- Healthcare data integration company Abacus Insights recently announced it raised $12.7 million in Series A funding
- CRV led this round of funding with participation from .406 Ventures and Echo Health Ventures
Abacus Insights, a rapidly growing healthcare data integration company, announced recently that it has raised $12.7 million in Series A funding. CRV led this round of funding. And .406 Ventures and Echo Health Ventures also participated in this round.
In every interaction within the healthcare system, there is a surge of data that is created. And today the data is siloed, complicated, and slow — which is at the expense of patient care. Through an intelligent cloud-based data integration platform, Abacus is able to improve people’s lives by liberating this data. And health insurers can tap into the Abacus platform for enhancing consumers experiences and improving patient health while also lowering the cost of care.
“This investment will help propel us forward as we continue to scale the company, adding talented professionals who are looking to make a difference tackling one of the thorniest problems facing our healthcare system,” said Abacus Insights CEO and founder Dr. Minalkumar Patel. “We chose CRV because they have a deep understanding of the tech landscape and how to scale high-growth platform businesses. We believe partnering with them and our existing investors, .406 Ventures and Echo Health Ventures, uniquely positions us to continue to innovate on our data platform to meet the aggressive demand we are seeing in the market.”
Dr. Patel started out as a medical student 30 years ago and there have been significant medical advancements over that time such as complex brain surgeries and promising developments in cancer research. But not much has changed around access, cost, and healthcare quality. As a result, simple activities have remained incredibly difficult like deciding which doctor to see and how much it will cost. So Dr. Patel launched Abacus Insights to tackle the fundamental problem head-on. Before launching Abacus Insights, Dr. Patel held senior roles at payer organizations and most recently served as SVP and Chief Strategy Officer of Horizon BCBSNJ.
With this round of funding, Abacus Insights plans to drive expansion and aggressively grow the company’s technology and product talent as the company continues its rapid growth trajectory.
“Abacus Insights is capitalizing on one of the most profound technology transitions in health insurance history, by helping clients unlock the value of their data to improve patients’ lives,” added CRV general partner Murat Bicer. “With deep healthcare experience and cutting-edge cloud expertise, Abacus has built the right team to pioneer a new way for health insurance companies to access valuable data trapped in siloed legacy systems and use it to create actionable insights.”
How does it work? The Abacus Platform works closely with key constituents of the healthcare system for delivering intelligent data integration capabilities. And this platform curates and organizes healthcare data from multiple sources and in different formats. Plus the platform uses advanced analytics to enable capabilities that improve the consumer experience. Abacus also has a robust ecosystem with high-value applications that accelerates innovative assets.
The platform operates in HIPAA and HITRUST compliant environments so you can exchange data securely. And it reduces risk by eliminating the need for data extracts from hundreds of vendors.
Some of the executives that are driving growth at Abacus Insights include VP of Client Solutions Gokul Varadharaj (12 years of payer strategy experience), Chief Architect Douglas Bachelor (nearly two decades experience in CTO and Chief Architect capacities at various healthcare companies), CFO Larry Begley (over 35 years experience as a financial executive), VP of Engineering Jeff Cratty (over 15 years of engineering experience), CTO Yogesh Shinde (over 30 years of experience in technology and software product development), and Director of People and Culture Jaclyn Steele (over 10 years experience as a People Strategy leader).
