Kaiser Permanente Ventures Leads $12.5M Investment in Validic
The healthcare market continues to see a torrent of new apps, wearables, and medical devices, and digital health startup Validic is boosting its financial position to help healthcare providers connect with all this new technology.
The Durham, NC, company says it has raised $12.5 million in a Series B round led by Kaiser Permanente Ventures, the corporate venture arm of health insurer and care provider Kaiser Permanente. Existing Validic investors include Mark Cuban, owner of the Dallas Mavericks basketball team, and SJF Ventures. It wasn’t clear whether those investors participated in the latest round.
Validic’s technology is not a healthcare app. Instead, the company offers a cloud-based digital platform that enables hospitals, clinics, insurance companies, and others to connect with an array of health apps and devices. Validic’s software addresses interoperability problems by providing a healthcare entity a single interface to connect to devices and apps—in a way that complies with federal laws protecting the privacy of patient information.
Founded in 2010, Validic launched its software in 2013. Last year, Validic acquired Infometers, a Silicon Valley company whose technology enables healthcare entities to connect with medical devices.
The Validic platform works with more than 175 fitness and healthcare devices and applications, including products from Boston-based fitness monitoring startup RunKeeper; GPS, fitness, and tracking company Garmin; and activity tracker Fitbit. Validic says that its technology, through the company’s customers, reaches more than 160 million people in 47 countries.
“With millions of individuals now using wearables, applications, and clinical in-home devices to track and manage their health, it is more important now than ever that this data is accessible to healthcare providers,” Validic co-founder and CEO Ryan Beckland said in a prepared statement.