McKesson Ventures, the investment unit of healthcare company McKesson, led a $25m series D round yesterday for Truveris, a US-based prescription auditing service provider.
Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners and New Atlantic Ventures also took part in the round.
Truveris operates a cloud-based platform that continuously monitors bills to review the accuracy of each claim and its pricing.
The software aggregates data from the pharmaceutical ecosystem to allow patients, employers, unions, governments, manufacturers and pharmacies to identify cost savings around prescription drugs.
The series D capital will support accelerated growth of Truveris.
Canaan Partners previously led a $12.75m series C round in 2014 with participation from New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures, and First Round Capital.
New Leaf Venture Partners led a $10m series B round that also featured Tribeca Venture Partners, New Atlantic Ventures and First Round Capital in 2012. In 2011, GSA Venture Partners led a $3.8m series A round that included New Atlantic Ventures and First Round Capital.
Faisal Mushtaq, president and chief executive of Truveris, said: “Access to affordable prescription drugs is a critical need facing all Americans.
“This strategic investment enables us to rapidly expand the availability of our platform so we can help more organizations reduce costs and improve access to medications.
“The continuing support from our existing investors underscores their confidence in our strategy, technology, and the team we are building at Truveris.”
Tom Rodgers, senior vice-president and managing director at McKesson Ventures, said: “Truveris’ data-driven platform enables employers to create a more symmetrical buying process for prescription drug coverage by demystifying pricing strategies in PBM contracts and driving more transparent competition.
“It also helps Biopharma make smarter decisions about where and how it subsidizes patient assistance programs. The net effect of both is a win by improving access and affordability for payers including employers and consumers.”