Funding / Health / Health tech / Investing / Software

Center City’s Phrase Health raises $3 million, led by LionBird

The physician-founded company's VC raise comes on the heels of a $1.7 million grant from the NIH.

Phase Health's platform was created inside the hospital. Photo by MedicAlert UK on Unsplash

Three-year old Phrase Health, a maker of SaaS-based electronic health record data tools, raised $3 million round lead by VC firm LionBird, with participation from Vizient and BioAdvance.

The 2001 Market St.-based company was founded by clinical informatics physicians and spun out of technology developed at Children’s Hospital of Philadelphia in 2018. Its software provides web-based analytics dashboards and collaboration tools to better understand clinical processes and electronic interventions such as alerts and order sets.

“We found several compelling reasons to invest, but principally were impressed with their clients’ strong descriptions of ROI from Phrase’s solution and the team’s deep knowledge about the issues their clients are facing,” Robert Lord, partner at LionBird, said in a statement. “The company’s efforts linking health systems’ EHR interventions to quality measures is a compelling shift at a time in which the industry is moving towards value-based care.”

This round of fundraising will be used to support the company’s growth initiatives and further its mission of improving the “quality of clinical care delivery through optimization of workflows and management of electronic health records data,” it said.

“Our platform empowers hospitals to gain insights on their processes and workflows and easily makes that data actionable,” Dr. Marc Tobias, CEO and cofounder of Phrase Health, said in a statement. “With this support from knowledgeable leaders in the health IT space, we are in a position to accelerate growth and focus on additional research and development to enhance our current capabilities, ultimately improving the experience for clinicians and quality of healthcare for patients.”

The startup recently was awarded $1.7 million in a Phase 2 Small Business Technology Transfer Program (STTR) grant from the National Institute of Health, after it received a $225,000 Phase 1 STTR grant last year. This most recent proposal builds on its Phase 1 work, with a goal to reduce clinical variation, and the end result of the research is its new product, Phrase Health Outcomes.

Phase 2 research will include researchers from CHOP, Emory University and Children’s Healthcare of Atlanta and the University of Vermont Health Network.

Before you go...

Please consider supporting to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!


The Trump rally shooter perched on a building owned by American Glass Research. Here’s everything we know about it.

Here’s how the global tech outage impacted many of the vital systems across the mid-Atlantic region

Inside Philly City Hall’s new $6.85M lighting system, with hundreds of LEDs that dance with color

Why Benefits Data Trust fell apart despite millions from philanthropy and government contracts

Technically Media