Abacus Insights, a provider of data integration and interoperability platform that enables health plans and their providers to create a more personalized healthcare experience for consumers, raised $35 million Series B funding.
According to the company, its software platform enables health plans to integrate and share data with doctors’ offices, urgent care clinics, hospitals, pharmacies, dialysis centers, and labs along with numerous digital health applications, by establishing and maintaining secure connections to digital health applications.
Blue Venture Fund, a corporate venture fund sponsored by the Blue Cross and Blue Shield Association, led the financing round.
“The COVID-19 pandemic has highlighted the critical importance of reliable health data in managing disease and patient care,” said Mike Spadafore, managing director of the Blue Venture Fund. “Health plans play a leading role in this effort as the caretakers of the broadest spectrum of patient health data – across primary and specialty care, hospitals, pharmacy, labs, and wellness programs. Today, however, the ability to view and responsibly make use of that data to improve healthcare is too often obscured by the silos in which the data resides. Abacus Insights’ cloud-based platform connects and unlocks that data and allows patients to receive more proactive, personalized care at a lower cost.”
The new funds will be used to scale the company’s business, add new capabilities to its technology platform, and expand its team.
Abacus Insights’ existing investors Charles River Ventures (CRV), .406 Ventures, Horizon Healthcare Service, and Echo Health Ventures, a strategic collaboration of Cambia Health Solutions and Mosaic Health Solutions, also participated in the financing round. J.P. Morgan provided the debt facility.
The Boston-based startup, founded in 2017, has raised $53 million to date, including a $12.7 million Series A financing round in 2019, which was led by CRV.
Forty-five health information exchange companies raised over $500 million since 2010, according to Mercom data. More recently, careMESH, which enables hospitals and clinicians to share patient data with any other U.S. healthcare provider, raised $5 million in a Seed funding round, which was led by Assurance Capital and Pavey Family Investments, with participation from early-stage investors.
Image Credit: Abacus Insights