(Bloomberg) -- Clarify Health, a health-care data and analytics company, has more than tripled its valuation from last year to $1.4 billion with a financing round led by SoftBank Vision Fund 2, according to people familiar with the matter who asked not to be identified.
The San Francisco-based company raised $150 million in a Series D financing round from new investors including the SoftBank fund, funds managed by BlackRock Inc. and Memorial Hermann Health System, according to a statement reviewed by Bloomberg News. Existing investors KKR & Co., Insight Partners, Spark Capital, Rivas Capital, Aspenwood Ventures and Sigmas Group also participated in the round.
Clarify, which has data on more than 300 million Americans, sells analytics software to health insurers, health-care providers and life sciences companies that it says can provide insights like how to provide better care and reduce costs.
Chief Executive Officer and co-founder Jean Drouin said the company's platform can enable the shift to a so-called value-based care system in which payments to doctors and hospitals are determined by patient outcomes rather than by the number of procedures performed.
“Clarify provides real-time in-the-moment answers to questions to hospitals, health insurers and life science companies so that they can more quickly make better decisions and do a better job of either delivering better care, getting the right doctors and coverage in place, or more quickly getting at more effective and efficient clinical trials so that we get better and cheaper therapies on the market faster,” Drouin said in an interview.
Clarify plans to use the new financing to increase its growth, both organically and through acquisitions, Drouin said.
The company plans to at some point go public through an initial public offering, he said.
“The markets willing, we are on that path,” Drouin said. “We've heard anecdotally that the markets are much more demanding of software-as-a-service companies, so our view is whenever it is that the option is there then we will consider it.”
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