Warburg Pincus Co-Leads Latest Funding Round in Israel’s MDClone
(Bloomberg) -- MDClone, a synthetic medical data startup, raised $63 million from investors led by Warburg Pincus and Viola Growth to fund global expansion.
The Israeli company, which sells artificial databases that closely mirror real world data sets, has started exploring markets in Europe, Asia and the Persian Gulf, Chief Executive Officer Ziv Ofek said in an interview.
Founded in 2016, MDClone has partnerships with the U.S. Department of Veterans Affairs, National Institutes of Health and Israel's biggest hospitals and health-care providers. The company has now raised $104 million from investors including aMoon, LightSpeed Venture Partners and OrbiMed.
Usage of synthetic medical data has increased in the past few years as health records have become more digitized in tandem with concern for patient privacy. Safeguarding medical records could allow hospitals around the world to more rapidly share insights about diseases and potentially cut down the time needed to develop new drugs, said Josh Rubel, MDClone's chief commercial officer.
©2022 Bloomberg L.P.
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