What You Should Know:
– Particle Health, a New York-based API platform for advanced healthcare data exchange, , today announced its Series B financing of $25 million led by Canvas Ventures with participation from Menlo Ventures, Story Ventures, and Pruven Capital. The financing brings the organization’s total capital raised to $39.3M.
– From a healthcare infrastructure perspective, the company is leading the industry in applying the next-generation FHIR data format to make interoperability easier.
Scale Patient Data Access and Insight Offering to Make Better Care Outcomes Possible
Founded in 2018, Particle Health has built the integrations and APIs that enable a modern, seamless data experience for healthcare companies. Particle Health’s comprehensive API uniquely combines data from 270 million-plus patients’ medical records by aggregating and unifying healthcare records from thousands of sources. The platform then standardizes the data to FHIR R4 to ensure that they are usable at scale. With this approach, providers are able to easily obtain clinical data points without complex technology integrations, putting actionable patient health data at their fingertips. On average, the Particle solution delivers an exceptional 90 percent success rate in obtaining a patient’s records at a rate of 105 records per patient, per search.
Applying Next-Gen FHIR Data Format to Drive Interoperability
Particle is leading the industry in applying the next-generation FHIR data format to make interoperability easier. With this approach, the company has created the most adaptable, easy-to-use solution for healthcare organizations, digital health companies, and startups to securely exchange patient data. In the past year alone, Particle has seen a 450 percent increase in annual recurring revenue and a 300 percent increase in customers. The team has expanded from 11 to 40 people since its $12 million Series A led by Menlo Ventures in 2020, and accelerated growth is anticipated.
“Particle Health was founded with the mission to dramatically change lives through access to vital medical data. Since day one, we’ve established ourselves as an industry leader that standardizes records, identifies key pieces of information, and focuses on patient attributes that lead to more clinically relevant decision making,” said Troy Bannister, Particle Health co-founder and CEO. “With this latest round of funding, our team is looking forward to evolving the capabilities of our API platform further to empower our users with even more meaningful and actionable data.”