Avandra, a federated network focused on medical imaging and clinical data, has announced a successful funding round, securing $17.75 million. The investment will fuel the company’s efforts to accelerate the application of imaging-centric data for both research endeavors and enhanced patient care.
Aegis Ventures, a venture studio dedicated to creating health technology companies in collaboration with leading health systems, is co-leading the financing alongside SpringRock Ventures. Memorial Hermann Health System and Northwell Health, both founding members of the Aegis Digital Consortium, have also participated in the investment round. Additional investors include Kompass Ventures, Greater Ventures, Scott Gaines, and Dr. Mark Montoney.
Founded by Aegis Ventures and CEO Ryan Tarzy, Avandra intends to leverage the new capital to further develop its platform. The company plans to broaden its data network through strategic partnerships with prominent health systems and providers. Furthermore, Avandra will scale its commercial initiatives, targeting biopharmaceutical and medical researchers.
Medical imaging stands out as a crucial category of healthcare data, brimming with considerable value. However, this valuable information frequently remains underutilized within Picture Archiving and Communication Systems (PACS) due to the challenges, costs, and time involved in accessing it. Avandra aims to solve this by providing a seamless data-sharing network.
Notably, Avandra recently announced a strategic partnership with Datavant, a health data platform company dedicated to making the world’s health data secure, accessible, and usable. This collaboration facilitates the seamless integration of Avandra’s extensive federated network for medical imaging and clinical data into the Datavant ecosystem, all while prioritizing patient privacy.
This partnership supports Avandra’s trusted data exchange ecosystem and integrates multimodal last-mile data, including imaging and clinical data, into its network.
Key Quotes:
“We have very high conviction about the ability of real-world data to dramatically improve treatments, care plans, and equitable access for patients. And we believe health systems hold the keys to this future. Avandra is taking a novel approach to partnering with health systems to unlock this valuable data,” said Murray Brozinsky, Aegis Partner and former CEO of Conversa Health, who will serve as Executive Chair of the Board.
“We’re thrilled to be working with Ryan and his talented team to position Avandra as the go-to source for biopharma, medical researchers, and AI companies to enhance their research and development and make evidence-based treatments available to more people more quickly.” – Murray Brozinsky
“We are excited to partner with Ryan and his exceptional team, along with Aegis Ventures. Avandra is empowering medical innovators and accelerating the future of medicine.” – Kirsten Morbeck, Managing Director of SpringRock Ventures, has also joined the Board
“Access to vast amounts of medical imaging linked to longitudinal data provides the last mile of medical AI and will enable countless medical breakthroughs. We estimate over 90% of imaging data research requests go unfulfilled because available solutions can’t meet the required inclusion and exclusion criteria. Our vision is to crawl, index, and make available 1 trillion images to bring forward the future of medicine and help deliver new treatments, earlier diagnosis, and better patient care. Our health system relationships and integrations give us a jumpstart on this mission.” – CEO Ryan Tarzy
“Healthcare data has traditionally been siloed and underutilized. Our investment in Avandra reflects the growing need to organize and apply medical imaging data in a meaningful way. We believe high-quality imaging data supports innovation and empowers research that advances evidence-based and patient-centric solutions.” – Feby Abraham, Executive Vice President and Chief Strategy Officer at Memorial Hermann Health System
“We fully support Avandra’s mission of unlocking medical imaging data for enhanced medical research and improved patient outcomes. We look forward to the collaborations and innovations that will be created by this partnership.” – Kate O’Donnell, Managing Director of Northwell Holdings at Northwell Health
