H1: Connecting Life Sciences
17/12/2020
Imagine that you are a student preparing for your final round interview for your dream job right out of college. What do you do to prepare for the interview? You almost certainly first check LinkedIn to learn more about your interviewer's career, interests, and role. After all, better understanding your interviewer's background will help you establish rapport and ask better questions, which should hopefully increase your chances of getting hired. Now imagine that you are a sales rep looking to identify the right prospect to cold email. What do you do to identify this person? You probably use a solution like LinkedIn Sales Navigator as there is nothing worse than wasting precious time and resources connecting with a prospect, only to find out that you are speaking to the wrong person. In the world of Life Sciences, identifying and connecting with the right healthcare professionals (HCPs) is a crucial part of the drug discovery process. However, Life Sciences professionals don't have the luxury of relying on LinkedIn to find physicians to engage with. Data is notoriously fragmented, opaque, and siloed in the healthcare industry, and it's near impossible to see all aspects of a HCP's background (i.e. publications, clinical trials, speaking history, congresses, etc.) on a single platform. That is, until now
H1is a healthcare company that connects all stakeholders in the healthcare ecosystem to enable greater collaboration and discovery. H1 is the most comprehensive platform of its kind that aggregates real-time data on over nine million HCPs across 70 countries, 16K healthcare organizations, 160M peer-reviewed publications, 350K clinical trials, and 700 medical societies. H1 provides a mission-critical resource for Medical Affairs and Commercial teams in Life Sciences that helps accelerate the development of life-saving therapeutics and innovative medical devices. IVP is thrilled to co-lead H1's $58M Series B with Menlo Ventures and is joined by Transformation Capital, Lux Capital, Lead Edge, Novartis dRx Capital, and Y Combinator as part of the round. Somesh Dash will be joining the board as a Director and Michael Miao will be joining as an Observer. IVP believes deeply in the future of Digital Health and we are excited to be a part of the H1 journey.
Here is why we invested.
Digital Transformation in the Life Sciences Industry
Roughly two-thirds of commercial launches for new drugs underperform initial sales expectations in the first year post-launch. A successful launch hinges on how well teams understand, educate, and build trust with key stakeholders to maximize the chances of successfully bringing a therapeutic to market. Medical Science Liaisons (MSLs) are tasked with identifying and engaging with Key Opinion Leaders (KOLs) to ensure a commercial launch goes smoothly. The challenge that MSLs face is that data in the healthcare industry is extremely fragmented, inaccurate, and outdated. MSLs have to either manually sift through data sources like PubMed, ClinicalTrials.gov, Google, and academic publications, or hire expensive consultants to create static KOL lists that quickly become stale. H1 flips this problem on its head by offering an elegant and easy-to-use solution to help MSLs self-serve the information they need to identify and engage with the right KOLs. This accelerates time to market and increases the chances for a successful commercial launch.
Despite being a scientifically advanced and data-rich industry, Life Sciences has historically been very slow to adopt modern software solutions. This dynamic is rapidly changing as Pharmaceutical, Biotech, and Medical Device companies are increasingly embracing technology to drive efficiencies in the drug development process. It takes ten years on average for a new drug to complete the journey from initial discovery to commercialization and the average cost to develop each successful drug is close to three billion dollars. Drug patents typically only last twenty years and because it takes ten years to bring a drug to market, time is money. COVID-19 has caused major disruptions to the drug discovery and clinical trials process, which makes increasing efficiency through technology more important than ever. Life Sciences companies are beginning to invest heavily in resources that speed up clinical trials, efficiently target the right physicians, and speed up time to market during this critical window.
