Series C Round Financing led by Canaan Partners
NEW YORK, June 27, 2014 /PRNewswire/ — Truveris, a leading platform for pharmacy pricing and benefits analysis, today announced it raised $12.75 million in a Series C Round financing. Canaan Partners led the investment and was joined by existing investors New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures and First Round. Truveris will use the funds to scale the firm’s sales and marketing teams and further product development.
“Truveris is solving one of the most critical issues facing the health care industry today: reducing prescription costs and providing better access,” said Canaan Partners general partner, Stephen Bloch, who will join Truveris’ board. “With a sophisticated and comprehensive solution, the company offers the best analytical tools on the market to change the existing cost structure. To date, they have already saved their 200 customers and 30 million members millions of dollars.
Founded in 2009, Truveris offers unions, self-insured companies, government entities, health insurers, benefit consultants, and pharmaceutical manufacturers unprecedented transparency into pharmaceutical benefit costs, design and procurement. Doubling revenue each year, Truveris’ cloud-based platform currently analyzes approximately 10% of the prescriptions in the U.S.
“Truveris continues to advance the management and access of pharmacy benefits, which is a $300 billion industry in the U.S. alone,” said Michael Miele, Area President NY Metro Region for the international insurance brokerage and risk management services company Arthur J. Gallagher. “We utilize the latest technology from Truveris to evaluate and monitor prescription costs, which enables us to provide the highest level of service to our clients. Their plan design modeling and reporting tools are unlike anything available in the market today.”
Truveris’ SaaS solutions include TruGuard®, a platform that audits the costs of prescription claims, TruBid®, a pricing platform for large companies to compare pharmacy benefit offerings from leading pharmaceutical benefit management companies (PBMs), and RxChoiceSM, which provides similar services for the mid-to-small market. Additionally, the company recently launched TruReport® and RxDashSM, which provide pricing and reporting suites for PBMs, health insurers and large consulting practices.
“There is an enormous opportunity to optimize pharmacy benefits management and design,” said Bryan Birch, CEO of Truveris. “The market has not substantially changed in the past decade and we’re thrilled to be partnering with Canaan Partners and our existing investors to implement much needed improvements. With this funding, we will further develop our product portfolio to assist additional stakeholders in the pharmaceutical market including manufacturers and retailers resulting in improved consumer access and costs.”
Founded in 2009, Truveris makes software to drive efficiency, transparency and cost containment in the prescriptions claims process. Truveris helps payers of pharmacy benefits negotiate agreements with Prescription Benefit Managers (PBMs), validate claim payment accuracy, ensure regulatory compliance, and manage pharmacy spend. Based in New York City, Truveris is funded by Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, New Atlantic Ventures and First Round. For more information, visit truveris.com.
About Canaan Partners
Canaan Partners is a global venture capital firm that invests in entrepreneurs with visionary ideas. With $3.4 billion under management and over 150 exits to date, Canaan has funded some of the world’s leading technology companies including PrimeSense, Skybox Imaging and Virsto as well as healthcare stars like Labrys Biologics, Chimerix and Advanced BioHealing. Current investments include Kabam, Lending Club, and Zoosk for technology companies and Civitas Therapeutics, CytomX and DICOM Grid for healthcare. For more information visit www.canaan.com.