US-based healthcare technology provider Kythera Labs has secured $20m from BIP Ventures and CIBC in Series A and debt funding.

The company will use the capital to strengthen its Wayfinder data technology platform and expedite the development of its new and current products.

In addition, this fresh infusion will help Kythera expand alliances with industry leaders, including Databricks and Datavant.

Built on Databricks, the cloud-based Wayfinder platform is designed to ease healthcare big data assessment.

This platform can fix, improve and add new dimensions to data related to healthcare, and is also said to be scalable.

Through Wayfinder, users can gain access to real-world healthcare data on 320 million people with 29.3 billion encounters, covering over eight years.

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By GlobalData

Kythera Labs also cited the example of biotechnology company Roivant Sciences, claiming that the latter improved efficiency in pre-commercialisation activities deploying its platform.

BIP Ventures partner Austin Poole said: “As investors in life sciences solutions and transformational technology platforms, we immediately saw the massive impact Kythera Labs has on changing how life sciences companies and healthcare providers use real-world data (RWD) to accelerate solutions.

“We are thrilled to be partnering with the Kythera Labs leadership team to help them build on their existing momentum.”

Kythera Labs mainly serves healthcare and life sciences organisations.

In the first half of this year, the company reported a 245% year-on-year growth in platform usage.

Kythera Labs co-founder and CEO Jeff McDonald said: “We have an amazing opportunity to redefine how life sciences and healthcare providers access the data they need for conducting research and developing new therapies.

“Eliminating data silos and reducing the uncertainty found in massive amounts of data will lead to the discovery of what’s hidden in the data and unlock the true potential of RWD.”