San Mateo, California-based health data startup Human API has raised $10 million in funding to support growth and expansion for its health data aggregation platform.
The company’s technology collects and connects medical data from disparate sources including EHR systems, labs, pharmacies, wearables and health apps onto one platform.
New investors participating in the funding round were Guardian Life Insurance Company and SCOR Life & Health Ventures, the VC arm of global reinsurance company SCOR. Other participants in the round included returning investors BlueRun Ventures and SciFi VC.
Traditional insurers have gotten much more active in venture capital investing in recent years as they look to shore up their existing business against new market entrants and boost their own internal digital transformation plans.
Human API entered the life insurance space last year by launching a product specially intended to help the industry in their underwriting decisions. This tracks with how the underwriting process has changed with direct access to EHR records another sources of medical information.
The company’s technology allows both carriers and reinsurers to build more automated and efficient models to speed up the underwriting process, avoid time consuming and expensive third-party medical exams and create a more user friendly experience for potential plan purchasers.
“This partnership with Human API supports our efforts to accelerate the underwriting process through electronic health data and automated decision making,” SCOR Global Life Deputy CEO Brona Magee said in a statement.
“Human API is in a unique position to transform health data exchange and create innovation opportunities across the healthcare and insurance ecosystem.”
Human API isn’t alone in trying to collect and organize patient medical information at a single point. Other startups with the same mission include San Diego, California-based Seqster and San Francisco company PicnicHealth.
Apple has also made major strides in the rollout of its Apple Health Records application, including a recent deal with the VA to provide access to the tech giant’s personal health records system to more than 9 million veterans.
The companies’ efforts feed into larger trends like the rise the consumerization within healthcare and the need to extract meaningful information and insight from the reams of data being produced and collected daily.
Picture: shuoshu, Getty Images