Strong Traction and Customer Love
H1 graduated from Y Combinator at the beginning of 2020 and already has 13 of the top 20 largest pharma companies as customers. The business's early traction and capital efficiency are exceptional and a testament to the quality of the product and the size of the market opportunity. IVP spoke to a dozen customers as part of our diligence process and consistently heard that H1 is a game-changer for large pharmaceutical clients. Customers raved about H1's high-quality data, global coverage, and world-class customer support. H1 sets itself apart from other solutions in the market because of its unique data acquisition strategy. Instead of purchasing claims data from third parties, H1 built a proprietary data acquisition engine that scrapes and aggregates data on HCPs from around the world. This gives H1 unique global coverage and allows for both quality control and frequent data refreshes.
H1 has seen strong product-market fit with Medical Affairs teams but we believe that this is just the beginning. The applications of H1's underlying data set are boundless and we believe that the platform is extensible to all aspects of Life Sciences. Commercial and Marketing teams are already using the platform to identify KOLs and we believe that Clinical teams, Hospital Systems, and individual healthcare professionals
More from IVP
21/02/2023
Scaling Your Product Organization
Part 1: Hiring Scaling a business for long-term success is hard - and so is finding the guidance, insight and lessons learned by those who have done it successf...
11/01/2023
DeepL: A step change in AI-powered language translation
By Eric Liaw, Karthik Ramakrishnan, Ajay Vashee and Albert Zhang, on behalf of IVP As our world becomes more interconnected, demand for high-quality language t...
02/11/2022
Roam, The Future of Remote Work
By Jules Maltz, Dennis Phelps and Shreyas Garg The shift to remote work and a geographically dispersed workforce has given companies and employees greater flex...
18/10/2022
Jasper: This Blog Post (Mostly) Wrote Itself
By Karthik Ramakrishnan, Jules Maltz, Ajay Vashee, Michael Miao and Joanne Shang, with help from Jasper.ai Every day, billions of people start their workdays t...
29/09/2022
Pigment: The true colors of next-gen business planning
By: Ajay Vashee, Somesh Dash, Michael Miao, James Black Business growth is often a function of planning and forecasting - financial, resource, product, sales, ...
15/08/2022
IVP in the Wall Street Journal: Navigating Tech Hiring
After a period of record growth, the tech sector's hiring spree seems to be coming to a close. Rising inflation and slowing demand for tech products are lea...
29/07/2022
7 Ways Founders Lead in Uncertain Times
By Somesh Dash The bear market is roiling venture capital, but the people feeling the most pressure nowadays are founders and CEOs seeing their terms change, v...
29/07/2022
Why I stopped writing, and how I found my voice again
By Cack Wilhelm Writing my way made me a better investor and partner to founders Writing, like running, is often used as an example of operating in a flow sta...
28/07/2022
BreakLine Education and IVP Team Up to Advance High Performing Talent in High Growth Companies
We are thrilled to announce a first-of-its-kind partnership between BreakLine Ed...
06/06/2022
Why you should pledge 1%
IVP recently convened a virtual roundtable of founders and CEOs to learn more about Pledge 1% and consider joining the thousands of companies that have already ...
24/05/2022
The Data Doesn't Lie: Monte Carlo and the Future of Data Observability
By Jason Kong, Cack Wilhelm, Karthik Ramakrishnan, Somesh Dash, and Tom Loverro We're thrilled to announce our investment in data observability company Mo...
03/05/2022
Traceable AI: A Revolutionary Approach to API security
By: Steve Harrick, Somesh Dash, Michael Miao, and Shreyas Garg Application Programming Interfaces (APIs) are at the forefront of software communication, workin...
19/04/2022
SEON: Kicking Fraud's Butt
By Michael Miao, Karthik Ramakrishnan, Jules Maltz, and Eric Liaw Cat and Mouse The cartoon classic Tom and Jerry tells the story of two lifelong adversari...
18/04/2022
Clipboard Health: Doing Well by Doing Good
By: Louisa Xu, Army Tunjaicon, Jules Maltz, and Tom Loverro Not many founders dedicate their lives to lifting people up the socioeconomic ladder. Wei Deng i...
