Proving the Business Case for the Internet of Things

Validic raises another $5 million in funding for health data platform

Iain Morris
August 20, 2014
 
Software player Validic has raised an additional $5 million in funding that it will use to keep pace with growing demand for its mobile health data platform.

The funding comes from mainly institutional investors Greycroft Partners (New York City, NY, USA) and SJF Ventures (Durham, NC, USA), and comes on top of the $1.25 million Validic (Durham, NC, USA) received from SJF Ventures in March and its $670,000 in seed funding in late 2013.

The company’s technology can be used to link medical devices, app developers and healthcare clients to provide a single source of data for hospitals and healthcare providers.

“Validic brings the healthcare organizations and the technology developers into a mutually beneficial ecosystem,” said Ryan Beckland, Validic’s co-founder and chief executive.

“Healthcare organizations are trying to handle a multitude of initiatives simultaneously with limited resources,” he added. “Our sole focus is to help healthcare organizations manage a world of mobile health data with one easy connection so that it can be accessible and actionable.”

The announcement of the funding comes soon after Validic revealed it had agreed to acquire Infometers, a company that specializes in linking remote patient monitoring devices to healthcare IT systems.

Validic claimed the Infometers acquisition would expand its “digital health ecosystem” by 44%.

Validic has been working to quickly grow its customer base and says it now covers more than 72 million people around the world.

According to a report from mobihealthnews.com, Validic believes the recent surge of interest in healthcare from technology giants like Apple, Google and Samsung could represent an opportunity for itself.

The company does not regard those players as competitors because of their focus on consumer- rather than provider-facing markets, reports mobihealthnews.com.
 
 
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