Abacus Insights Secures $12.7M Series A Funding to Build Healthcare Data Integration Platform

On May 31, 2019, VCBeat (WeChat Official Account: vcbeat) learned that Abacus Insights had completed a $12.7 million Series A financing round. The funds will be used to attract talent and expand the company’s scale. This round was led by CRV, with participation from 406 Ventures and Echo Health Ventures.

Abacus Insights, founded in 2017, is a leading healthcare data integration company with offices in New York and Boston. The company aims to facilitate data sharing between health insurers and healthcare systems, enabling physicians, pharmacists, and other healthcare practitioners to gain a more comprehensive understanding of patient medical records, thereby helping stakeholders across the healthcare ecosystem reduce medical costs.

Dr. Minal Patel, Founder and CEO of Abacus Insights, stated that the company targets health insurers because patients make payments through them, giving insurers deeper insights into patients’ overall healthcare data.

Minal Patel stated, “The company was founded to help large health insurers fully leverage existing medical data, enhance patients’ medical insurance reimbursement experiences, and reduce costs. This investment will help drive our growth, and we will use the funds to recruit talent and expand our operations. We chose to partner with CRV because of their deep understanding of medical insurance data and how to scale platform businesses.”

Murat Bicer, General Partner at CRV, stated, “Abacus Insights helps clients organize healthcare data from health insurance plans, enabling them to fully leverage this data and realize its value. With deep expertise in health insurance and cutting-edge cloud computing knowledge, Abacus Insights is paving a new path for health insurers, unlocking the value of their healthcare data.”

CRV, founded in 1970, is a venture capital firm focused on investing in high-tech biotechnology and service-oriented companies. Over its nearly 50-year investment history, CRV has invested in more than 400 startups, including Twitter, Zendesk, Amgen, HubSpot, Parametric Technology Corporation, Yammer, EqualLogic, and Sonus Networks. The firm maintains offices in Palo Alto, California, and Cambridge, Massachusetts.

406 Ventures, founded in 2005, is an early-stage venture capital firm based in Boston. The company focuses on investing in innovative startups in the information technology and services sectors.

Echo Health Ventures, established in 2016, is a venture capital firm. The company was co-founded by Cambia Health Solutions and Mosaic Health Solutions. It focuses on investing in healthcare companies across all stages, from early-stage to late-stage. Echo Health Ventures maintains offices in Durham, Portland, Seattle, and Boston.

(Compiled by Song Chenchen)