Funds will help Kythera expand product, partnerships, and people to build strong infrastructure for expected near-term and long-term growth
Kythera Labs, the leading data science platform provider for healthcare, today announced financing led by Espresso Capital and advised by Brentwood Capital Advisors to support unprecedented growth and enhance its current offerings. Kythera will use the funding to link electronic health record (EHR) and consumer household data offerings, invest in new payer- and patient-level analytics, and scale its staff to bolster support for its rapidly growing customer base. The company also plans to acquire additional laboratory, genomic, biomarker, and primary research data assets.
The data science platform market for life sciences and healthcare is expected to represent a striking 25% of the total platform market by 2026. In 2021, Kythera demonstrated similarly unprecedented growth:
- 500% increase in users
- 2,400% Year-over-Year Increase in platform utilization
- 20+ new customers, including top five pharmaceutical companies and leading health systems
- Doubled Annual Recurring Revenue each quarter for the past four quarters
“There is a massive continuum of adjacent unmet and underserved data needs across the entire healthcare industry, and Kythera’s solution sits right at that intersection by managing massive data sets and making information actionable,” said Will Hutchins, Espresso Capital Managing Director. “The company has a clear differentiator, smart business plan, and experienced leadership team. We are pleased to support Kythera and look forward to the next successful chapter.”
Uncovering actionable insights from data has never been more important as healthcare and life sciences organizations look to adapt, innovate, and provide better care for patients in an evolving environment.
Kythera also plans to leverage its financing to expand partnerships with industry leaders such as Datavant and Databricks and is Databricks’ fastest-growing OEM partner for health systems. “This is an exciting milestone for Kythera and underlines their commitment for helping healthcare organizations solve industry challenges and drive innovation with the power of data and AI. We look forward to further collaboration between our teams as we continue to grow our partnership,” said Michael Sanky, Global Industry Lead-Healthcare and Life Sciences.
“We are excited to partner with Espresso to further strengthen our platform and to support an expanding list of customers and use cases across healthcare and life sciences,” said Jeff McDonald, CEO of Kythera. “Market intelligence, commercial execution, plan level insights, and real-world evidence are just a few examples of how our customers are leveraging our data and technology.”
For more such updates and perspectives around Digital Innovation, IoT, Data Infrastructure, AI & Cybersecurity, go to AI-Techpark.com.
