Smile CDR Raises $20 Million for Healthcare Data Exchange Platform

Medchart, a cloud-based health information exchange platform, raised $17 million in seed and Series A funding.

Crosslink Capital and Golden Ventures led the funding round with additional funds from Vast Ventures, Union Ventures, iGan Partners, Stanford Law School, and Nas, an original backer.

In connection with the current financing, Matt Bigge, a partner at Crosslink Capital, joined Medchart’s board of directors.

The company plans to use the new funds to accelerate product innovation and hire new talent to meet the widespread demand for businesses to get patient-authorized health information.

According to Medchart, its cloud-based health information platform enables businesses to securely access and exchange patient-authorized digital health information for everything from life sciences real-world evidence or insurance underwriting to legal claims.

“Medchart drastically improves the way we acquire health records, allowing staff to focus on our core competency – cases,” said Charles Gluckstein, partner at Gluckstein Personal Injury Lawyers. “The company’s leading-edge view of what’s next aligns well with our ongoing efforts to continually innovate business services.”

More than 2,500 healthcare providers and pharmacies across North America use Medchart to share health information records electronically. The Medchart platform connects several health information exchanges across the U.S., covering millions of records and simplifying access, the company said in a statement.

“Medchart is a driving force in creating accessibility, efficiency, and transparency from a legacy-based, siloed health information industry,” said Bigge. “I am impressed by how foundational its platform has become to solving the massive challenge of data sharing and putting health information to use. Given its top-notch leadership team, there is no question that Medchart is a company we want to partner with to address a critical problem in a trillion-dollar market.”

Digital Health companies raised a record $7.2 billion in Q1 2021, up 60% compared to $4.5 billion in Q4 2020. VC funding in Q1 2021 increased 100% compared to Q1 2020, when $3.6 billion was raised.