US-based digital identification technology developer Exostar received $10m yesterday from pharmaceutical firm Merck through its Global Health Innovation Fund.
Founded in 2000, Exostar’s platform helps organisations collaborate securely with each other and their suppliers by offering a digital identification and authorisation tool that is compliant with government regulations.
The company was established by aerospace and defence companies BAE Systems, Boeing, Lockheed Martin and Raytheon, and luxury car maker Rolls-Royce. It originally focused on the aerospace and defence sectors, but has since expanded into healthcare and life sciences.
Merck’s investment will support Exostar’s expansion of its HIPAA-compliant offering. HIPAA, or Health Insurance Portability and Accountability Act, is the US piece of legislation that requires personally identifiable patient data to remain private and secure. Merck previously invested $5m in Exostar in October 2014.
Richard Addi, president and chief executive of Exostar, said: “We believe that data will be the currency in healthcare and serves as the foundation for innovation. We also understand that data compromise can render that currency worthless, or worse.
“Life science and healthcare companies need a partner whose information security innovations and solutions not only protect scientific advances and patient information, but also enable organisations to accelerate how they do business.
“Exostar is that partner, and we are pleased Merck Global Healthcare Innovation Fund has chosen once again to support us.”