Shyft Analytics, a US-based provider of cloud analytics software for the life sciences industry, raised $12.5m in series B funding yesterday from investors including corporates McKesson Corporation and Medidata Solutions.
Healthcare IT and services provider McKesson, which invested through its McKesson Ventures unit, and cloud-based clinical research software producer Medidata were joined by growth equity firm Health Enterprise Partners and venture capital fund Milestone Venture Partners.
Shyft has built a cloud data management and analytics platform that helps life sciences companies improve commercial and clinical performance as they look to develop therapeutics. The funding will be used to expand the company’s technology.
Dave Schulte, managing director of McKesson Ventures, said: “Life sciences companies are rapidly adopting analytics to increase their commercial efficiency and to improve the clinical effectiveness of their drug.
“Shyft’s cloud-based platform provides the necessary foundation for superior enterprise data management, integration and visualisation. Their impressive growth and strong customer demand positions Shyft as the market leader, particularly in the category of analysing real world outcomes for pharmaceutical treatments.”
Health Enterprise Partners led the $15m first tranche of Shyft’s series A round in late 2013, when the company was still known as Trinity Pharma. Milestone Venture Partners added $4m in April 2014.