Healthcare blockchain startup BurstIQ raises $5.5 million Series A funding for HIPAA-compliant blockchain solution
BurstIQ, an healthcare blockchain-based startup that provides secure blockchain solutions for the healthcare industry, and Elsewhere Partners have closed a Series A capital raise, providing $5.5 million in financing to aggressively expand sales, marketing and network growth.
This is the first major institutional funding round for Denver-based BurstIQ, which was founded in 2015 and has been financially sustainable since 2016, generating millions in annual revenue through commercial partnerships with marquee customers such as Empiric Health, Medical Group Management Association (MGMA) and Colorado Regional Health Information Organization (CORHIO).
Founded in 2015 by Brian Jackson and Frank Ricotta, BurstIQ provides enterprise-level blockchain solutions for the health and healthcare industry. The company offers a HIPAA- and GDPR- compliant platform that seamlessly leverages blockchain, advanced security, Big Data capabilities, and machine intelligence to enable a global health data network through which healthcare businesses and individuals can access, control, monetize, and gain insights from their health data. The company provides platform-as-a-service (PaaS) solutions to healthcare institutions, insurers, life sciences/pharma companies, and government agencies at the state, national, and international level.
BurstIQ is the first and only blockchain company to provide secure, HIPAA-compliant blockchain platform services for on-chain data management, complex data ownership and granular consent. BurstIQ’s proprietary platform is used by large enterprises, startups and government agencies to power identity services, interoperability, care coordination and consumer engagement programs, consumer IoT solutions, secure data access management, data marketplaces and more.
Elsewhere, a growth-stage venture capital firm which invests in capital-efficient B2B software companies outside of traditional venture capital hubs, was drawn to BurstIQ due to its best-in-class blockchain product, strong traction with marquee enterprise customers and significant market opportunity.
“Elsewhere Partners shares our vision of enabling a people-centric future for healthcare, and we are proud to have them as an investment partner,” says Frank Ricotta, CEO of BurstIQ. “Their partnership will allow us to grow exponentially, both in the U.S. and globally.”
Partnering with Elsewhere Partners will allow BurstIQ to accelerate market penetration, product innovation and organizational growth. Sloane Child, Vice President at Elsewhere Partners, comments, “We are excited about the future of BurstIQ and confident that their state-of-the-art blockchain platform and seasoned management team, in conjunction with the growing demand for secure and compliant healthcare data, will enable BurstIQ to continue to grow and capitalize on the opportunities ahead.”