Abacus Insights, an early-stage startup that wants to help coordinate healthcare information across systems, announced a $12.7 million Series A investment today led by CRV. Existing investors 406 Ventures and Echo Health Ventures also participated in the round.
The company is trying to make it easier for health insurance companies to share data with various parties in the healthcare system, with the ultimate goal of lowering costs and helping participants across the system, from doctors to pharmacists and other healthcare practitioners, have a better understanding of the overall patient record.
Company founder and CEO Dr. Minal Patel says they chose insurance companies as the target customer for their solution because they have a greater understanding of a person’s overall healthcare as everything flows through them for payment.
“We launched in 2017 with the purpose of helping our clients, who are typically large health insurance companies, liberate all the data they sit on so that they can help their members become healthier and have better experience with the overall health care system,” he said.
The platform is essentially a data integration play tuned specifically for the healthcare industry. Trying to pull data from the variety of legacy systems in place across the different players in healthcare is challenging, and that’s the problem the company is trying to solve.
“Abacus makes gathering a patient’s healthcare history simpler for insurance companies by using a data management platform that houses their complete medical history in one place. Making it easier for both insurance companies and healthcare providers to look at a patient’s data in real-time and make better medical decisions to treat the patient in the best way possible,” a company spokesperson explained.
The startup has offices in Boston and New York and currently has 40 employees. Using some of the money from this round, it hopes to double that by the end of the year, particularly adding engineering talent to build out the product further.