Software-enabled service brings quantitative transparency and efficiency to physicians’ professional interactions
Boston, MA – June 15, 2011 – Kyruus, Inc., a data-driven healthcare company developing solutions for facilitating transparent physician engagements, announced its launch today in conjunction with a $5.5M Series A financing. The financing round was led by venture capital firms Highland Capital Partners and Venrock, and strategic investor Gerson Lehrman Group. Participation also included angel investors with notable track records in the healthcare IT and analytics sectors, including Jonathan Bush (CEO and Co-Founder of athenahealth, Ed Park (COO of athenahealth), John Goldsmith (Chairman of Lux Research) and James Golden (Partner at Accenture). Kyruus is the second entrepreneurial venture for the company’s co-founders, Graham Gardner and Julie Yoo, who previously worked together at Highland-backed Generation Health.
Kyruus was founded in 2010 to take a “Big Data” approach to addressing the mounting challenges and opportunities related to the ubiquitous interactions between physicians and other stakeholders in the healthcare system. Collaborations between physicians and industry have been a major driver of innovation and improvements to patient care in the form of new medical products and treatment paradigms. Nearly 65% of funding for biomedical research hails from industry sources, and upwards of 90% of physicians report that they have received benefit from pharmaceutical and medical device companies. Physicians also interact regularly with hospitals and health plans in the context of patient care and treatment decisions. However, changing payment models as well as increasing public scrutiny and regulatory pressures under the new healthcare reform law are forcing stakeholders to transform the manner in which these interactions take place.
“Despite the importance and high prevalence of these interactions, stakeholders have traditionally made poor use of data mining and analytics to appropriately match, manage and measure these relationships in an information-driven manner,” noted Yoo, Kyruus’s Chief Product Officer. To address this need, Kyruus’s p3 technology platform unifies thousands of public and proprietary healthcare data sources to perform processing, profiling, and predictive analytics based on the professional personas of physicians. This enables users to leverage this vast sea of information and the resulting insights to optimize the way in which physicians are matched with resources across the healthcare system, including healthcare organizations, colleagues, and ultimately patients.
“Physicians are central agents of progress and innovation across our healthcare system. We are going after an incredible opportunity to assemble and leverage the many disparate silos of data that characterize those physicians and ensure that they are matched to the most valuable opportunities for collaboration in an effort improve patient care,” said Gardner, Kyruus’s Chief Executive Officer.
Kyruus’s founding team brings expertise from the worlds of healthcare delivery, healthcare services, and business intelligence, from companies such as Endeca Technologies, Kayak, TripAdvisor, and Aster Data. The company has also recruited a team of thought-leaders in the domains of information retrieval, healthcare, and cyber law to serve as strategic advisors.
Bob Higgins, a General Partner at Highland Capital Partners and a member of Kyruus’s Board of Directors, pointed to the unprecedented wave of data liquidity in healthcare, largely driven by the efforts of the Department of Health and Human Services (HHS), as a catalyst for forming the company. “We are very excited to be working at this unique time with such a pioneering team of investors, advisors, and entrepreneurs to fill the data void that has existed for too long in healthcare.”