MANHATTAN BEACH, Calif., Dec. 14, 2017 /PRNewswire/ -- Curisium, a healthcare technology and services company that enables innovative contracting at scale via its blockchain-based platform, announced today it has raised $3.5M in seed financing from Flare Capital Partners, New Enterprise Associates (NEA), Shuttle Fund, Sanofi Ventures, and Green Bay Ventures. In conjunction with the financing, Bill Geary of Flare Capital and Mohamad Makhzoumi of NEA have joined the Curisium Board of Directors, and Ruchita Sinha of Sanofi Ventures has been appointed a Board Observer.
The Curisium platform uses cutting-edge blockchain and secure computation technologies to allow payers, providers, and life science companies to efficiently and securely engage in innovative, patient-centric value-based contracts. Nearly a third of the payments in the $3T US healthcare market are already tied to some form of innovative payment model; Curisium aims to transform healthcare by disrupting existing frameworks and enabling scalable value-based care contracting at the individual patient level.
"Payers, providers, and life science companies are increasingly entering into various forms of innovative contracts," said Peter Kim, co-founder and CEO of Curisium. "However, effective implementation today is hampered by costly logistics, lack of trust, and difficulty verifying patient-level outcomes."
"Curisium's platform, by enabling outcome verification at the patient level, while automating the payment side, has the potential to rapidly accelerate the breadth and depth of innovative contracting arrangements," said Bill Geary, co-founder and Partner at Flare Capital. "We're thrilled to be an investor partner with the Curisium founding team having successfully backed them before, and are impressed with their deep industry and technology insights and capabilities."
"There is no mechanism today to effectively define or share patient health states," added Milind Kamkolkar, Chief Data Officer at Sanofi. "With the Curisium platform, we now have a trusted version of health records that will get better over time, and the industry can finally start to discover, maintain and improve patient health."
Greg Papadopoulos, Venture Partner at NEA and former CTO of Sun Microsystems, noted "Healthcare data are siloed, and there is a reluctance to share due to fundamental distrust among its custodians. Curisium's platform tackles this logjam with unique cryptographic guarantees around its data access."
Both Kamkolkar and Papadopoulos have joined Curisium's inaugural Industry Advisory Board.
"Blockchain technology has tremendous potential and there is a huge opportunity to implement this application within the healthcare industry," stated Mohamad Makhzoumi, General Partner at NEA and Head of Healthcare Services. "We are thrilled to partner with the Curisium team as they pioneer blockchain for healthcare in a pragmatic, market-driven way, that addresses pain points across trust, security, and payment logistics."
To learn more about Curisium, please visit www.curisium.com.
Curisium is a healthcare technology and services company based in Manhattan Beach, CA that provides scalable innovative contracting solutions with its blockchain-based platform. Founded by seasoned healthcare technology executives, Curisium provides tailored solutions for payers, providers, and life science companies to enter into patient-centric, secure and efficient innovative contracting arrangements. For more information, please visit www.curisium.com.
About Flare Capital Partners
Flare Capital is a team of proven healthcare technology venture capital investors known for their strategic industry resources, insight and total commitment to the success of its entrepreneurs. Flare Capital raised one of the healthcare industry's largest dedicated venture capital funds focused exclusively on early stage and emerging growth investments in healthcare technology innovation and is privileged to closely partner with founders and management. Investments include Aetion, Bright Health, Circulation, ClearDATA, Curisium, Evolent Health, HealthReveal, HealthVerity, Iora Health, VisitPay and Welltok. Learn more at www.flarecapital.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With more than $20 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 210 portfolio company IPOs and more than 360 acquisitions. For additional information, visit www.nea.com.
About Shuttle Fund
Shuttle is a global investment fund focused on disruptive blockchain-based technologies. Decentralized blockchain technologies are redefining the way people and business interact, and Shuttle has a successful track record of investing into and advising fundamentally disruptive blockchain-based platforms across multiple domains. For more information, visit www.shuttlefund.com.
About Sanofi Ventures
Sanofi Ventures is the corporate venture capital arm of Sanofi. Sanofi Ventures invests in early-stage biotech and digital health companies with innovative ideas and transformative new products and technologies that are of strategic interest to Sanofi. Among these areas are rare diseases, vaccines, potential cures in other core areas of Sanofi's business footprint, and digital health solutions. For more information, visit www.sanofiventures.com.
About Green Bay Ventures
Green Bay Ventures (GBV) is a San Francisco based venture capital firm investing at the intersection of technology and large markets including manufacturing, energy, transportation, logistics, real estate and telecommunications. GBV focuses on a small number of high conviction opportunities and works side-by-side with a select group of visionary entrepreneurs to create breakthrough technologies and transform industries. For more information, visit www.greenbayventures.com.