Blockchain startup Avaneer Health has received $50 million in seed funding from major healthcare players.
Early network participants include insurers Aetna, Anthem and Health Care Service Corporation, providers Cleveland Clinic and Sentara Healthcare, and PNC Financial Services Group.
WHAT IT DOES
Founded in 2020, Avaneer provides a network using blockchain and FHIR technologies to enable secure data exchange between healthcare organizations.
This includes tools to help payers share information, determine eligibility, and perform prior authorization.
WHAT IT IS FOR
The company will use the capital to invest in its workforce and technology and technology to launch its nationwide network.
“Addressing administrative costs and creating a positive consumer experience requires connectivity and the kind of data flow that we expect in other industries,” Avaneer Health CEO Stuart Hanson said in a statement.
“We are very excited to launch our network so healthcare organizations can work together with confidence to solve the ‘last mile’ problem in healthcare. This group of well-known industry supporters gives Avaneer Health the initial capital and size and knowledge base from launch and positions us for additional growth and industry venture investments in 2022.”
Interoperability and data exchange are perennial issues in healthcare. Other companies promoting improved data sharing within the healthcare and life sciences industry include recently Singapore-based Smarter Health SGD5.15 million and Datavant, which raised a $40 million Series B in October 2020.
In August, Microsoft Cloud for Healthcare announced plans to expand its healthcare API services. Its Azure Healthcare APIs allow users to input healthcare data and map it with FHIR, making it easier to search and share.
Other companies in the blockchain space include Signify Health with its Acquired PatientBlox in November 2020, Embleema and Change Healthcare.