Healthcare technology company Truveris, which offers cloud-based data analytics for the $450 billion prescription benefits industry, has closed on a $25 million round of funding.

McKesson Ventures led this Series D funding. Also investing were Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, and New Atlantic Ventures.

“This strategic investment enables us to rapidly expand the availability of our platform so we can help more organizations reduce costs and improve access to medications,” Faisal Mushtaq, Truveris president and CEO, said in a statement.

“Truveris’ data-driven platform enables employers to create a more symmetrical buying process for prescription drug coverage by demystifying pricing strategies in PBM contracts and driving more transparent competition,” said Tom Rodgers, senior vice president and managing director at McKesson Ventures. “It also helps biopharma make smarter decisions about where and how it subsidizes patient assistance programs.” 

The upshot is greater access and affordability for payers including employers and consumers, Rodgers said.

Truveris’ data-driven platform makes it easier for employers to create a “more symmetrical” buying process for prescription drug coverage by demystifying pricing strategies in pharmacy benefits management contracts – PBMs, and driving more transparent competition, Rodgers said.

“It also helps biopharma make smarter decisions about where and how it subsidizes patient assistance programs.”

Truveris works with employers, unions, government entities, pharmaceutical manufactures, retail pharmacies and consumers. It counts more than 350 customers including nearly 30 labor unions.

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