Diameter Health, a developer of health data optimization and interoperability platform, raised $18 million in a Series B funding round.
Managed care organization Centene Corporation led the round, with participation from existing investors Optum Ventures, LRVHealth, Connecticut Innovations, and Activate Venture Partners.
Diameter Health has built a strong reputation for normalizing clinical data and transforming it into a valuable data asset via an API that enables real-time data exchange. Its leading FHIR-enabled integration engine, Fusion, parses, normalizes and enriches over 225 million clinical documents on behalf of health information exchanges, the Veterans Administration, state governments, large health plans, health IT vendors as well as life insurance companies.
The funding comes at a key time of growth for Diameter Health and the U.S. healthcare market as a whole (as recent legislation outlined in the 21st Century Cures Act will accelerate increased collaboration and data sharing across the industry). This recent funding round positions the company to build on its significant momentum in the health plan and life insurance space and to advance its mission to enable data interoperability and optimization across an enterprise.
Including the latest funding round, Diameter Health has raised $30 million to date. Diameter Health plans to use the new funding to expand Fusion’s ingestion capabilities to accept all health messages, standards and data sources as well as to further enhance Fusion’s real-time enrichment and analytics with machine learning capabilities like natural language processing.
The company also plans to expand its network of direct connections between electronic health record systems, health information exchanges, and other healthcare data sources to enable more widespread, seamless, and secure data exchange.
“This new financing validates that our technology is a valuable component to solving today’s challenges of health data interoperability across an enterprise. Normalizing, enriching, and integrating data across sources is time-consuming and expensive.”
“Organizations are using our API to accelerate their own data enterprise strategy and are driving real cost efficiencies and value in closing care gaps, more accurately assessing risk, strengthening underwriting, and ultimately improving patient care and outcomes,” said Eric Rosow, CEO and co-founder of Diameter Health.
Image Credit: Diameter Health