By James Bateman, co-founder and CEO
Sometimes, life’s challenges inspire a “light bulb” moment. A few years ago, my father-in-law fell ill with a chronic disease, and my mother-in-law struggled to gather the necessary information to share across the entire care system. She spent precious time on frustrating, administrative tasks, which took away from focusing on her husband.
I remember thinking that, of course, this process should be easier. But can it be? Not just for patients, but also for organizations that request and share medical records. What if there were a single place to transfer, understand, and use health data? It was a thought I couldn’t shake. It inspired my quest to radically change access to health data for providers and businesses. This was the seed that became Medchart.
Today, we are proud to announce that Medchart has raised $17M in Seed and Series A funding led by Crosslink Capital and Golden Ventures, with additional funds from Vast Ventures, Union Ventures, iGan Partners, Stanford Law School, and Nas, an original backer. The confidence our investors have placed in Medchart motivates us to further pursue our mission to become the system of record for health information and simplify the complex, onerous, and costly work of obtaining and using health information. The end result? To more easily aggregate, share, and put health information to use.
Where we are, where we’re going
People should be at the center of care and have control over their data. Medchart removes the friction that prevents their information from easily reaching its intended destinations for critical business needs. We reduce time-to-data and eliminate the challenge of locating and accessing medical histories, and we improve time-to-insights by aggregating and transforming data into useful information to solve customer problems.
And the timing is perfect with the recent federal ruling supporting provisions of the 21st Century Cures Act. Medchart acts as a catalyst to this rule by breaking barriers to patient consent for data accessibility and turning data sharing into a must-have. We offer the easiest way for businesses to get patient-authorized health information for everything from legal claims to insurance underwriting. Via API access to data, Medchart powers business innovation.
We call it “Business Beyond Care.”
In the five years since our founding, Medchart has grown in significant ways:
With the recent investments, Medchart is in a position to grow our level of service and offerings to existing and potential customers across North America. For example, we are making significant investments in AI and machine learning that will not only get customers the health records they need but will also contextualize the data to garner deeper insights that they can use for business differentiation. We will also be expanding our presence in new verticals, including pharma and life sciences, to help them keep up with market shifts and regulatory considerations.
We’re excited about how far we have come, where we are, and what tomorrow holds. We have an incredible opportunity to simplify the exchange of health information, eliminating a source of frustration for businesses and patients alike. Here’s to the future!