Optum Invests $7.5M In Cloud-Based Life Sciences Startup
The investment arm of Optum, the fast-growing, technology-focused health services subsidiary of UnitedHealth Group, recently participated in a $20 million funding round for medtech startup SHYFT Analytics.
Optum Ventures’ investment of $7.5 million pushed Waltham, Massachusetts-based SHYFT over its funding goal. The startup did not specify what its Series B funding round goal was, but it did state the round was oversubscribed.
Other investors included health care giant McKesson and Medidata, a cloud analytics company.
Founded in 2006, SHYFT uses clinical and commercial data to help life science companies develop products and improve commercialization activities. By investing $7.5 million in the company, Optum Ventures will join SHYFT’s board of directors.
“Our growth is a reflection of the value we’re delivering to our customers and the importance of data analytics in clinical and commercial decision making,” said Zack King, CEO of SHYFT. “The investment from Optum is an affirmation of that value and of our shared view of the exciting and transformative changes happening in health care today.”
SHYFT said the funding would fuel an expansion as it develops cloud-based analytic software for use in the fields of real world evidence medicine, specialty pharmaceuticals, and rare disease.