Abacus Insights offers a comprehensive technology platform that reconciles thousands of unique attributes about individual consumers and their health to enable personalized, interoperable care for payors. The platform supports payor initiatives across value-based care, member engagement, and digital transformation. Today Abacus and its health plan clients manage data for more than 21 million unique members and 15 million consumers. The company says the Series C funds will be used to scale the business, accelerate the capabilities and connections of its technology platform, and add technology talent. The financing brings the Boston-based company’s total venture backing to $81 million. SVB Securities acted as exclusive financial advisor to Abacus Insights. Abacus Insights provides a cloud-based platform that standardizes, curates and enriches healthcare data trapped in legacy silos, combining it with hundreds of third-party sources to create complete, reliable patient records. The platform enables health plans to integrate and share data with doctors, hospitals, pharmacies, labs and digital health applications, helping plans become engines of healthcare innovation. Abacus positions this capability to support use cases from chronic disease management to wearables and wellness apps and to create an “n-of-1” personalized care experience. The company says the funds will be used to scale the business, accelerate platform capabilities and connections, and add technology talent. The announcement ties to recent federal rules outlawing information blocking and highlights demand for secure, shareable health data. The financing brings the under three-year-old Boston-based company’s total venture backing to $53 million. Abacus Insights operates a data management and integration platform tuned for the healthcare industry that aggregates patient medical history from legacy systems into a single place. The company targets large health insurance companies as customers, arguing insurers have the broadest view of a person's healthcare because payment flows through them. Abacus's platform is intended to make it easier for insurers and providers to view real-time patient data and make better care decisions, with the broader goal of lowering costs across the system. The company was launched in 2017 and is led by founder and CEO Dr. Minal Patel. Abacus has offices in Boston and New York and currently employs 40 people. Using proceeds from the round, it plans to roughly double headcount by the end of the year, focusing on adding engineering talent to further build out the product.

Total raised

$76M

Funding rounds

4

Latest round

Series C

Latest activity

Jun 2022