PicnicHealth raises $25 million for its patient health record management service
PicnicHealth, the startup that’s looking to give patients a way to manage their care in one place and pharmaceutical companies access to patient records for real world data, has just raised $25 million in financing to grow its business.
Founded in 2016 by a former international development worker and Crohn’s Disease patient, Noga Leviner, PicnicHealth’s initial pitch was around giving patients the ability to manage and coordinate their own care. It’s something that Leviner, a person with a chronic condition, knows can be complicated.
“Being a patient in the healthcare system in the US sucks,” said Leviner. “You think someone is going to be in charge and then, as it turns out, nobody’s in charge and it’s up to you to keep everybody in the loop.”
The pitch from PicnicHealth is that patients can use the service to collect and manage their medical records and then share their medical history to contribute to research. The data, the company says, is de-identified and then made available to external researchers.
The service is free for patients who are involved in clinical studies, and anyone who isn’t participating in the study pays a fee for the records management service, according to Leviner.
So far, there are tens of thousands of patients using the PicnicHealth platform.
For Felicis Ventures managing director Sundeep Peechu, a new director on the PicnicHealth board following his firm’s lead investment into the company, the opportunity Leviner’s company presents is in putting the patient first when it comes to data management.
“It is probably the first patient data company that has patient consent,” Peechu said. “This is a unique healthcare data company, which is going to the patients and asking for their consent and using that data in an advantageous way.”
Other companies in the data management space for healthcare have focused on making sure that healthcare providers are all looped in to provide coordinated care, but they don’t bring those tools into patient’s hands, according to the company.
The access that pharmaceutical companies get when they work with PicnicHealth means that they’re able to use deep data sets to create longitudinal studies of patients over time. That allows those companies to look for commonalities between patient cases that they otherwise wouldn’t have seen.
For patients, it means the difference between a potential early diagnosis that may enable physicians to initiate treatment before a disease manifests itself, Peechu said.
To date, PicnicHealth has raised nearly $40 million from investors including YCombinator, Amplify Partners and Felicis Ventures with participation from notable investors in a seed round that included: Social+Captial, Great Oaks, Slow Ventures, YC partner Paul Buchheit, Scott Marlette, Sam Lessin, Joe Greenstein, Rashmi Sinha, Jameson Hsu, Kenny Van Zant, Rishi Kacker, Ramji Srinivasan, Eric Evans and Stanford’s StartX Fund.