14/04/2022
Obsidian and an Industry Shift
By Somesh Dash, Joanne Shang, Shreyas Garg and Cack Wilhelm IVP is proud to announce our investment in Obsidian Security, the first truly comprehensive securi...
08/03/2022
IVP stands with Ukraine
We have been shocked to witness the Russian government's horrific invasion of Ukraine unfold. At IVP, we stand in solidarity with Ukraine and condemn Russia...
14/02/2022
Inspirato: Reimagining Luxury Travel
By Todd Chaffee Today we are honored to congratulate CEO Brent Handler, President David Kallery, and the entire team at Inspirato on a successful public listi...
07/02/2022
The Starting Line
A post by Cack Wilhelm There is a Silicon Valley maxim often shared with entrepreneurs entering their public debut: the IPO is not the conclusion. It is the st...
07/02/2022
IVP Promotes Cack Wilhelm to General Partner
Menlo Park, CA - February 7, 2022 IVP, a seasoned, trusted, and understated partner for many of the technology industry's fastest-growing companies, is p...
22/12/2021
Cack Wilhelm Named on the GrowthCap's Top 40 Under 40 Growth Investors of 2021 List
Menlo Park, CA December 22, 2021 IVP is pleased to announce that Cack Wilhel...
16/12/2021
IVP 2021 in Review - Breakout Performance with 15 IPOs and $1.8 Billion Fund to Serve Hypergrowth Companies
Menlo Park, CA - December 16, 2021 - IVP shared a summary of key milestones for ...
16/12/2021
Found raises $100M in Series B funding led by WestCap
In addition to new funding, Found welcomes Chief Medical Officer and Chief Behavioral Health Officer San Francisco, CA December 16, 2021 Found, the modern ...
16/12/2021
Found: It's not just about what you lose, it's about what you find
By Jules Maltz, Joanne Shang, and Eric Liaw IVP is excited to announce our investment in Found, a digital-first weight care management company. At IVP, we are ...
14/12/2021
IVP's Hypergrowth Stories: How Attentive Changed the Conversation Between Companies and Customers
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
09/12/2021
HashiCorp: The Dawn of HCP
By Tom Loverro, Sandy Miller, Steve Harrick, and Michael Miao Congratulations to HashiCorp CEO Dave McJannet and founders Mitchell Hashimoto and Armon Dadgar a...
18/11/2021
Grammarly Reaches $13B Valuation With New Funding Round to Accelerate Communication Assistance Market Leadership
$200M round, including new investors Baillie Gifford and funds and accounts man...
16/11/2021
H1 Raises $100M Series C to Expand Footprint, Make H1 the Central Healthcare Professional Data Network for Global Healthcare Community
Led by new investor Altimeter Capital, round will help H1 increase velocity of g...
16/11/2021
IVP's Hypergrowth Story: How Amplitude Became the #1 Product Analytics Company and Will Optimize Digital Business
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
16/11/2021
IVP's Hypergrowth Stories: How Amplitude Became the #1 Product Analytics Company and Will Optimize Digital Business
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
15/11/2021
Podium Raises $201M in Series D Funding to Accelerate the Digital Evolution for Local Businesses
Additional Funding to be Invested Towards Future Growth and Innovation to Suppor...
11/11/2021
From #lovelulus to LVLU Lulus Goes Public!
By Jason Kong, Eric Liaw and Jules Maltz Today we are honored to congratulate the fashionable and amazing team at Lulus on a successful IPO. This marks the 129...
08/11/2021
Nextdoor: The Neighborhood Network
By Jules Maltz Today, we're honored to congratulate Sarah Friar and the entire team at Nextdoor on its successful public listing. Neighbors rely on Nextdoo...
04/11/2021
Yellowbrick Data Raises $75M in Series C1, Sees Adoption of Its Cloud Data Warehouse Accelerating
Yellowbrick adds investment as it attracts host of new enterprise customers to t...
