Olio Secures $2.5M Seed Funding to Build Communication Bridge Between Physicians and Post-Acute Care Providers

VCBeat (WeChat Official Account: vcbeat) learned from foreign media reports that Olio announced the completion of a $2.5 million seed funding round on March 12, 2019.

This round of financing was invested by Innovatemap Ventures, and the funds raised will be used for two purposes: one is to promote the healthcare collaboration platform, and the other is to expand the company's scale. The company plans to add 80 new jobs in central Indiana before 2020.

Olio, based in Indiana and founded in 2017, initially operated as a healthcare consulting firm dedicated to enhancing coordination between emergency care providers and post-acute care service vendors. Through its collaborations with healthcare providers, Olio identified a market gap for an effective platform to address communication challenges between physicians and post-acute care providers following patient discharge. Ultimately, Olio partnered with hundreds of Midwestern healthcare organizations—including Medicare Advantage plans, Managed Medicaid programs, and Accountable Care Organizations (ACOs)—to design the Olio Secure Platform.

Olio Secure Platform is the first digital healthcare collaboration platform to enter the market, connecting hospital teams with care service providers. Physicians can immediately gain insight into patients’ post-discharge care, while caregivers can access patients’ prior treatment data, thereby enabling patients to receive higher-quality medical services. The advantages of the Olio digital platform include: real-time communication channels, a shared database, digital workflows that save time and resources, and HIPAA compliance.

Jamieson Kay, President of Central Indiana Plastic Surgery Hospital, stated, “The emergence of the Olio safety platform has resolved communication issues between hospitals and healthcare providers. Our hospital has also adopted this platform to effectively manage our patients, ensuring they receive the highest level of care. As a result of improved clinical outcomes for patients, physicians’ financial performance has also enhanced.”

Ben Forrest, Founder and CEO of Olio, stated, “The challenges facing the U.S. healthcare system can only be addressed through innovative technologies. Our care coordination platform has been available for some time and is widely adopted by local hospitals in Indiana. The new funding will further enable us to expand our technology across the United States, allowing physicians to communicate promptly with caregivers after patient discharge, thereby delivering the highest quality of care to patients.”

Mike Reynolds, CEO of Innovatemap Ventures, stated, “Olio is a successful startup that integrates professional expertise with digital technology. Their platform is well-positioned to capitalize on current market opportunities by connecting two poorly coordinated industries to meet patient needs.”

Innovatemap Ventures is a venture capital firm based in Indiana, United States. The firm focuses on investing in companies of various sizes to expand their digital products and services, filling critical gaps for high-growth technology companies.

(Compiled by: Yang Shiying)