Truveris, a health technology company focused on decreasing prescription costs for employers and their members, announced it secured $15 million in Series E investment.
Existing investors Canaan Partners and New Leaf Venture Partners led the round.
WHAT IT DOES
The company provides technology to help employers secure lower drug pricing plans. Its software also allows sponsors to garner data-driven insights to reduce prescription costs, improve pharmacy benefit manager contract terms and increase medication access.
The funds will be used to support the company’s operational growth.
“There has never been more attention placed on PBM practices and the impact on pharmacy costs as there is right now. For years, Truveris has been at the forefront of developing technology to address the most pressing challenges in PBM management and cost containment. We are pleased to increase our investment in Truveris and extend our partnership to support the next chapter in the Company’s evolution,” Vijay Lathi, managing director at New Leaf Venture Partners, said in a statement.
MARKET SNAPSHOT
The prescription benefits company garnered $25 million in Series D funding in 2017.
Earlier this year, the company announced it was promoting Garrett Fienberg to chief operating officer, Gregg DiPietro as chief commercial officer, and Louise Shea as chief pharmacy officer.
Fienberg previously served as head of growth operations, DiPietro held the position of chief marketing officer, and Shea’s last position in the company was senior vice president of product strategy.
Other companies focused on decreasing prescription costs include drug cost and telehealth platform GoodRx, Waltz Health, Mark Cuban Cost Plus Drug Company, Amazon and Transcarent, a healthcare platform for self-insured employers.