PicnicHealth Closes $60 Million Financing

Health Technology company PicnicHealth closed a $60 million series C financing to support expansion of its patient-centered real-world data cohorts.

Photo: Robert Mittendorff, head of healthcare at B Capital

The company said it will add 30 new indications in complex, chronic, or rare conditions. The company will also introduce new capabilities to bring this same depth and completeness to aid clinical trial sponsors in linking trial data with longitudinal real-world outcomes. In addition, PicnicHealth plans enhancements to streamline and speed the patient experience of gaining access to up-to-date medical records.

B Capital Group led the round with existing investors Felicis Ventures and Amplify Partners participating. The financing brings the total PicnicHealth has raised to more than $100 million. Adam Seabrook, Partner at B Capital Group, joined the PicnicHealth board of directors.

PicnicHealth takes a patient-centered approach to building deep real-world datasets for life sciences researchers. This complete, clinically rich, longitudinal data avoids typical gaps in existing real-world data sources by working directly with consented patients. All datasets include complete medical records from all of a patient’s sites of care and can be supplemented with direct patient-reported experience and linked to other research data sources. PicnicHealth empowers patients with access to their own medical information aggregated in a single place and provides the opportunity to proactively contribute their medical journey to advance research.

“Gaining patient consent isn’t just the right thing to do, it’s the only way to build the complete, longitudinal data needed to truly describe how diseases look in the real world. This is especially important in our fragmented healthcare system, where the typical PicnicHealth patient has data spread across more than 20 different healthcare providers over seven years,” said Noga Leviner, CEO and Co-founder of PicnicHealth. “We are thrilled to expand this patient-centered approach to empower patients in dozens of new diseases with control over their data.”

The PicnicHealth Research Platform launched in 2020. It has created patient cohorts in hematology (including hemophilia, sickle cell disease, paroxysmal nocturnal hemoglobinuria, and immune thrombocytopenia); neurology (including multiple sclerosis, Parkinson’s disease, Alzheimer’s disease, amyotrophic lateral sclerosis, myasthenia gravis, and Huntington’s disease); and rare diseases (including lupus nephritis, primary biliary cholangitis, and Pompe disease). Dozens of leading global life sciences and biopharmaceutical companies rely on these datasets to surface the real-world experiences of more diverse populations than can be studied in clinical trials alone, getting the right treatments to the right patients faster.

“PicnicHealth breaks through the longstanding data silos in healthcare to put critical information in the hands of the people who need it most,” said Robert Mittendorff, head of healthcare at B Capital.

Author: Rare Daily Staff