H1 Secures an Extension on Its Series C to Further Its Mission of Creating a Healthier Future Through the Use of Connected and Accessible Healthcare Data
H1, the connecting force for global healthcare professional, clinical, science, and research information, announced today that it raised a Series C extension bringing the total Series C raise to $123 million. H1’s valuation holds strong at $773 million to-date. The funding extends H1’s runway, allowing them to lean into its growth.
“In a time of volatile markets when many are struggling to secure funding, this extension is a vote of confidence in our ability to advance our mission,” said Ariel Katz, CEO and co-founder of H1. “Our ability to raise capital at the same terms as our original Series C close is a testament to our significant market opportunity and ability to execute against it. Our platform has enabled our 200+ clients to gain greater insights and get groundbreaking treatments and therapies to patients around the world efficiently. We have improved access to healthcare for millions of patients, and don’t intend to slow down. This additional funding allows us to control our own destiny and continue to innovate.”
H1’s mission is to create a healthier future by democratizing access to global expertise, groundbreaking research, discoveries, and connected insights for all – doctors, R&D, industry, and, ultimately, patients. The H1 Connect platform combines data science and technology to synthesize billions of data points, including data on over ten million healthcare providers, 20,000 institutions, 25 million peer-reviewed publications, 420,000 clinical trials, two billion procedures, three billion diagnoses, and over nine million global claims. H1 Connect powers H1’s portfolio of solutions including HCP Universe, Trial Landscape, Carevoyance, Precise, and Faculty Opinions.
“We see a critical need for H1’s global healthcare network, especially when it comes to improving diversity in clinical trials and improving healthcare equity,” said Chase Williams, Goldman Sachs. “H1’s technology already powers a number of critical use cases for large healthcare organizations, and we believe they are uniquely positioned to realize their vision of becoming the central source of truth for actionable data on doctors, research, and treatments.”
H1 graduated from Y Combinator in January 2020 as a bootstrapped company under ten employees, and in less than a year had closed on $70 million in total financing and employed more than 200 people. In November 2021, H1 announced a $100 million Series C round led by Altimeter Capital and joined by new investors Goldman Sachs Asset Management and Flex Capital, with participation from existing investors IVP, Menlo Ventures, Transformation Capital, Lux Capital, and LeadEdge. In July 2021, H1 acquired Carevoyance based in Oregon, extending its reach into medical devices, and, most recently in February 2022, acquired London-based Faculty Opinions Ltd. to broaden its global doctor network and further improve healthcare by bringing all data under one umbrella.
H1 has been continually recognized as an innovator in the healthcare technology space, most recently earning coveted spots on the Forbes’ Best Startup Employers 2022 list, the 2022 Forbes’ 30 Under 30 list, and the NYC Digital Health 100 list. H1 supports more than 250 customers including top pharmaceutical companies, and as of Q1 2022, the company’s annual recurring revenue (ARR) increased by approximately 140% as the appetite for healthcare data continued to accelerate and the network effect took hold.
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