NantHealth, the health care technology division of billionaire Patrick Soon-Shiong’s Culver City holding company NantWorks LLC, said Wednesday it has raised $250 million in additional funding from the Kuwait Investment Authority.
The Kuwaiti sovereign wealth fund previously supplied NantWorks with a $100 million investment in April. Verizon Communications Inc. also made an undisclosed equity investment in the company in November 2012.
Based on calculations from the Business Journal’s Wealthiest Angelenos issue in May, NantHealth’s total outside investment before today’s announcement represented a roughly 10 percent stake in the company.
NantHealth is developing a cloud-based clinical health information system that links patients, health care providers and medical researchers. As of April, The NantHealth platform had been installed at about 260 hospitals and connected more than 16,000 stationary and mobile medical devices.
Along with the funding, NantHealth also announced a slate of executive hires. Steve Curd has been named chief operating officer; Laura Beggrow comes on board as executive vice president of commercialization; and Scott Holbrook will join NantHealth’s board of directors.
The company said in a statement that the new funding will further accelerate innovation and enable better patient care while lowering costs.
“This unique model has the potential to improve treatment decisions, as well as patient and financial outcomes, and that is groundbreaking,” Beggrow said.
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