Abacus Insights, a leading-edge health data integration firm with operations in New York and Boston, today announced the completion of a $12.7 million Series A financing round. Present-day traders 406 Ventures and Echo Well being Ventures also engaged within the round. The new funding will help drive expansion and aggressively grow the company’s engineering, and merchandise talent as Abacus continues its rapid growth path.
The business is trying to make it simpler for health insurance companies to share information with several parties in the medical system with the ultimate goal of reducing costs and assisting participants across the network from doctors to pharmacists and other healthcare practitioners have a better understanding of the overall individual record.
“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,” said Murat Bicer, General Partner at CRV. “With deep healthcare experience and cutting-edge cloud expertise, Abacus has built the ideal team to pioneer a new way for health insurance companies to access valuable information trapped in siloed legacy systems and also use it to produce actionable insights.”
The platform is basically a data integration play tuned specifically for the health market. Attempting to pull data in the diversity of legacy systems in place across the different players in health care is challenging, and that’s the problem that the business is trying to fix.
Abacus has gained notable market traction and is sharply growing its world-class group, seeking Engineering and Product talent in both New York City and Boston, MA.
CRV was a leading investor in high-growth technology companies for nearly half a century, focusing on business, customer, and bioengineering. The firm has backed over 400 startups in its own roughly 50-year history, such as some of the most significant technology exits in the past couple of years including Dropbox, PillPack, Ring, Twitter, and Zendesk.
Abacus Insights is the first health care secure data integration platform enabling medical insurance companies to unlock the value of the information to enhance the lives of their members they serve. Abacus solves healthcare’s primary challenges: improving patient experiences, enhancing the health of populations, and reducing the expense of care.