PurpleLab, a healthcare data and analytics platform, today announced raising $3 million in growth financing from Edison Partners. PurpleLab will use the capital to bolster its analytics capabilities and sales and marketing operations.
Provider profiling and medical terminology master data management represents a $2 billion-plus market in the U.S. PurpleLab leverages its data and analytics technology platform to help health plans, healthcare providers, as well as life science organizations to model and measure episodes of care. PurpleLab utilizes medical and prescription claims data to produce objective, quantitative, and predictive performance measures for 1.8 million healthcare providers across the nation.
“Outcomes and costs are the most important metrics in healthcare today. Our platform harmonizes medical terminologies and provider reference data to help researchers and analysts gain predictive insights into provider-level outcomes and costs before they happen,” said Mark Brosso, founder and CEO of PurpleLab. “With this funding from Edison Partners, we will further scale our technology and accelerate our sales and marketing efforts.”
PurpleLab’s self-service model features on-demand predictive analysis in a fraction of the time and cost compared to other B2B healthcare information companies, which rely heavily on human analysts for insights. The company is experiencing significant traction with enterprise clients. The company’s bookings growth is forecast to increase 300% this year.
“PurpleLab has the potential to become an industry leader with a differentiated solution that provides a holistic view of care to better measure outcomes, effectiveness, and cost efficiencies, which is paramount for value-based care models,” said Gregg Michaelson, partner at Edison Partners, who led the investment. “Mark Brosso, who previously founded and led Edison portfolio company Health Market Science, has deep expertise in the industry and repeated successes in healthcare analytics. We’re thrilled to partner with him once again during this next phase of growth.”
About Edison Partners
For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.
About PurpleLab
PurpleLab has developed a cloud-based provider analytics platform. The Agile Provider Profiling Platform™ features on-demand, subscription-based access to easy-to-use, yet highly customizable query and report templates all designed to profile and rank providers based on their quantitative performance metrics. For more information visit purplelab.com.
