Healthcare Blockchain Firm BurstIQ Secures $5 Million in First Funding Round and Files Prospectus

Recently, BurstIQ, a healthcare blockchain data company, announced that it had secured $5 million in investment from Millennium Blockchain, marking its first round of financing. The company launched its private placement initiative at the World Economic Forum in Davos, Switzerland (Davos 2018) and expects to complete the offering by March 31, 2018.

It is reported that Millennium Blockchain is a specialized diversified holding company focused on next-generation blockchain startups. mBlockchain’s decision to invest in BurstIQ was driven by the company’s strong financial performance in 2017, as well as its partnership with Empiric Health to provide an enterprise-grade medical blockchain deployment for Intermountain Healthcare. This Utah-based healthcare giant has saved over $90 million in costs by leveraging Empiric’s technology (formerly known as ProComp).

This partnership, along with several yet-to-be-announced collaborative projects, will position BurstIQ as the only profitable startup in the healthcare blockchain industry.

BurstIQ’s blockchain-based big data platform helps Empiric manage customer data securely and at scale, while leveraging the platform’s machine learning and intelligent collaboration capabilities to perform advanced analytics. This marks the realization of healthcare data storage and management on the blockchain.

According to the introduction on BurstIQ’s official website, the company has addressed two major challenges that have thus far hindered the implementation of blockchain in the healthcare sector: supporting large-scale data volumes and ensuring the security of underlying data. With BurstIQ, users can collect big data across platforms, manage complex data permission structures, and execute real-time data transactions.

BurstIQ’s blockchain platform has become the industry-leading HIPAA-compliant secure data platform. Its ecosystem works to enhance advanced security for broad health data, improve health data access and individual empowerment, reduce healthcare costs, and help service providers adopt new care models.

Frank Ricotta, CEO of BurstIQ, stated in a press release: “We are excited to collaborate with the dynamic team at Millennium Blockchain and are honored to receive assistance and support from strategic blockchain investors like Millennium Blockchain.”

Source:http://hitconsultant.net

To join the blockchain communication group and access more blockchain resources, corporate information, project whitepapers, and updates on offline events, please scan the QR code to add the VCBeat Membership Assistant on WeChat (WeChat ID: vcbeat_m; please note “Blockchain” in your friend request). Companies involved in medical blockchain businesses may also contact Hao Xueyang at VCBeat (WeChat ID: hxy942416176) for media coverage.