Health Catalyst, US-based healthcare data services provider backed by care consortium Kaiser Permanente and healthcare and insurance provider UPMC, has filed for a $100m initial public offering.
The company had filed confidentially for the offering, which is set to take place on the Nasdaq Global Select Market, in April this year.
Founded in 2008, Health Catalyst has developed an artificial intelligence-based big data analytics platform that links data from sources such as electronic health records and insurance claims, to identify possible ways to improve clinical, financial and operational efficiency.
The company has raised more than $320m in funding to date. It closed a $100m series F round in February 2019 backed by UPMC Enterprises and Kaiser Permanente Ventures, respective corporate venturing units of UPMC and Kaiser Permanente, valuing it at more than $1bn.
Healthcare investment firm Orbimed led the series F, which included Sequoia Capital, Norwest Venture Partners (NVP), Sands Capital Ventures and Brent James, chief quality officer of health system Intermountain Healthcare. It included an undisclosed amount of debt financing.
UPMC Enterprises and NVP co-led Health Catalyst’s $70m series E round in 2016, investing with Kaiser Permanente Ventures, care providers MultiCare Health System, OSF Healthcare and Partners HealthCare, and CHV Capital, a subsidiary of care system Indiana University Health.
The series E round also included Leerink Capital, Sequoia Capital, Sands Capital, Epic Venture Partners, Leavitt Equity Partners and Tenaya Capital.
The company had received $70m in 2015, in an NVP-led series D round that included Partners HealthCare, Kaiser Permanente, CHV Capital, Sequoia, Sorenson Capital, Sands Capital, Tenaya, Epic and Leavitt Equity Partners.
Health Catalyst had already received $41m in series B funding in 2013 from investors including Kaiser Permanente, NVP, Sorenson Capital and CHV Capital.
Sequoia is the company’s largest shareholder, owning 21.9%, while NVP holds a 21% stake and UPMC 6.3%.
Goldman Sachs, JP Morgan and William Blair are joint bookrunners for the offering. Piper Jaffray, Evercore Group, SVB Leerink and SunTrust Robinson Humphrey are also serving as underwriters.
