HealthVerity raised a $10 million Series B

Center City-based health IT startup HealthVerity announced today it has closed a Series B round totaling $10 million.

The investment was led by Boston-based Flare Capital Partners and NYC/LA Greycroft Partners. Both firms also led that $7.2 million Series A the company raised around this time last year.

The round of funding didn’t feature any local investors, but the realLIST runner-up did get Foresite Capital— led by three-time Forbes Midas List honoree Jim Tananbaum.

Andrew Goldberg, cofounder and COO, said the cash infusion will help the company make investments on three fronts:

• Continue development on the firm’s HIPAA privacy standards “to ensure that all of the data we’re working with remains de-identified,”
• Invest in the company’s cloud platform “so that our users have a great experience and make sure it performs at top level” and
• Keep building and enhancing relationships with the members of the firm’s data ecosystem.

The way HealthVerity works is a bit clearer now, as the company slowly slips out of stealth mode. Basically, through its marketplace platform it connects medical data suppliers with buyers seeking to build bespoke medical data sets. The platform is closed off to the public and offered directly to targeted clients, according to Goldberg.

“We’re getting those two sides to meet,” the exec said. “One of the great benefits is the ability to, on a de-identified bases, follow cohorts of patients along their journeys and build bespoke data sets that can show you the outcome of patients for research purposes.”

Goldberg declined to disclose the amount of full-time staffers at the company but, judging from the picture provided by him, HealthVerity employs at least 20 staffers, thought it’s unclear if they’re full-time, part-time or contractors. He did mention that hiring will continue. There are currently five open gigs on the organization’s careers page.