Explorys secures $2.55M Series B financing from Santé Ventures

Explorys Inc., the leader in cloud computing solutions for healthcare data management, analytics, and outcomes measurement has secured $2.55M Series B financing from Santé Ventures, with follow-on participation from Cleveland Clinic Innovations.

“We are enthusiastic about Explorys' potential to meet the needs of a fast-changing, outcomes-driven healthcare system.”

Explorys provides specialized data services and applications for the healthcare industry, empowering healthcare providers, biotech, and pharmaceutical companies to improve treatment, accelerate research and product development, while enabling critical measurement for performance management and drug safety.

Founded in 2009, Explorys has developed a network of healthcare providers contributing over a billion clinical records updated on a daily basis. The company launched its platform for healthcare providers in July and will offer their services to life sciences customers in the fourth quarter of 2010.

Explorys raised the $2.55 million in addition to the $1 million raised in their Series A round led by 23Bell in October 2009. "With strong momentum going into this financing round, our goal was to raise sufficient capital to propel Explorys to a point of sustained revenue growth," stated Explorys CEO, Stephen McHale. "This is a bold initiative, with unprecedented support from the healthcare and life sciences communities. We're excited to be the first mover in a space that will have profound effect on treatment and drug safety."

Explorys provides a unique combination of massively scalable data processing with clinical records standardization; atop an open data model that encourages development from partners and a growing network of data contributors. "Making sense of billions of clinical observations across disparate treatment venues and providers is possible only when data is 'harmonized' by a central accountable organization", stated Charlie Lougheed, Chief Technology Officer and President of Explorys. "This is why we combine scale with effective data curation; enabling apples-to-apples comparison across vast and statistically rich data sets."

Proceeds from this financing will be used to continue development of the platform technologies including drug safety detection technologies, third party software development interfaces, as well as network development, sales, and marketing activities. "Stephen and Charlie have assembled an impressive team to create clinical insights from health data," said Santé Ventures Managing Director and Explorys board member, Joe Cunningham. "We are enthusiastic about Explorys' potential to meet the needs of a fast-changing, outcomes-driven healthcare system."