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Kyruus Launches "Big Data" Healthcare Platform With $5.5 Million Series A FinancingSoftware-Enabled Service Brings Quantitative Transparency and Efficiency to Physicians' Professional Interactions (June 21, 2011)
BOSTON, MA -- (Marketwire) -- 06/21/11 -- Kyruus, Inc., a data-driven healthcare company developing solutions for facilitating transparent physician engagements, announced its launch today in conjunction with a $5.5M Series A financing. The financing round was led by venture capital firms Highland Capital Partners and Venrock, and strategic investor Gerson Lehrman Group. Participation also included angel investors with notable track records in the healthcare IT and analytics sectors, including Jonathan Bush (CEO and Co-Founder of athenahealth, Ed Park (COO of athenahealth), John Goldsmith (Chairman of Lux Research) and James Golden (Partner at Accenture). Kyruus is the second entrepreneurial venture for the company's co-founders, Graham Gardner and Julie Yoo, who previously worked together at Highland-backed Generation Health.
Kyruus was founded in 2010 to take a "Big Data" approach to addressing the mounting challenges and opportunities related to the ubiquitous interactions between physicians and other stakeholders in the healthcare system. Collaborations between physicians and industry have been a major driver of innovation and improvements to patient care in the form of new medical products and treatment paradigms. Nearly 65% of funding for biomedical research hails from industry sources, and upwards of 90% of physicians report that they have received benefit from pharmaceutical and medical device companies. Physicians also interact regularly with hospitals and health plans in the context of patient care and treatment decisions. However, changing payment models as well as increasing public scrutiny and regulatory pressures under the new healthcare reform law are forcing stakeholders to transform the manner in which these interactions take place.
"Despite the importance and high prevalence of these interactions, stakeholders have traditionally made poor use of data mining and analytics to appropriately match, manage and measure these relationships in an information-driven manner," noted Yoo, Kyruus's Chief Product Officer. To address this need, Kyruus's p(3) technology platform unifies thousands of public and proprietary healthcare data sources to perform processing, profiling, and predictive analytics based on the professional personas of physicians. This enables users to leverage this vast sea of information and the resulting insights to optimize the way in which physicians are matched with resources across the healthcare system, including healthcare organizations, colleagues, and ultimately patients.
"Physicians are central agents of progress and innovation across our healthcare system. We are going after an incredible opportunity to assemble and leverage the many disparate silos of data that characterize those physicians and ensure that they are matched to the most valuable opportunities for collaboration in an effort to improve patient care," said Gardner, Kyruus's Chief Executive Officer.
Kyruus's founding team brings expertise from the worlds of healthcare delivery, healthcare services, and business intelligence, from companies such as Endeca Technologies, Kayak, TripAdvisor, and Aster Data. The company has also recruited a team of thought-leaders in the domains of information retrieval, healthcare, and cyber law to serve as strategic advisors.
Bob Higgins, a General Partner at Highland Capital Partners and a member of Kyruus's Board of Directors, pointed to the unprecedented wave of data liquidity in healthcare, largely driven by the efforts of the Department of Health and Human Services (HHS), as a catalyst for forming the company. "We are very excited to be working at this unique time with such a pioneering team of investors, advisors, and entrepreneurs to fill the data void that has existed for too long in healthcare."
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional communications, digital media, healthcare, and information technology companies. With more than $3 billion of committed capital and offices in Geneva, London, Silicon Valley, Boston and Shanghai, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Generation Health, lululemon athletic, Lycos, Odyssey HealthCare, OpGen, Qihoo 360, Quattro Wireless, RedBrick Health, Starent Networks, Sybase and VistaPrint. www.hcp.com
About Gerson Lehrman Group
Gerson Lehrman Group (GLG) manages the world's largest membership-based marketplace for business expertise. The company's clients, the world's leading corporations, investment firms and professional service firms, subscribe to GLG's membership to consult with and learn from more than 250,000 of the world's leading business experts, members of the GLG Councils. Gerson Lehrman Group combines web-based tools, professional services, and multimedia to enable our clients and experts to connect with each other -- on-demand and at scale -- to learn and share insights, to broaden professional relationships, and to make better decisions. Gerson Lehrman Group was founded in 1998 and operates 19 offices globally in the Americas, Europe and Asia. GLG's investors include Silver Lake Partners and Bessemer Venture Partners. For more information, please visit www.gersonlehrman.com.
Venrock is a leading venture capital firm with offices in Palo Alto, CA; New York, NY; and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues an eight- decade tradition of partnering with entrepreneurs to establish successful, enduring companies. With a primary focus on technology, healthcare, and energy, portfolio companies have included Adify, Adnexus Therapeutics, Apple Computer, Athenahealth, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, StrataCom, and Vontu. For more information, please visit Venrock's website at www.venrock.com and follow the firm on Twitter at @venrock.
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