- Particle Health has announced it raised $12 million in Series A funding led by Menlo Ventures. These are the details.
Particle Health has announced it raised $12 million in Series A funding led by Menlo Ventures with participation from existing investors Collaborative Fund, Story Ventures, and Company Ventures. And additional individual angel investors include executives from Flatiron Health, Clover Health, Plaid, Petal, and Hometeam. Menlo Ventures partner Greg Yap is also joining the Particle Health board of directors.
The ability to quickly find, access, and deliver actionable patient data from anywhere in the US is a complicated and expensive problem solved today by fax (75% of all provider communication in 2018), patient portal scraping, or integrating one-by-one across every hospital, clinic, lab, etc. And this friction leads to incredibly high costs, wasted time, and worse outcomes for patients and consumers.
Founded in December 2017 by CEO Troy Bannister and CTO Dan Horbatt, Particle Health provides a simple and affordable way to connect to the US health system. And by leveraging Particle Health’s HIPAA compliant API, digital healthcare solutions can get patient permission and securely pull their records in seconds, enabling them to focus on caring for patients faster and with the most up-to-date information that is essential for quality care or a multitude of other use cases. Over 1.4 million record transactions have already been completed using Particle Health’s API by top tier telemedicine, pharmacy, and virtual health companies.
“Clumsy information sharing has taxed US healthcare for decades, but new rules against Information Blocking establish patients’ rights to access their medical data via API. Particle Health’s technology platform is the first to deliver simple, secure, scalable, and comprehensive access to healthcare data. The combination of portability and privacy will enable the next generation of digital health applications. We’re excited to join Particle in the quest to enable health data interoperability, ultimately reducing costs and improving outcomes for patients.
-Greg Yap, Partner at Menlo Ventures
“Expectations are changing – people want digital healthcare solutions that connect the apps that they’re already using to the healthcare system at large. They expect a fully digital, real-time experience where they no longer have to fill out piles of paperwork when submitting an insurance claim, they don’t have to call for lab results and they don’t need to worry that their medical team is waiting on a fax that is critical to their care. Particle is a key piece of that puzzle, by offering developers a place to focus on creating new solutions – not on integrations, contracts and data standards. Now, in the midst of one of the biggest pandemics the world has ever faced, with tailwinds from newly passed legislation and the complete reliance on fully digital information sharing capabilities, Particle is uniquely positioned to emulate the value that Plaid, Twilio or Stripe offered in different industries.”
-Particle CEO Troy Bannister