04/11/2021
NerdWallet: Financial Empowerment? Turn to the Nerds
By Tom Loverro, Jules Maltz, Eric Liaw and Cack Wilhelm We're thrilled to congratulate Co-Founder & CEO, Tim Chen and Co-Founder, Jake Gibson, and the ent...
25/10/2021
IVP's Hypergrowth Stories: How Grammarly Got to 30 Million Daily Active Users
In IVP's Hypergrowth Stories series, CEOs of the fastest-growing companies s...
21/10/2021
FTX Trading Ltd. Closes $420 Million Series B-1 Funding Round
This Financing Round Raises the Company's Valuation to $25 Billion Nassau, Bahamas Oct. 21, 2021 FTX Trading Ltd. ( FTX or the Company ), owner and o...
19/10/2021
Aiven Achieves $2B Unicorn Valuation with its Series C Extension
Aiven's existing investors increase capital investment to double down the company's exponential growth and global open source innovation Helsinki, Finl...
14/10/2021
Tala Raises $145 Million Series E to Become Largest Financial Platform for the Global Underbanked
The round will fuel the rollout of new mobile-first account services and crypto ...
07/10/2021
Ajaib: Democratizing Investments in Southeast Asia
By Army Tunjaicon, Cack Wilhelm, Eric Liaw, Jules Maltz, and Louisa Xu One of the first lessons taught in Finance 101 is the value of compounding. According to...
29/09/2021
Amplitude: Making an Increasingly Digital-First World a Better Place
By Somesh Dash, Tom Loverro, Jules Maltz and James Black Today, at IVP, we are thrilled to congratulate Spenser Skates, Curtis Liu, Jeffrey Wang and the entire...
22/09/2021
Sorare raises $680M Series B to create the next sports entertainment giant leveraging NFTs
The round is led by SoftBank, with participation from Atomico, Bessemer Ventures...
22/09/2021
Sorare: The Next Generation of Fantasy Sports
By James Black, Eric Liaw, and Tom Loverro Today, IVP is proud to announce our investment in Sorare, the leader in global fantasy football powered by NFTs. We ...
13/09/2021
Papaya Global Raises $250 Million in Series D Funding at $3.7 Billion Valuation
Announces DEI Dashboard to Support Social Responsibility Tel Aviv, Israel & New York, NY September 13, 2021 Papaya Global, the industry-leading workforce m...
01/09/2021
Checkr Raises $250 Million at $4.6 Billion Valuation to Build Hiring Infrastructure for the Future of Work
San Francisco, CA September 1, 2021 Checkr, a leading HR technology company ...
30/08/2021
WHOOP Raises $200 Million Financing Led by SoftBank Vision Fund 2 at $3.6 Billion Valuation
Boston, MA Aug. 30, 2021 WHOOP, the human performance company, today announc...
30/08/2021
IVP Adds Shreyas Garg and Joanne Shang as New Investors to the Team
Menlo Park, CA - August 30, 2021 - IVP, a premier later-stage venture capital and growth equity firm, is pleased to announce two new additions to its investment...
25/08/2021
Cribl Raises $200M in Series C Funding on Traction with Global Enterprise Customers, Vision to Unlock Value of all Observability Data
Cribl is driving an Open Ecosystem of Data for enterprises; Flagship observabi...
25/08/2021
Cribl: Observing the Right Trend
By Cack Wilhelm, Jason Kong, Army Tunjaicon, Eric Liaw, and Tom Loverro We have just, today, announced a Series C investment in Cribl, and we are excited to sh...
12/08/2021
TaxBit Raises $130M Series B at $1.33B Valuation to Disrupt Legacy Tax Information Reporting
Dozens of financial institutions commit to real-time tax center solutions Salt ...
12/08/2021
TaxBit The Most Fun We've Ever Had Talking About Taxes
By Tom Loverro, Ajay Vashee, Eric Liaw, and James Black Today, IVP is proud to announce our investment in TaxBit, the leading tax and accounting software provi...