BurstIQ’s blockchain healthcare solution raises $5.5m

2 Oct 2019

Central Denver, Colorado. Image: Henry Desro/Unsplash

BurstIQ, which was founded in 2015, has raised $5.5m to bring blockchain into the healthcare sector.

On Tuesday (October 1), blockchain-based healthcare software company BurstIQ announced that it has closed its Series A funding round, raising $5.5m.

The round was led by Elsewhere Partners, and it marked the first major institutional funding round for the Denver-based software company, which was founded in 2015.

Since 2016, BurstIQ says it has been financially sustainable, generating millions in annual revenue through commercial partnerships with customers including Empiric Health, Medical Group Management Association and Colorado Regional Health Information Organisation.

The company provides secure, HIPAA-compliant (Health Insurance Portability and Accountability Act) blockchain platform services for on-chain data management, complex data ownership and granular consent.

BurstIQ’s platform is used by businesses of all sizes, from large enterprises and start-ups to government agencies. It is also GDPR-compliant.

‘People-centric future for healthcare’

In a statement, BurstIQ said that it is “well-positioned to be the data infrastructure backbone of a decentralised, global health ecosystem and is already shaping the global blockchain landscape at both a commercial and regulatory level, saving organisations tens of millions of dollars in the process”.

The platform can be used to power identity services, or for interoperability, care coordination and consumer engagement programmes, consumer IoT solutions, secure data access management, data marketplaces and more.

Frank Ricotta, CEO of BurstIQ, said: “Elsewhere Partners shares our vision of enabling a people-centric future for healthcare, and we are proud to have them as an investment partner. Their partnership will allow us to grow exponentially, both in the US and globally.”

Sloane Child, vice-president at Elsewhere Partners, added: “We are excited about the future of BurstIQ and confident that their state-of-the-art blockchain platform and seasoned management team, in conjunction with the growing demand for secure and compliant healthcare data, will enable BurstIQ to continue to grow and capitalise on the opportunities ahead.”

Central Denver, Colorado. Image: Henry Desro/Unsplash

Kelly Earley was a journalist with Silicon Republic