BurstIQ, an Denver, CO-based provider of HIPAA-compliant blockchain solutions for the healthcare industry has raised $5.5M in Series A funding led by Elsewhere Partners. Elsewhere, a growth-stage venture capital firm which invests in capital-efficient B2B software companies outside of traditional venture capital hubs was drawn to BurstIQ due to its best-in-class blockchain product, strong traction with marquee enterprise customers and significant market opportunity.
Health Data Lives on Islands
Data is becoming increasingly critical to clinical, operational, and individual decision-making, and interest in products and partnerships that leverage data is exploding. However, health data is largely siloed, inaccessible, non-standardized across systems, and difficult to understand, use and share.
Combining The Power of Blockchain, Big Data, And Intelligence
Founded in 2015 to address these challenges, BurstIQ is the first and only blockchain company to provide secure, HIPAA-compliant blockchain platform services for on-chain data management, complex data ownership, and granular consent. BurstIQ’s proprietary platform is used by large enterprises, startups and government agencies to power identity services, interoperability, care coordination and consumer engagement programs, consumer IoT solutions, secure data access management, data marketplaces and more.
Health data from disparate sources are combined to create individual LifeGraphs within the platform. LifeGraphs then form the basis for the HealthWallet, that enables patients, businesses, and researchers to securely share, sell, license, loan, or donate their data. The company believes that within the next five years, data will become the currency that drives the healthcare industry, and BurstIQ will drive the marketplace.
The Series A funding marks the first major institutional funding round for BurstIQ and has been financially sustainable since 2016, generating millions in annual revenue through commercial partnerships with marquee customers such as Empiric Health, Medical Group Management Association (MGMA) and Colorado Regional Health Information Organization (CORHIO). The company plans to use the funding to expand sales, marketing, and network growth.
Partnering with Elsewhere Partners will allow BurstIQ to accelerate market penetration, product innovation and organizational growth. Sloane Child, Vice President at Elsewhere Partners, comments, “We are excited about the future of BurstIQ and confident that their state-of-the-art blockchain platform and seasoned management team, in conjunction with the growing demand for secure and compliant healthcare data, will enable BurstIQ to continue to grow and capitalize on the opportunities ahead.”
Date: October 08, 2019