Truveris Pulls in $25mln in Series D

New York City-based Truveris, a healthcare tech company focusing on cloud-based data analytics, recently raised $25 million during its Series D funding. The funding round was led by McKesson Ventures, with other investors including Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, and New Atlantic Ventures.

“Access to affordable prescription drugs is a critical need facing all Americans,” said Truveris President and CEO Paisal Mushtaq. “This strategic investment enables us to rapidly expand the availability of our platform so we can help more organizations reduce costs and improve access to medications.”

Truveris’s platform aggregates pharmaceutical data and insights to provide better patient access and affordability. The company currently works with more than 350 customers, including about 30 labor unions.

Founded in 2009, Truveris has several offerings:

1. TruBid helps medical providers understand and shop for the best pharmacy benefit manager contractors.
2. TruBid Express is a marketplace for small and mid-sized businesses where clients can find out more about pharmacy benefits and options.
3. OneRx, Truveris’s consumer app, provides information for both insured and uninsured patients who want to research their options for drugs and pharmacy prices.

Truveris’s latest client is the State of New Jersey, which recently saved $1.6 billion on prescriptions by using the Truveris platform.

“Truveris’s data-driven platform enables employers to create a more symmetrical buying process for prescription drug coverage by demystifying pricing strategies in PBM contracts and driving more transparent competition,” noted McKesson Ventures’s Senior Vice President and Managing Director Tom Rodgers. “It also helps biopharma make smarter decisions about where and how it subsidizes patient assistance programs. The net effect of both is a win by improving access and affordability for payers including employers and consumers.”

Truveris intends to pursue new hires primarily in the areas of sales, marketing, and account management.

Read more about Truveris’s latest funding round in these articles:

1. Cloud-Based Data Analytics Company Truveris Scores $25 MillionTruveris Pulls in $25mln in Series D
2. Truveris, a Health IT Analytics Company to Reign in Prescription Drug Spend, Raises $25MTruveris Raises $25M for Data-Driven Platform to Transform Prescription Benefits Ecosystem
3. Truveris Raises $25 Milion in New Funding