OM1, a US-based medical data technology developer backed by automotive components maker Wanxiang, has collected $50m in a funding round led by venture capital firm Scale Venture Partners, TechCrunch reported on Tuesday.
The round featured existing OM1 backers, with General Catalyst, Polaris Partners and 7wire Ventures all being named. It is unclear whether Wanxiang subsidiary Wanxiang Healthcare Investments, which contributed to the company’s 2017 series A round, also returned.
OM1’s software analyses billions of healthcare data points and curated registries to source research-grade information on medical treatments, enabling physicians and hospitals to make more informed decisions about how to best care for patients.
Pharmaceutical companies can also use the platform to demonstrate the requirements for potential drug treatments to regulator the US Food and Drug Administration.
The cash will drive sales and marketing efforts and product development. Rory O’Driscoll, managing director of Scale Venture Partners, has joined OM1’s board of directors.
Wanxiang Healthcare Investments took part in OM1’s $15m series A round in April 2017 together with General Catalyst and 7wire, both of which came back in May 2018 when the company picked up $21m in a series B round led by Polaris Partners.
Richard Gliklich, OM1’s founder and CEO, said: “Clinical outcomes are the most important metric in healthcare. With this funding, OM1 will accelerate our work towards delivering rapid access to real-world outcomes and evidence and with helping our customers apply those data in impactful ways.”
