US-based healthcare data analytics software provider Springbuk has raised $20m in a series B round co-led by Echo Health Ventures, an investment partnership formed by two health insurance providers.
Echo Health Ventures, a joint venture between Cambia Health Solutions and Mosaic Health Solutions, the corporate venturing arm of Blue Cross and Blue Shield of North Carolina, co-led the round with venture capital firm HealthQuest Capital.
VC firms Lewis & Clark Ventures and Elevate Ventures also took part in the series B round, having both invested in a $3.8m round for Springbuk that closed in 2016.
Founded in 2015, Springbuk has built a software platform that provides real-time insights into the health of members of an organisation using data generated through the healthcare claims process.
Employers can forecast their health spending while clinics can get information on health trends. Springbuk will invest the capital in product innovation, data operations and customer success management.
Rod Reasen, co-founder and chief executive of Springbuk, said: “The Springbuk platform has been built to solve a very large problem – the rising costs of healthcare – and this round of financing is representative of the scope of the challenge that we have undertaken.
“As someone who has spent over 20 years in the health insurance space, I believe that this platform will truly revolutionise the industry.”