Health insurance tech startup Abacus Insights announces $12.7 million Series A round
Coordinating healthcare information across systems is a pain point that Abacus Insights and a slew of health technology startups are racing to ease. The early-stage startup, which has offices in New York and Boston, recently announced a $12.7 million Series A investment via press release. CRV led the funding round, with participation also coming from existing investors 406 Ventures and Echo Health Ventures.
“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, in a statement. “With deep healthcare experience and cutting-edge cloud expertise, Abacus has built the right team to pioneer a new way for health insurance companies to access valuable data trapped in siloed legacy systems and use it to create actionable insights.”
By facilitating the flow of data in the healthcare system, the company hopes to ultimately reduce costs and give doctors, pharmacists and other healthcare practitioners more insight into the overall patient record.
“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,” a company spokesperson explained in a statement, touting the platform’s ease-of-use for both insurance companies and healthcare providers.
According to Abacus Insights founder and CEO Dr. Minal Patel, insurance companies are their target customer due to the information advantage they possess as the point of payment. TechCrunch describes the platform as a “data integration play” focused on the healthcare industry.
“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,” Patel said to the outlet.
The company currently has 40 employees and plans to use some of the funding from this round to double their size by the year’s end, with particular emphasis on expanding their engineering team.