NantHealth Raises $320 Million Series B Round


NantHealth announces that it has closed a $320 million Series B round led by the Kuwait Investment Authority. The round follows $160 million in private equity funding raised earlier in 2014, bringing its total raised to $480 million.

NantHealth is the vision of healthcare billionaire Patrick Soon-Shiong, a US surgeon who made his billions in the pharmaceutical industry. He earned his fortune after his pharmaceutical startup American Pharmaceutical Partners was the only drug manufacturer left in the US that could provide a safe supply of heparin after a 2008 investigation found that the vast majority of the US heparin supply was contaminated. He sold that company in 2008, at the peak of the heparin demand, for $5.6 billion. Shortly after, he built a second pharmaceutical company around a new blockbuster cancer drug called Abraxane, a nanoparticle medication delivery technology that doubled the response rate of medications among patients fighting certain types of breast cancer. Soon-Shiong ran the company for two years, and then sold it for $3 billion.

Now, Soon-Shiong has his eyes set on health IT. He launched his startup NantWorks in 2011. His mission is “to converge ultra-low power semiconductor technology, supercomputing, high performance, secure advanced networks and augmented intelligence to transform how we work, play, and live.” The company’s focus has been on building an enterprise EHR and population health platform that merges data from a number of acquired remote patient monitoring technologies. Soon-Shiong seems to be trying to build the first fully integrated, home-to-hospital clinical information system. The company’s website uses every health IT marketing buzzword imaginable in its product description. Their EHR reportedly drives “personalized medicine” by pushing “evidence-based, genomically-informed” recommendations in the form of “actionable clinical intelligence” derived from “real-time machine learning” and data captured from “near-real time patient signal monitoring.”  Coming from a man who has made billions in healthcare thus far, these are apparently the kinds of words that generate a $320 million Series B round.

In addition to the new funds, NantHealth has announced several new additions to its leadership team. Steve Curd, former COO of WebMD, will join the company as COO. Laura Beggrow, former President of Strand Diagnostics, will join as EVP of Commercialization, and Stott Holbrook, co-founder of KLAS, will join the board of directors.

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