Novellia Raises $18 Million in Series A Funding
Novellia, a New York-based health tech company, has successfully raised $18 million in a Series A funding round. The round was led by Spark Capital, with participation from Khosla Ventures, Acrew Capital, Bling Capital, and TMV. Novellia offers a personal health tool that allows users to centralize medical records, manage medications, and track health conditions.
Company Background and Mission
Founded by Abe Abraham, Elliot Katz, and Shashi Shankar, Novellia aims to empower patients by giving them control over their medical data. The company provides a platform that enables individuals to consolidate their medical records from various healthcare providers. This tool is particularly beneficial for patients managing complex health conditions, as it simplifies the process of gathering and sharing medical information.
Funding Details and Objectives
The Series A funding will be instrumental in scaling Novellia's platform, which distinguishes itself by being entirely patient-driven. Unlike traditional data brokers that rely on insurance claims and hospital records, Novellia's platform draws on data that patients choose to contribute. This approach not only respects patient privacy but also enhances the quality of data available for medical research.
New Developments: Launch of Mobile App
Part of the new funding will be allocated to launching a patient-facing mobile app. This app will facilitate easier access to the platform, allowing users to manage their health data on-the-go. CEO Shashi Shankar highlighted the importance of this development, stating, "Behind every patient is a fragmented, incomplete record of their life. Our app aims to change that by providing a comprehensive view of their health journey."
Use of Natural Language Processing
Novellia's platform employs advanced natural language processing (NLP) models to extract structured data from unstructured clinical texts, such as physician notes and lab reports. This capability is crucial for creating de-identified datasets that pharmaceutical companies can use for research purposes. According to Novellia, several top pharmaceutical companies have already engaged with the platform through seven-figure contracts.
Leadership and Vision
The leadership team, comprising Co-Founder and Chief Medical Officer Abe Abraham, Co-Founder and CTO Elliot Katz, and CEO Shashi Shankar, is committed to revolutionizing how patients interact with their health data. Shankar's personal experience with fragmented medical records during his grandfather's cancer treatment inspired him to develop a solution that addresses these challenges.
Looking Ahead
With this new injection of capital, Novellia is set to expand its reach and improve its offerings, positioning itself as a key player in the healthcare data landscape. The company's focus on patient empowerment and data privacy could potentially reshape the way health data is managed and utilized in the medical research field.