The cash injection is the largest investment round to date for rising oncology analytics firm.
New York City-based oncology analytics firm Cota announced today its largest funding round to date. The company added $40 million in new funding during a Series C round. The investment round was led by IQVIA and EW Healthcare Partners.
"We have been investing in applying data science to accelerate drug development, ensure patient access to innovative therapies, and make value and outcomes more transparent to align all healthcare stakeholders,” IQVIA President of Real World & Analytics Solutions Jon Resnick said in a statement. “Investing in Cota is consistent with that vision."
The firm announced a litany of partnerships in 2017, including deals with Miami Cancer Institute and Memorial Sloan Kettering Cancer Center and a collaboration with Hackensack Meridian Health and IBM Watson Health to develop value-based cancer treatment bundles. In a statement, it said the fresh cash injection would be used to continue scaling its solutions across the healthcare industry.
"We're poised to expand our team and add new capabilities to support the company's rapid growth,” Cota CEO John Hervey said. “With our [Cota Nodal Address] classification system and powerful analytics, we are confident that Cota will revolutionize both patient care and healthcare economics.
In addition to advanced analytics capabilities and a vast collection of real-world data, the Cota Nodal Address (CNA) system is 1 of the company’s primary assets. Its Chief Medical Officer, Andrew Norden, MD, described the CNA as a “turbo-charged ICD code” in a recent interview with Healthcare Analytics News™. The system allows look patients to be sorted through a series of 6 codes representing cancer type, neoplasm, invasive ductal, phenotype, advancement therapy, and number of progressions.
“My intent in creating the CNA and launching Cota in 2012 was to enable the healthcare industry to address the value of care,” company founder Andrew Pecora, MD, said in the statement. “Since then, we have proven that CNAs enable patients to get optimal care and improve outcomes, while payers see greater efficiencies and less waste, thus reducing total cost of care.”
Collaborators Hackensack Meridian and Memorial Sloan Kettering both contributed to the new funding round, alongside Boston Millennia Partners, Horizon Blue Cross Blue Shield of New Jersey, and Atoc Holdings.
Cota’s 2014 Series A and 2016 Series B rounds, led by Horizon Blue Cross and Boston Millenia, respectively, raised a combined $25 million.