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Blockchain startup Avaneer Health raises $50M in seed funding

Blockchain startup Avaneer Health scored $50 million in seed funding from giant healthcare trade gamers.

Its first community individuals embrace insurers Aetna, Anthem and Health Care Service Corporation, suppliers Cleveland Clinic and Sentara Healthcare, and the PNC Financial Services Group.

WHAT IT DOES

Founded in 2020, Avaneer affords a community utilizing blockchain and FHIR applied sciences to permit for safe information alternate between healthcare organizations.

That consists of instruments that assist payers alternate info with each other, decide eligibility and conduct prior authorization.

WHAT IT’S FOR

The firm will use the capital to spend money on its workforce and know-how and know-how for the launch of its nationwide community.

“Addressing administrative costs and creating a positive consumer experience requires connectivity and the type of data fluidity we have come to expect in other industries,” Stuart Hanson, CEO of Avaneer Health, mentioned in a press release.

“We are very excited to jump-start our network to enable healthcare organizations to work together with a foundation of trust to solve the ‘last mile’ problem in healthcare. This group of well-known industry backers gives Avaneer Health the initial capital, scale and knowledge base from launch, and positions us for additional growth and industry venture investments in 2022.”

MARKET SNAPSHOT

Interoperability and information sharing are perennial issues in healthcare. Other firms that tout improved information alternate throughout the healthcare and life sciences industries embrace Singapore-based Smarter Health, which lately scooped up $5.15 million SGD, and Datavant, which raised a $40 million Series B in October 2020.

In August, Microsoft Cloud for Healthcare introduced it was increasing its API providers for healthcare. Its Azure Healthcare APIs lets customers to enter well being information and map it with FHIR, permitting it to be extra simply searched and shared.

Other firms within the blockchain house embrace Signify Health with its acquisition of PatientBlox in November 2020, Embleema and Change Healthcare. 

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