Yesterday morning healthcare data platform Ribbon Health announced that it closed a $10.25 million Series A funding round. Veteran digital health investor Andreessen Horowitz (a16z) led the round, and Y Combinator and BoxGroup also participated.
A number of individual health tech CEOs also contributed to this round, including Flatiron Health CEO Nat Tuner, Clover Health CEO Vivek Garipalli and DataLogiz CEO Eric Roza.
The Health Ribbony announced that Julie Yoo, general partner a16z, would be joining the company’s board.
WHAT THEY DO
Founded in 2016, Health Ribbon’s platform uses an API layer that integrates data on doctors, payers and costs for easier workflow.
The company also provides an infrastructure for provider directories, referral management, care navigation and insurance enrollment. In 2020 the company launched a cost and quality product for health enterprises, which is aimed at helping system make convenient care decisions.
WHAT IT’S FOR
The new funds will be put towards expanding the company’s tech and team.
“The majority of decisions in health care rely on data about a provider or health plan, yet our industry lacks the systematic infrastructure to centralize this information and contextualize it for those who need it. There is a clear need for a single platform that can provide comprehensive, up-to-date data to enable informed decision making across health care, and we believe Ribbon is poised to lead in this space,” Yoo said in a statement. “This financing round will accelerate Ribbon’s growth, and enable expansion of its solutions, team and customer base.”
As healthcare moves into what many are calling the “Data Revolution,” healthcare systems are starting to look for ways to ease the data burden. One of the other big names in the data space is Innovaccer, which raised $70 million in Series C funding earlier this month. The company uses artificial intelligence and data analytics to handle a slew of processes for healthcare organizations. Other other data-driven businesses include HealthCatalyst and Lightbeam Health.