NEW YORK, April 28, 2020 /PRNewswire/ -- Today, Particle Health announced its $12 million Series A funding led by Menlo Ventures, with participation from existing investors Collaborative Fund, Story Ventures and Company Ventures. Additional individual angel investors include executives from Flatiron Health, Clover Health, Plaid, Petal and Hometeam. Greg Yap, Partner at Menlo Ventures, joins the Particle Health board of directors.
The ability to quickly find, access and deliver actionable patient data from anywhere in the US is a pervasive, complicated, expensive problem solved today by fax (75% of all provider communication in 2018), patient portal scraping or integrating one-by-one across every hospital, clinic, lab, etc. This friction leads to incredibly high costs, wasted time and worse outcomes for patients and consumers.
Particle Health provides a simple and affordable way to connect to the US health system. By leveraging Particle Health's HIPAA compliant API, digital healthcare solutions can get patient permission and securely pull their records in seconds, enabling them to focus on caring for patients faster and with the most up-to-date information that is essential for quality care or a multitude of other use cases. Over 1.4M record transactions have already been completed using Particle Health's API by top tier telemedicine, pharmacy and virtual health companies.
"Clumsy information sharing has taxed US healthcare for decades, but new rules against Information Blocking establish patients' rights to access their medical data via API," said Greg Yap, Partner at Menlo Ventures. "Particle Health's technology platform is the first to deliver simple, secure, scalable, and comprehensive access to healthcare data. The combination of portability and privacy will enable the next generation of digital health applications. We're excited to join Particle in the quest to enable health data interoperability, ultimately reducing costs and improving outcomes for patients.
"Expectations are changing – people want digital healthcare solutions that connect the apps that they're already using to the healthcare system at large. They expect a fully digital, real-time experience where they no longer have to fill out piles of paperwork when submitting an insurance claim, they don't have to call for lab results and they don't need to worry that their medical team is waiting on a fax that is critical to their care. Particle is a key piece of that puzzle, by offering developers a place to focus on creating new solutions - not on integrations, contracts and data standards," said Particle CEO Troy Bannister. "Now, in the midst of one of the biggest pandemics the world has ever faced, with tailwinds from newly passed legislation and the complete reliance on fully digital information sharing capabilities, Particle is uniquely positioned to emulate the value that Plaid, Twilio or Stripe offered in different industries."
Free Access to the Particle Health API for COVID-19 Efforts
In light of the new challenges imposed on the healthcare system by COVID-19, Particle Health is offering its API at no cost to any organization working on Coronavirus efforts. For more information, please visit LINK. StartUp Health discusses Particle Health's COVID initiative.
Additional Resources Greg Yap discusses Menlo Ventures' investment in Particle Health LINK Taylor Greene discusses Collaborative Fund's investment in Particle Health LINK