PurpleLab, a health care data and analytics platform, announced Thursday it raised $3 million in growth financing from Princeton-based Edison Partners to bolster its analytics capabilities and sales and marketing operations.
“Outcomes and costs are the most important metrics in health care today. Our platform harmonizes medical terminologies and provider reference data to help researchers and analysts gain predictive insights into provider-level outcomes and costs before they happen,” said Mark Brosso, founder and chief executive officer of PurpleLab. “With this funding from Edison Partners, we will further scale our technology and accelerate our sales and marketing efforts.”
PurpleLab leverages its data and analytics technology platform to help health plans, health care providers and life science organizations model and measure episodes of care. The Furlong-Pa.-based company utilizes medical and prescription claims data to produce objective, quantitative and predictive performance measures for 1.8 million health care providers across the nation.
PurpleLab’s self-service model features on-demand predictive analysis in a fraction of the time and cost compared to other B2B health care information companies, Edison Partners said, which rely heavily on human analysts for insights.
The company is experiencing significant traction with enterprise clients, with bookings growth forecast to increase 300 percent this year.
“PurpleLab has the potential to become an industry leader with a differentiated solution that provides a holistic view of care to better measure outcomes, effectiveness, and cost efficiencies, which is paramount for value-based care models,” said Gregg Michaelson, a partner at Edison Partners, who led the investment. “Mark Brosso, who previously founded and led Edison portfolio company Health Market Science, has deep expertise in the industry and repeated successes in health care analytics. We’re thrilled to partner with him once again during this next phase of growth,” said Michaelson.
Edison Partners’ portfolio has created an aggregated market value exceeding $10 billion. It manages more than $1.4 billion in assets throughout the eastern United States.