NEW YORK--(BUSINESS WIRE)--Abacus Insights, a leading-edge healthcare data integration company with operations in New York and Boston, today announced completion of a $12.7 million Series A financing round. Venture capital powerhouse, CRV, led the funding, with participation from existing investors, .406 Ventures and Echo Health Ventures. The new funding will help drive expansion and aggressively grow the company’s technology and product talent as Abacus continues its rapid growth trajectory.
Behind every interaction within our healthcare system, a surge of data is created. But today, that data is siloed, complicated, and slow to give patients the best possible care. Using its intelligent cloud-based data integration platform, Abacus is on a mission to improve people’s lives by liberating this data on behalf of its customers. Health insurers can use the Abacus platform to enhance consumers’ experiences, improve patients’ health, and lower the cost of care.
“Abacus Insights is capitalizing on one of the most profound technology transitions in health insurance history, by helping clients unlock the value of their data to improve patients’ lives,” said Murat Bicer, General Partner at CRV. “With deep healthcare experience and cutting-edge cloud expertise, Abacus has built the right team to pioneer a new way for health insurance companies to access valuable data trapped in siloed legacy systems and use it to create actionable insights.”
“This investment will help propel us forward as we continue to scale the company, adding talented professionals who are looking to make a difference tackling one of the thorniest problems facing our healthcare system,” said Dr. Minal Patel, CEO and Founder of Abacus Insights. “We chose CRV because they have a deep understanding of the tech landscape and how to scale high-growth platform businesses. We believe partnering with them and our existing investors, .406 Ventures and Echo Health Ventures, uniquely positions us to continue to innovate on our data platform to meet the aggressive demand we are seeing in the market.”
Abacus has gained significant market traction and is aggressively growing its world class team, seeking Engineering and Product talent in both New York City and Boston, MA. For more information about Abacus open positions, please visit: https://abacusinsights.com/careers.
About CRV
CRV has been a leading investor in high-growth technology companies for nearly half a century, focusing on enterprise, consumer and bioengineering. The firm has backed over 400 startups in its nearly 50-year history, including some of the biggest tech exits in the last few years including Dropbox, PillPack, Ring, Twitter, and Zendesk. CRV has offices located in San Francisco and Palo Alto, CA, and Cambridge, MA. Please visit CRV.com for more information and follow us on Twitter @CRV.
About Abacus Insights
Abacus Insights is the first healthcare specific data integration platform allowing health insurance companies to unlock the value of their data to improve the lives of the members they serve. Abacus solves healthcare’s biggest challenges: improving patient experiences, improving the health of populations and reducing the cost of care. Abacus does so through its intelligent healthcare data integration platform, which democratizes responsible access to diverse types of data, expedites discovery of what’s possible, and fuels innovation. Abacus Insights operates out of its offices in both New York City and Boston, Massachusetts. For more information, please visit www.abacusinsights.com.
