Blue Venture Fund, the corporate venturing vehicle for health insurance provider Blue Cross Blue Shield, has led a $35m series B round for US-based healthcare data software provider Abacus Insights.
The round included Echo Health Ventures, the joint venture for healthcare services firm Cambia Health Solutions and investment firm Mosaic Health Solutions, as well as health insurer Horizon Healthcare Services, CRV, .406 Ventures and a debt facility from JP Morgan.
Abacus has built a data integration platform for healthcare that enables health plans to pool patient data from multiple contact points with the healthcare system in order to better optimise treatment. The cash will be used to enhance its core offering and grow its technology team.
Blue Venture Fund managing director Mike Spadafore said: “Health plans play a leading role in this effort as the caretakers of the broadest spectrum of patient health data – across primary and specialty care, hospitals, pharmacy, labs and wellness programs.
“Today, however, the ability to view and responsibly make use of that data to improve healthcare is too often obscured by the silos in which the data resides. Abacus Insights’ cloud-based platform connects and unlocks that data and allows patients to receive more proactive, personalised care at a lower cost.”
The company said the round took its total funding to $53m since it was founded in 2017. It had previously completed a $12.7m series A round in May 2019 led by CRV and backed by Echo Health Ventures and .406 Ventures.
