The 10 Most Funded Blockchain Health Tech Companies
The fact that some companies have raised millions doesn’t necessarily mean their products will be adopted by major healthcare players. Nonetheless, it is an important sign for the entire “blockchain in healthcare” sector as it’s striving to find its place on the market and eventually bring benefits of decentralized computing to the wider audience.
And so we have compiled a list of 10 of the most funded companies that are looking to bring blockchain to healthcare. We’ve used information from the publicly available sources, meaning there could be some other startup that has raised even more money but has opted not to disclose that information.
Also worth noting is that we have profiled many additional companies from this sector in our report – Blockchain in Healthcare. You may want to check it out for more details… And now the 10 companies that have raised most money to bring blockchain to healthcare. The list goes from A to Z:
Headquarters: Foster City, California, United States
Funding Amount: $10M
Select investors: Health2047
Formerly known as Health2047 SwitchCo, Akiri is developing a vendor-agnostic solution — called Akiri Switch — that uses software-defined network (SDN) and secure routing protocol technology optimized for healthcare data. The company leverages blockchain principles to help securely transmit information in real time through a standardized system of codes. As a result, Akiri Switch's benefits extend beyond those offered by health information exchanges (HIEs); extract, transform, load (ETL) processes; and EMR systems. Among Akiri's partners are organizations such as the American Medical Association (AMA) and the global pharmaceutical company, Celgene.
Headquarters: Nashville, Tennessee, United States
Funding Amount: $48M
Select investors: Solidus Company, HLM Venture Partners, Mitsui Global Investment, Sandbox Industries, BlueCross BlueShield Venture Partners
Previously known as Emdeon, Change Healthcare is a provider of revenue and payment cycle management and clinical information exchange solutions, connecting payers, providers, and patients in the U.S. healthcare system. It has also developed a healthcare blockchain solution for claims management to deliver transparent claim lifecycles. Said solution uses Hyperledger Fabric 1.0 framework for its application design and development, and is currently processing around 550 transactions per second. It can also be scaled up as the company expects its baseline performance to improve as more organizations adopt it. In January 2020, Change Healthcare was acquired by UnitedHealth Group.
Headquarters: Palo Alto, California, United States
Funding Amount: $12.3M
Select investors: Legend Star, S2 Capital, F50, Comet Labs
doc.ai is an AI-powered medical research companion that enables users to take ownership of their health data to get personalized insights while earning rewards by contributing to science and accelerating research for all. The solution can "handle" a number of different inputs, including health records, lab tests, and personal genetics. Once the data is added, the platform lets users join crowd-backed research and earn rewards for their impact on advancing the health of generations to come. Also, users get to benefit from personalized health insights they and their general practitioner can act on.
Headquarters: San Francisco, California, United States
Funding Amount: $45.8M
Select investors: Flybridge Capital Partners, CVP, Plug and Play
Enigma is building a privacy layer for the decentralized web. Its "secret contracts" allow dApps to use private/sensitive data, which enables healthcare companies to provide data to researchers without compromising its privacy, allowing for more discoveries and innovation. On the other hand, users can collectively and independently monetize their data while still keeping it private from companies who wish to perform analysis, thus restoring power to individuals.
Headquarters: Philadelphia, Pennsylvania, United States
Funding Amount: $17.1M
Select investors: Flare Capital Partners, Foresite Capital, Greycroft
Founded in 2014, HealthVerity is a leader in cloud solutions for networked data that enhances the transparency, connectivity, privacy of traditional and emerging healthcare data. Its offering includes HealthVerity Marketplace, which lets companies discover, link and license the HIPAA-compliant data that is right for them; HealthVerity Census, that provides best-in-class de-identification and patient mastering technology to link and manage patient data across the Enterprise; HealthVerity Consent, which consolidates all consumer or Healthcare Provider consents and permissions to support evolving data privacy requirements; and HealthVerity Cipher, which unlocks hidden consumer segmentation and key drivers of patient behavior by linking healthcare data and consumer data.
Headquarters: London, United Kingdom
Funding Amount: $24M
Select investors: BlockVC
Medicalchain uses blockchain technology to create user-focused electronic health records whilst maintaining a single true version of the user's data. The service enables the user to give healthcare professionals — such as doctors, hospitals, laboratories, pharmacists and health insurers — access to their personal health data, and then record interactions with this data in an auditable, transparent and secure way on Medicalchain's distributed ledger. Lastly, Medicalchain is a platform for others to use to build applications that complement and improve the user experience. Users will be able to leverage their medical data to power a plethora of applications and services. including to help research institutions to have their health data used in studies in a health data marketplace. The company has its own application, MyClinic.com, which is touted as the first cross-border telemedicine platform that will enable patients to complete video consultations with their doctor and pay using MedTokens (MTN).
Headquarters: Zurich, Switzerland
Funding Amount: $10M
Select investors: FinForge, Kickstart Innovation, The Entrepreneur Club, Venture Kick
Founded in 2016, Modum has developed a blockchain-based and IoT-enabled supply chain monitoring an optimization solution that measures environmental conditions at high shipment volumes for the pharma industry. It offers instant notifications of temperature excursions and other events, such as motion, when the sensing device is read out wirelessly. The entire solution can be seamlessly integrated with existing workflows and enterprise management systems, such as SAP, and leverage a recorded trusted event for further process automation. It also integrates well with track-and-trace systems across supply chain.
Headquarters: San Mateo, California, United States
Funding Amount: $55.3M
Select investors: Lemhi Ventures, McKesson Ventures, Rogers Venture Partners, Healthy Ventures, New Ground Ventures
PokitDok is developing APIs for healthcare verticals like claims, pharmacy and identity management. Its blockchain solution, called DokChain, is a "distributed network of transaction processors operating on both financial and clinical data across the healthcare industry." Introduced in October 2016, DokChain aims to provide a secure network for all sources of patient data, from EMRs to medical devices and pharmacies. PokitDok's various APIs, as well as those provided by others, will then be detethered from the central hospital/pharmacy and instead connected by a distributed blockchain network. The company has demonstrated how DokChain can run an insurance claim eligibility check with Cigna in seconds rather than hours or days.
We cover more companies and explain other blockchain uses cases in healthcare in our report, Blockchain in Healthcare. You can check it out from here.