H1, a US-based healthcare data software provider backed by pharmaceutical firm Novartis and mobile chipmaker Qualcomm, secured $100m in series C funding on Tuesday.
Technology investment firm Altimeter Capital led the round and was joined by investment bank Goldman Sachs’ Asset Management business, IVP, Menlo Ventures, Lux Capital, Lead Edge Capital and Transformation Capital.
Founded in 2017, H1 operates a cloud-based database designed to help hospitals, life science companies, health systems and academic centres gain medical insights. The series C proceeds will be used to expand its network, increase headcount and strengthen its product and data capabilities.
DRx Capital, the investment vehicle formed by Novartis and Qualcomm, participated in the company’s $78m series B round, in December 2020, which was co-led by Menlo Ventures and IVP and which also featured Lux Capital, Transformation Capital, Lead Edge and Y Combinator.
DRx Capital also took part in a Menlo Ventures-led series A round sized at $12.9m in April 2020. Y Combinator, Underscore VC, ClearPoint Investment, Liquid 2 Ventures, Baron Davis Enterprises and Jeff Hammerbach filled out the participants in that round.
Ariel Katz, H1’s co-founder and chief executive, said: “We have created a flywheel that spins faster the more [healthcare providers] and industry partners engage with our platform and network.
“No other company can match the volume and quality of global healthcare data H1 has, and as a result no one can match the insights we surface. The next phase of our growth will be focused on helping healthcare organisations harness our network for better decision making.”
