Blockchain startup Avaneer Health raises $50M in seed funding

Blockchain startup Avaneer Health has recorded $50 million in seed funding from major healthcare players.

The first participants in its network include insurers Aetna, Anthem and Health Care Service Corporation, providers Cleveland Clinic, Sentara Healthcare, and PNC Financial Services Group.

what’s he doing

Founded in 2020, Avaneer offers a network that uses blockchain and FHIR technologies to allow secure data exchange between healthcare organizations.

This includes tools that help taxpayers share information with each other, determine eligibility and perform pre-authorization.

What is its purpose?

The company will use the capital to invest in workforce, technology and technology to launch its national network.

“Tackling administrative costs and creating a positive consumer experience requires connectivity and the kind of data fluidity we expect in other industries,” said Stuart Hanson, CEO of Avaneer Health, in a statement.

“We are very excited to launch our network enabling healthcare organizations to work hand in hand with the foundation of trust to solve the ‘last mile’ problem in healthcare. This group of well-known industry backers gives Avaneer Health the seed capital, scale and knowledge base since launch, and puts us In a position to allow us to further grow and invest in industrial projects in 2022.”

snapshot market

Interoperability and data sharing are perennial problems in healthcare. Other companies promoting enhanced data exchange in healthcare and life sciences include Singapore-based Smarter Health, which recently It raised S$5.15 million and Datavant raised $40 million Series B in October 2020.

In August, Microsoft Cloud for Healthcare It announced that it is expanding its healthcare API services. Azure Healthcare APIs allow users to enter and map health data using FHIR, making it easier to search and share.

Other companies in the blockchain space include Signify Health with Acquisition of PatientBlox in November 2020, Embleema and Change Healthcare.

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