The company was co-founded by Aegis Ventures along with Founder and CEO Ryan Tarzy. Aegis, a venture studio creating HealthTech companies in collaboration with leading health systems, is co-leading the financing with SpringRock Ventures. Memorial Hermann Health System and Northwell Health, founding members of the Aegis Digital Consortium, have also invested in the company, along with Kompass Ventures, Greater Ventures, Scott Gaines, and Dr. Mark Montoney. The capital will be used to further develop Avandra's platform, expand its data network through partnerships with leading health systems and providers, and scale its commercial initiatives with biopharma and medical researchers.

Avandra is creating the largest federated network for de-identified medical image data to overcome previously impossible medical challenges, bringing hope and medical breakthroughs that transform patient lives. Recognizing the vital role of medical imaging and clinical data in healthcare diagnoses and research, Avandra was established to organize the world's medical images to advance research and innovation. Its network serves as a diverse data marketplace for biopharma, researchers, providers, and AI companies.