Healthcare data and analytics company Tuva Health has launched with $5 million in seed funding. 

Virtue led the round, with participation from Y Combinator, Box Group and health tech angel investors. 

WHAT IT DOES 

Tuva Health provides tools for pharmaceutical companies, payers and providers to gather insights from EHR and claims datasets via an open-source data model. 

The company will use the funds to fuel growth, speed up product development and invest in commercial initiatives. 

"Our mission is to be the driving force behind healthcare data transformation, by open-sourcing the esoteric knowledge required to transform healthcare data and encoding that knowledge in an analytics-ready data model,” Aaron Neiderhiser, CEO and cofounder of Tuva Health, told MobiHealthNews in an email.  

"Healthcare organizations have been solving this challenge over and over for the last 30 years. Meanwhile, the quality of data hasn’t improved, and the cost of doing so has skyrocketed. Our goal is to create a transparent solution that is free to use and more advanced than any alternative because it is built with the help of our community of 1,000+ healthcare data practitioners."

THE LARGER TREND

Other companies offering advanced data analytics for providers include Innovaccer, a health data analytics startup. Innovaccer received two large funding rounds in 2021, including a $105 million Series D that propelled it to a $1.3 billion valuation and a $150 million Series E that bumped it to $3.2 billion. The company was founded in 2014.

Last year, the unicorn company laid off 245 workers, or about 15% of its workforce, marking its second round of layoffs in less than six months. It had laid off 90 employees, which made up 8% of its workforce in late 2022. 

Clarify Health uses its cloud-software product to help plans create value-based care contracts, manage financial performance and digitize settlements, according to the company. It raised $150 million in Series D funding in 2022, just one year after securing $115 million in Series C funding.

California-based real-world data platform Atropos Health and data analytics company Arcadia are also players in the space.