Funding to Scale Patient Data Access and Insight Offering to Make Better Care Outcomes Possible
New York, NY, July 12, 2022 - Particle Health, a user-friendly API platform for advanced healthcare data exchange, today announced financing of $25 million. This new investment will accelerate the growth of Particle’s analytics products, facilitate the launch of the company’s partner platform, and help serve its growing customer base by scaling its customer service and engineering teams. The most recent round was led by Canvas Ventures with participation from Menlo Ventures, Story Ventures and Pruven Capital. The financing brings the organization’s total capital raised to $39.3 million.
Particle Health’s comprehensive API uniquely combines data from 270 million plus patients’ medical records by aggregating and unifying healthcare records from thousands of sources. The platform then standardizes the data to FHIR R4 to ensure that they are usable at scale. With this approach providers are able to easily obtain clinical data points without complex technology integrations, putting actionable patient health data at their fingertips. On average the Particle solution delivers an exceptional 90% success rate in obtaining a patient’s records at a rate of 105 records per patient, per search.
“Particle Health was founded with the mission to dramatically change lives through access to vital medical data. Since day one, we’ve established ourselves as an industry leader that standardizes records, identifies key pieces of information, and focuses on patient attributes that lead to more clinically relevant decision making,” said Troy Bannister, Particle Health co-founder and CEO. “With this latest round of funding, our team is looking forward to evolving the capabilities of our API platform further to empower our users with even more meaningful and actionable data.”
Insights from clinical data are proven to drive better health outcomes. This is made possible through more informed treatment, patient ownership over care, improved onboarding, and personalized health. Clinical data also helps hospitals and health systems implement value-based care initiatives by giving them tools to keep patients healthier and to secure the best outcomes.
“What Particle Health has been able to accomplish when it comes to helping organizations find and use clinical data at scale is a game-changer. Troy’s experience in healthcare, along with the team’s overall background in digital health has led them to build a product that is solving data access, standardization and integration problems,” said Rebecca Lynn, co-founder and general partner at Canvas Ventures. “This investment will help evolve Particle’s API platform, allowing users to uncover more actionable care improvements from their patient data. Just as Plaid enabled the fintech industry, Particle is doing the same for healthcare.”
Particle is leading the industry in applying the next-generation FHIR data format to make interoperability easier. With this approach, the company has created the most adaptable, easy-to-use solution for healthcare organizations, digital health companies, and startups to securely exchange patient data. In the past year alone, Particle has seen a 450 percent increase in annual recurring revenue and a 300 percent increase in customers. The team has expanded from 11 to 40 people since its $12 million Series A led by Menlo Ventures in 2020, and accelerated growth is anticipated.
Companies innovating with Particle Health include: Strive Health, Cureatr, and Invitae.
Founded in 2018, Particle Health has built the integrations and APIs that enable a modern, seamless data experience for healthcare companies. We create intuitive experiences for developers, build scalable infrastructure product teams love, and collaborate with innovative leaders launching data-driven healthcare solutions. Learn more about Particle at: https://www.particlehealth.com/ or access the press kit at https://go.particlehealth.com/press-kit.
Interoperability 3.0 promises us in healthcare what Apple did so well in technology—it strengthens the pull with each newly connected service, device or solution. And Interoperability 3.0 is right around the corner.
What is an API? The answer to what an API does seems pretty obvious, at first glance. However, what an API actually is can be sometimes misunderstood, so we've put together this high-level technical overview to help you better understand both what Particle's API is, and what our API does.