Seattle health data startup Truveta secures investment from Microsoft, forms partnership
Based in Seattle Truveta will leverage Microsoft’s Azure cloud platform to analyze health data in a new partnership with the software giant announced Wednesday.
Microsoft is also investing an undisclosed amount in Truveta, which came out of stealth mode last year and already has more than 100 employees.
Truveta has access to health data representing 15% of the United States through its 17 members of the health system. Microsoft and Truveta will work together to grow Truveta’s customer base and healthcare system members.
The CEO of Truveta is Terry myerson, a former Microsoft executive who led the company’s Windows and Devices group before leaving in 2018 after a 21-year career at the tech giant.
“He understands the business, he understands the DNA, he understands the values,” said Tom mcguinness, Microsoft’s corporate vice president, global health and life sciences, in an interview with GeekWire. “There is deep confidence in the alignment of our business model. “
The partnership follows a $ 95 million investment in Truveta in July by its healthcare partners. These include Providence, the largest healthcare system in Washington state, which helped found the company.
Truveta aggregates anonymized data from these providers, which covers most states and a racially and ethnically diverse population.
Health data is demanded by healthcare providers, as well as pharmaceutical companies and academic researchers who are developing new tools and treatments. Linking treatments to outcomes and underlying health can allow researchers to better understand the effectiveness of health interventions.
Ultimately, Truveta will allow researchers “to learn how to treat patients better and help families make more informed decisions about their care,” Myerson told GeekWire. Truveta will not use the data for targeted advertising purposes to patients or physicians.
The company also aims to develop real-time data analysis capabilities. The pandemic has highlighted the need for such an approach, which can allow researchers to quickly identify the most effective interventions.
Researchers from Truveta member health systems are starting to query the datasets, which could be ready for wider use by clients within months.
McGuinness said Truveta’s data will create value in three ways. “First, clinicians will be able to make better decisions for their patients with existing therapies. Second, it will allow pharmaceutical companies to develop better therapies for tomorrow, ”said McGuinness. “Finally, it will help payers ensure that reimbursement really helps ensure that the best health care outcomes can be delivered to their members.”
Truveta places a strong emphasis on privacy and de-identifies data in accordance with guidelines issued by the U.S. government. “It’s a huge amount of data and a huge responsibility,” Myerson said.
The data will be stored on Microsoft’s cloud platform in partnership with Microsoft Cloud for Healthcare. This service combines Microsoft cloud services, such as Microsoft 365, Teams, and Azure, with components designed for the healthcare industry.
The Microsoft platform offers the flexibility and scalability of storage, but also advanced analysis and development tools, said McGuinness, who joined the tech giant last year after a stint as chairman and CEO of GE Healthcare Imaging. Existing Microsoft customers include Humana, Allscripts, Premera Blue Cross, the UK’s National Health Service, and pharmaceutical company Novartis.
The software giant also has the prospect of helping Truveta grow, Myerson said. Microsoft is a “partner with global reach and global thoughts on security audits, and global thoughts on privacy,” he said. This will help Truveta to strengthen its international presence.
“Truveta has grown in the United States,” Myerson added. But by signing up new health partners in the rest of the world, the company can deliver more comprehensive human health data sets. “It’s a global opportunity. We want to include all the diversity of the planet.