wavemaker Three-Sixty Health and Sethi Ventures as backers on its website, however those references have since been removed.